Note: This is not a “Hey you should be a business-owner or else you’re a loser” post. Just reading through and finding a lot of themes I thought would make a fine post for those of you who think you might like to become an entrepreneur.
WHO IS AN ENTREPRENEUR?
Entrepreneurs are so diverse, it always makes me giggle when people think that to be an entrepreneur you have to be in business.
Artists are also entrepreneurs and small business-owners. So are a lot of performers, brokers, auctioneers, jewellery-makers, and real estate agents.
Not all small business owners own shops either, and a lot of us sell our skills (brains) with very little overhead.
WHAT ENTREPRENEURS HAVE IN COMMON
It is a mix of some, or all of the following, but they usually have a pick or two from each ‘category’:
CAPITAL
- Money/Financial Backing
- Knowledge of the industry
- Experience of the industry
- General intelligence/smarts (although you don’t have to be a genius)
- Contacts/Great Network to pull from
SKILLS
- Great salesperson
- Charming/Easygoing personality that makes you feel at ease
- Creative skills (they say music, mathematics and design aren’t to be discounted)
- Technical skills of their actual job (comes from experience)
- Ability to organize and create a schedule that matches their plan
ENVIRONMENT
- Was able to do the job entirely on their own (not reliant on a large corporation or resources)
- Industry was open to freelancing (not all industries can be translated)
- Was able to create their own niche in the industry if it never existed before
- Some catalyst pushed them into it: divorce, tragedy, was fired, saw the opportunity
- Luck just happened to touch them & they seized the chance
PERSONALITY
- Love for their job
- Passion for their industry/line of business
- Disciplined — in every aspect of their life, including health
- Hard worker — willing to do what it takes
- Tenacity — able to take rejection/criticism & bounce back
- Risk-taker — even if involuntarily pushed into it
- Believes in themselves, even though they aren’t “smart”
- Treats what they do like a 9-5 job, even if it’s “creative” like being a singer or artisan
- Realistic — knows it doesn’t happen overnight; anything worth doing will take 10,000 hours to master
That’s it.
That’s what all entrepreneurs seem to have in common.
It isn’t a magic formula, and sometimes you have to be dragged kicking and screaming to make it happen, and afterwards you think: Oh. That wasn’t so bad.
Sometime it is just sheer luck, but a lot of people (including myself) believe that you can grow your luck just by looking out for opportunities and making them happen.
You cannot cultivate or grow your luck if you sit on your butt all day and do nothing, because if everyone could be lucky like that, we’d all be couch potatoes.
Just a girl trying to find a balance between being a Shopaholic and a Saver.
I cleared $60,000 in 18 months earning $65,000 gross/year.
Now I am self-employed, and you can read more about 
Nicely written. I think a lot of people don’t realize just how many entrepreneurs there are around, or understand that hard work, general intelligence, and good interpersonal skills can turn almost anything into a business if taken seriously.
I like the way the ultra libertarian and extremely smart Lew Rockwell put it in this short article here: http://www.lewrockwell.com/rockwell/entrepreneurs…
Entrepreneurs are heroes.
Period.
My recent post How to Promote your Website on Facebook- Twitter- Myspace- and Yahoo Groups
For me, not all entrepreneurs are doing \”bad\” \”capitalist\” things. Look at Tom\’s Shoes. There are plenty who are entrepreneurs who come up with great ideas that help the world, not just to take the money.
FB, I am thinking of starting my own business this year as an Energy Consultant. Again, you have inspired me…and I do have some of those skills and strengths, some I need to do better on. Thanks 🙂
You\’re welcome. Go for it!
Another thing I think we all have in common is a never-ending well of ideas 🙂
I'll take a bit different view and say that as a former business owner, when I went back to work as an employee, I always thought of myself as self-employed, even as that employee.
One thing that's missing from your list that I think is essential: Takes Responsibility – that attitude of "the buck stops here" will take you far.
My recent post The Money Learning Curve
Great post!
You identified some really good key points!
Being realistic and disciplined is key, amongst everyone else.
I personally wish I was more a risk taker. Being a Capricorn to a tee, I only take calculated risks, only step on solid ice. Which is a drawback in its own way. 🙁
My recent post Part 2 – Your job- do you love it or the money
I wish I could have the resilience to be an entrepreneur. Even if only part time… but then I look at the time and think: oh but I don't feel like doing this. I'd rather sleep… 😛
Totally agree about the luck part, though I have to admit that finding my current job (which I really really like) has been an incredibly unexpected luck. Not that I found the job per se, but rather the timing of it. Still slightly in awe about it all. 🙂
My recent post Deserting the Minority
Uh-oh. Except for the second to last, when I started out I really didn’t have any of the other capital. LOL. You really hit the nail on the head with everything else though. Well done!
My recent post Sunday Round-Up for January 9- 2011
You had nothing at all?? 🙂
Nice post. Good way to start the day.
"…anything worth doing will take 10,000 hours to master"
In his legendary Japanese text, 'Book of Five Rings', Miyamoto Musashi took it even further saying that it takes "1,000 days to forge the spirit and 10,000 to polish it." 0_0
As a fellow entrepreneur, I tend to agree more with your assessment than his. Another important aspect of the mentality is a willingness to act instead of waiting.
Musashi knew his stuff, I tell ya.
I like the addition of willingness to act.
Today is really just Tomorrow\’s Today. 🙂
I've had several small business that failed. The common denominator was I'm a poor salesperson . I'm working with someone right now and he's a great connector and salesmen. We make a great team working off both of our strengths. I think sometimes entrepreneurs hesitate teaming up with a partner because they think they can do it all.
My recent post Dumbest in the Room and Proud of It…Sometimes
And you want all the control too. If you run a company with someone else, you better be sure you two work well together and there\’s no resentment.
I totally agree and typically you don't find out if the fit is right until you've committed!
My recent post Dumbest in the Room and Proud of It…Sometimes
Exactly. 🙂