ABM: The Entrepreneurial Mindset
The concept of entrepreneurship is often romanticized. People see the glitz and glam behind being able to say that they work for themselves. What a lot of people might not understand is that owning and operating your own business takes a great deal of sacrifice and commitment. As great as it sounds to be your own boss, a lot of people are not cut out for it. This can potentially limit the success of the business venture.
There are a number of reasons that people decide to become entrepreneurs. For some, it could be that they have a really good idea that they’d like to explore, and it grows into a business venture. Some people discover something that they’re passionate about and find a way to turn that into a business. Others become entrepreneurs out of necessity. They may need to try different ventures as a means of providing for themselves and their families.
If you are interested in entrepreneurship, there are a few things that you should consider.
Time Commitment- It takes a lot of time and effort to get a business off the ground. Does your current lifestyle give you the time you would need to develop your business? If it does not, are you willing to make changes to facilitate this? You should be willing to make that sacrifice.
Resourcefulness- Are you a good problem solver? Are you willing to roll up your sleeves and do what it takes to make your business successful? It would be great if you had business partners to help bring your business to life but what if you’re working alone? You would have to wear many different hats. Are you willing to do that?
Creative v. Administrative- Some entrepreneurs are great at coming up with ideas for new business ventures but struggle with the organization and execution of the venture. Others are skilled in competencies related to business management and have an interest in entrepreneurship but lack the creativity to come up with new business ideas. These are opposites but both equally important skills. Where do you fall on this spectrum? You may find yourself somewhere in between, which is great. If you find yourself on one end of the spectrum or the other, it might be advantageous for you to find a business partner that shares your vision and can supplement what you may lack.
Resilience- No one likes to be told “NO”. Sometimes, you’ll have to hear some Nos to get to your Yeses. The NO could be a result of determining that your business idea is not feasible. It could also be because a potential investor is not interested in funding your business or a host of other reasons. This doesn’t have to mean that you’re not cut out to be an entrepreneur, it may just mean that your concept could use some fine-tuning. A NO may mean that you lost the battle but are you able to stay in the fight to win the war? It’s important to be open to accepting criticism as it will help you and your business grow.
Disclaimer: This is not an exhaustive list of considerations but I would definitely advise you to bear these in mind when considering becoming an entrepreneur. It’s also important to acknowledge that these factors will not guarantee a successful business. You will either win or learn from your experience.
