Are You An Entrepreneur Or a 'Wantrepreneur?'

Are You An Entrepreneur Or a 'Wantrepreneur?'
Image credit: Shutterstock

It seems like everyone is calling themselves an entrepreneur these days, chasing the glory and status of being the next big success story.

The truth of the matter is, there are hundreds and thousands of aspiring entrepreneurs who think they have a winning idea but never manage to put it into action and go on to growing a successful business. I call these people "wantrepreneurs"

There are many key characteristics that separate entrepreneurs from wantrepreneurs, but over the years I’ve realized these are the three most common traits:

1.  Passionate about business

You hear so many entrepreneurs say you need to be passionate about the business you’re in but rarely do you hear them say be passionate about business as a whole.

Related: The 6 Scary Truths About Becoming an Entrepreneur

A slight shift in language but a huge difference to how you play the game of business. Those who have achieved success rarely are passionate about one particular industry as much as they are passionate about business.

To grow an idea from conception to a successful, thriving business, you will need to convince investors, customers, partners and employees to believe in you and your vision. If you are not 100 percent convinced and passionate about your product or service, why should anyone else be?

Let me ask you a question: If you had all the money and time in the world would you still be dedicated and driven to grow your business? If the answer to this question is no, then call it quits right now. You will save yourself a lot of time, money and stress.

In my opinion all real entrepreneurs are driven by their passion and love for business, wantrepreneurs are driven by the idea of being an entrepreneur.

2. Take massive action

When it comes down to it, taking action is what really counts. Entrepreneurs take the leap of faith even when their website, prototype or product is not complete.

Related: 15 Signs You're an Entrepreneur

Don’t worry if you think you’re not ready, you’ll learn more by just doing than what you will ever read in a book. That textbook can’t prepare you for every scenario nor is it catered to your exact goals and vision of what you want.
Real entrepreneurs do what they say they’re going to do; wantrepreneurs talk about it but never really get started.

Don’t let yourself become paralyzed by information, take massive action.

3. Sacrifice  

Wantrepreneurs have this idealistic vision of what it is like to be an entrepreneur. They might see it as the quickest way to get rich or the ability to set their own hours and be their own boss and not have to answer to anyone.

But not answering to anyone means you will need to be extremely disciplined and harder on yourself than any boss you’ve ever had in the past. Setting your own hours only means you’ll be pouring in more in the beginning, because you’ll be overflowing with ideas, tasks and projects that need to get done.

On the other hand, successful entrepreneurs use profit as a measuring scale of their own success, know the long hours they need to work to make it happen and understand that the only time you see the word shortcut before success is in the dictionary.

It’s ridiculous the roller coaster of emotions you have to go through in order to start, grow and eventually exit your own business.

You’ll have moments of total despair and frustration where you wonder if you were crazy to even attempt this, but you’ll also have insane highs where you feel like you’re on top of the world.

Related: 7 Risks Every Entrepreneur Must Take