Are You Cut Out to Be an Entrepreneur? Learn what qualities entrepreneurs have in common--and whether you have what it takes to join their ranks.
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Entrepreneurs occupy a central position in our market economy. They serve as the spark plug in our economy's engine, activating and stimulating all economic activity. The most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities.
Just what makes you such an integral part of a prosperous economy? It's entrepreneurial energy, creativity and motivation that trigger the production and sale of new products and services. It's the entrepreneur who seeks opportunities to profit by satisfying as yet unsatisfied needs. It's the entrepreneur who seeks disequilibrium--a gap between the wants and needs of the customers and the products and services that are currently available--and finds a way to fill that gap.
Do you have what it takes to be a successful entrepreneur? You do if you fit the following description:
Entrepreneurs are optimistic and future oriented; they believe that success is possible and are willing to risk their resources in the pursuit of profit. They are fast moving and flexible, willing to change quickly when they get new information. Entrepreneurs are persistent and determined to succeed, because their own money and ego are at risk.
Entrepreneurs are skilled at selling against their competitors by creating perceptions of difference and uniqueness in their products and services. They continually seek ways to offer their products and services in such a way that they're more attractive than anything else available.
Entrepreneurs are capable of dealing effectively with the legal and governmental requirements of business. They're creative and determined in satisfying regulations and acquiring the licenses necessary to do business. They are excellent problem solvers and are continually seeking solutions to the obstacles that inevitably arise.
Entrepreneurs are capable of setting up the internal business systems, processes, procedures and bookkeeping necessary for operating a successful business. They have a natural instinct for the financial condition of their businesses. And they're intensely focused on sales, cash flow and revenue at all times.
Because entrepreneurs create all wealth, all jobs, all opportunities and all prosperity in the nation, they are the most important people in a market economy--and there are never enough of them. Are you ready to join their forces? Then get to work on these action exercises that will help you launch your business:
- What opportunities exist today for you to create or bring new products or services to the market that people want, need and are willing to pay for? What are your three best opportunities?
- Where are the best opportunities for you to profit by bringing together people, money and other factors to create products and services that people want?
- Use your creativity, rather than your money, to find new, better, cheaper ways to sell your products or services or to reduce your costs of operation.
- Tell yourself continually that "failure is not an option." Be willing to move out of your comfort zone, to take risks if necessary to start and build your business.
Brian Tracy is the "Success Secrets" coach at Entrepreneur.comand one of America's leading authoritieson entrepreneurial development. He's produced more than 300 audio and video learning programs that cover the entire spectrum of human and corporate performance through his company, Brian Tracy International.