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The Makings of an Entrepreneur 

by Staff GBAF Publications Ltd
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By Travis Forman, Strategic Private Wealth Counsel

From the outside looking in, owning your business gives the impression of luxurious freedoms like the ability to take Fridays off indefinitely or being your own boss. Social media tends to glamorize what’s truly a laborious endeavor. Platforms like Instagram and Facebook typically shine a light on the best aspects of wearing the title of ‘CEO’, and conveniently filter out the long hours and many failures before their wins.

In reality, the makings of an entrepreneur require hard, honest, work to reach success. If that’s your goal, it’s imperative to understand the journey there takes time and a special breed of person. 

According to Design Hill, great entrepreneurs often exhibit these traits: 

 

10 Signs You’d Make a Great Entrepreneur

  • You are largely independent,
  • Incredibly self-motivated,
  • Great at organization,
  • Can easily visualize a plan,
  • Practice smart budgeting,
  • The ability to work with a team,
  • Endless ideas,
  • Weighs risk vs reward,
  • Have a specific problem to solve,
  • And you likely enjoy learning . 

These traits are not ones that you are necessarily born with but are in fact developed over time throughout one’s entrepreneurial career. Over the course of it, you’ll learn it takes more than a handful of inherited attributes to stay afloat, not to mention excel at what you do. 

If there truly was a blueprint to becoming an entrepreneur, it would also include a continued commitment to learning and perfecting your craft. No matter which industry you’re in, preparing to serve others means solving problems. It means being able to recognize your own strengths and passions and morphing them together to create a niche. 

Some businesses are able to niche down its services and specifically target private investments, instead of tossing out a wide net and trying to master all areas. This strategy can work for any entrepreneur, in any field. 

However, even the most passionate will burn out at some point. A lesson many young entrepreneurs learned in 2021, when the number of new business owners spiked 12 percent, according to this brand new study by Babson College. The increase was largely made up of 18-24 year-olds which usually pales in comparison to their older competitors entering the economic landscape. It wasn’t all positive news though, the youngest group of founders also had the highest rate of business closures. Proving despite the amount of passion you may have, there must always be a plan. 

So far, the makings of an entrepreneur sounds more like a complicated recipe. You really do have to get it just right or be faced with starting from scratch. Not only should a potential entrepreneur have the natural knack, goals, strong work ethic, a passion for the craft and a great plan to get started, but the main ingredient is always the why. Behind every great business owner is a reason they launched their company. 

For some, it’s more than money or the adrenaline rush that comes with winning an account. The reason for starting a business should be to truly help others by helping them solve a specific problem. Finding a solution is being an entrepreneur and if you are able to solve the equation for your customers you’ll be able to change lives for the better.

Without this next and final element though, all the necessary makings of an entrepreneur already mentioned, simply won’t work. That’s because anything worth doing takes time. 

For example, if it weren’t for spending the first 20-plus years taking the time to understand, failing, learning and growing, maybe becoming an entrepreneur and creating some businesses might not have happened for some. 

It only sweetens the title of CEO when you have put the hard work in, paid your dues  and then gained the recognition and respect from industry professionals, clients, and direct colleagues. 

So yes, there are wonderful perks in becoming your own boss. And sure, entrepreneurs can decide to take a Friday off here and there. But if that’s what you’re focused on, you might not reach the point where you’re able to take advantage of those luxuries. 

The makings of an entrepreneur takes so much more. The best part about it all though, is anyone with a passion and plan can do it. All you have to do is try. 

 

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