Do You Have What It Takes To Be An Entrepreneur? 

It’s a common fallacy to think that passion and drive are all it takes to embark on the journey of becoming an entrepreneur. It’s actually much more complicated than that! Your unique character traits, emotions, personal plans and individual skills all need to be taken into consideration.

There will be many hurdles and even roadblocks along the path to successful entrepreneurship, so you’ll need to dig deep and ask yourself if entrepreneurship is really right for you.

Does Life Become Awesome When You are an Entrepreneur?

Life doesn’t always become even half as awesome as you might imagine as an entrepreneur. No matter how prosperous your business may become, the life of an entrepreneur is very stressful. Did you know that while you stand there admiring your boss’s classy branded clothing and accessories, he or she has a lot of pressing thoughts going through his or her mind?

The immense weight of many responsibilities also rest upon his or her shoulders. Your boss doesn’t get paid holidays, bonuses or even nights of proper, peaceful sleep as regularly as you do. So, you’re probably thinking that these conditions are unique only to the initial stages of entrepreneurship. It will get better with time, right? Wrong!

First of all, success doesn’t come automatically or even easily in a business. In cases where a business does appear to run smoothly, abundant profits don’t necessarily emerge unless you’ve taken massive risks. Low risks will bring in low profits – which will be spent for the most part to pay the bills for your organisational resources, including employees on various levels of your organisation.

Taking big risks can bring financial disaster to your loved ones, your employees, and of course yourself. Don’t forget that your business won’t only be supporting your own household but also your employees’ households and the general economy as well.

Does the life of an entrepreneur still sound awesome?

What are Your Reasons for Becoming an Entrepreneur?

Why do you want to become an entrepreneur? Is it because you want to achieve popularity, wealth and success within the shortest possible time? The real reasons why a successful entrepreneur like Sofia Vergara started her own enterprise were to see her business idea come to life and make an impact in the lives of people.

Her strong passion and desire for her idea to produce concrete results drove her to sacrifice countless everyday needs and wants. She wanted to make a difference in people’s lives with her co-founded enterprise Latin World Entertainment. She wanted, through her business, to promote talented Latino artists. She probably spent many sleepless nights developing her business plan. She probably travelled tirelessly to many places to get her business up and running.

So if your own reason for becoming an entrepreneur might be just to start a productive organisation instead of having to constantly attend futile business meetings, then think again. In this case you may want to reconsider your wish to be an entrepreneur.

You cannot start a business just to feed your own greedy motives. A broad perspective alone can lead you to success. Your hard work will help luck bloom for you and make you a successful entrepreneur.

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Do You Have what it Takes to be an Entrepreneur?

You can’t just wake up one day and decide that you want to quit your regular nine-to-five job and become an entrepreneur. In fact, you can’t assume that you’ll have any flexibility to decide exactly when you want to quit and when you want to work. You must work consistently towards achieving your business goals until you see the fruits of your passions and labours be realised. This means that you have to be an all-rounder.

Should You Be An Entrepreneur? Characteristics Of Entrepreneurs You Must Have

You have to be wise, social, engaging, stable, secure, logical and extremely realistic. You have to be wise because you need to apply certain sensible business principles to make your business work. Don’t worry, though, if you’re a creative free spirit. You can develop your own business principles based on your life experiences and apply them. As a wise person, you’ll know the difference between what’s right and what’s wrong for your business.

You also need to be social to be an entrepreneur. You need to test out your ideas on people. You need to socialise with a variety of individuals both inside and outside your industry to avail yourself of plenty of useful information. To get the right people to converse with you, you must be professionally engaging and appealing in terms of looks and style.

You need to be emotionally stable since various people (even your closest buddies) might inadvertently lead you down the wrong path, whether through ill intentions or not. You mustn’t let your emotions pull you when it comes to making decisions. Your sense of logic, along with strong factual knowledge, can lead you to success.

Your realistic nature will determine how far you let your failures set you back. You should be able to prevent any long-term damage to your business by creating a backup plan early on.

Can you Handle the Journey To Becoming an Entrepreneur?

In addition to the hurdles mentioned in this article, you’ll have tumultuous situations to deal with throughout your journey to becoming a successful entrepreneur. You’ll have to be able to handle dishonesty from more than one trustworthy person at many times in your life, regardless of whether you’re successful or not.

During your initial stages of entrepreneurship, many people will mislead you about your business. They may act as if your ideas are useless and then turn around and steal your concepts. They might discourage you from pursuing entrepreneurship altogether.

As a clever and logical entrepreneur, you must not only identify the flaws in their statements but be prepared to handle the disappointment you’ll feel at losing some people from your life whom you had deeply trusted in the past. After becoming successful, you may find that many of your loved ones, including family members and relatives, will try to take advantage of you.

At times, you may feel like giving up your business ventures and dreams. But be sure to consider everything carefully. You must always keep your passion alive!

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).