What's it Take to be an Entrepreneur?

People who are considering taking a class through SMMC sometimes wonder if they have what it takes to be an entrepreneur. A detailed analysis is coming up in a moment, but first, the short answer can be succinctly put into one word: DESIRE.

That's right. Desire is really the one characteristic that's absolutely required in order to become a successful entrepreneur. If you don't have a true desire to be an entrepreneur, then even the most innocuous of challenges can seem insurmountable. However, if your desire is strong enough, then everything else can be learned!

Other helpful characteristics include courage, planning, flexibility, willingness, persistence, passion, and resources/support.

COURAGE

When we talk about courage, we mean that there will be plenty of times when you feel doubt. That's totally normal. Can I really do this? What makes me think I can accomplish this? What do I do now? Remember that every successful entrepreneur has asked these questions and felt this doubt. The important thing is that you don't let it paralyze you. Understand the source of your fear, research how to overcome the challenges, and move forward despite feeling doubt. That's what courage is, after all: Taking progressive action in spite of fear.

PLANNING

Of course, taking action for the sake of action isn't what we're talking about. There are plenty of businesses out there where people occupy themselves with dealing with whatever is urgent at the moment. We call that putting out fires. While most businesses have days that involve putting out fires, it's important to spend time focused on where you're going and how you'll get there. Things like a good business plan and market analysis are good starting points, and these steps will be discussed in the SMMC classes. Yet it's not just at startup that you'll need planning. As times goes on, it's important to continue assessing how your business is doing, and where and how it should improve.

While we're on the subject of planning, let's have a quick note about cash flow... Many businesses fail because they lack the regular cash flow to get them through lean times. If you have very poor cash flow and/or significant business debt to pay off, even the strongest “desire” to be an entrepreneur can only do so much.

When planning your new business, keep in mind that service-based businesses are fairly easy to start with little if any capital up front. You simply start by offering your service (or a service that is outsourced to someone else) and upgrade your marketing materials and tools as your profit grows. Brick and mortar stores and restaurants, on the other hand, require quite a bit of money to set up and to keep going.

Another cash flow tip is to offer customers contracts for ongoing services or regular product supplies. This can help ensure ongoing cash flow that does not require new sales just to keep the business open. Planning for your cash flow needs is one of the most important steps in thinking about your new business.

FLEXIBILITY

Sometimes your planning will reveal that you're not on an ideal course for success. It's vitally important to be able to adapt to changes in the marketplace or new challenges that arise. Dunkin' Donuts is a company that used flexibility to its advantage. When more health conscious consumers began avoiding the fat and sugar of donuts, this company very successfully shifted marketing efforts to promote their coffees, bagels, and sandwiches. A little flexibility is a good thing.

WILLINGNESS

Willingness is a characteristic that is similar to courage and flexibility. Basically, it's important to be willing to do what it takes to succeed. Every job has its perks and its drawbacks. If you accept that not everything about your business will be ideal, and you are willing to do the unpleasant tasks as well as the fun stuff, it will mean a world of difference for your business.

PERSISTENCE

Naturally, there will be challenging times. Persistence can help you get you through. When you see others succeed, and it looks effortless, remember that it's all an illusion. True success is never effortless! Stick with it!

PASSION

When times are tough, being passionate about your business can make a world of difference. And even in the good times, customer are more apt to buy from people who are passionate about what they're doing! So make sure you choose a business that you're passionate about, and let your passion show!

RESOURCES & SUPPORT

Nobody knows all the answers, and nobody can do it all by themselves without support from others. One of the things the SMMC classes will teach you is where to go when you need help. There are non-profit organizations out there with the sole purpose of guiding small business owners. Learn where to go for answers when you get stuck, and learn whom you can vent to when you need a supportive listener. By having resources and support in place, you'll be best equipped to handle any challenge that comes your way.

A successful entrepreneur will encounter a wide variety of situations and challenges, so we can't predict or describe them all here. But regardless of your circumstances, it's clear that having some courage, planning, flexibility, willingness, persistence, passion, and resources/support can take you from having a tiny spark of inspiration to enjoying a great success—that is, if you truly desire it.