Entrepreneurs are a special group of people who have a passion for solving a certain problem and then create something that fixes it. You might have what it takes to be an entrepreneur but never really knew if it was a possibility. You may have had thoughts about starting your own business but never quite made the leap from the 9 to 5 into entrepreneurship. You may have thought of various side hustle ideas but never brought them to life. You may have second guessed whether you had what it takes when in reality, you had all the right signs. Here are five of those signs.
1. You’re willing to work hard.
While being the big boss may seem like a good thing, the reality is that entrepreneurs who are successful typically end up working way more hours than salaried or hourly employees do. Eighteen-hour days and seven-day workweeks are common for business owners, especially during the start-up phase. Even in established companies it can happen, as CEOs must always be ready to respond to a crisis.
The upside is that if you’re starting your own company, you probably love what you do and all those long days will pass in the blink of an eye as you devote your efforts to building something you’re proud of. Sometimes work/life balance is impossible when you’re running your own business. You must be ready to make the necessary sacrifices to succeed. But don’t forget to unwind and recharge occasionally.
2. You can you handle risk.
How much are you willing to lose for your life’s work? One of the biggest risks most entrepreneurs take is the decision to leave their jobs to pursue their dream careers. When it gets to it, can you make that decision to focus on the one thing that matters to you? Most people can’t do it. The uncertainties can be overwhelming.
Entrepreneurs work hard to limit their risks. But they still take calculated risks every day to be successful. If you are better at minimizing your risks but can still make crucial life and business changing decisions, you will do well as an entrepreneur.
3. You are a good leader.
When you’re running your own business, you not only need to be self-motivated, but you also need to be able to motivate and inspire others to follow you. Most businesses will need to hire employees as they scale up, and you need to be ready to provide direction and motivate staff members to commit to your company’s success.
Being a good leader doesn’t come naturally to everyone and you can learn leadership skills, but you need to be willing. If you’ll spend your life uncomfortable when people look to you to manage and make decisions, becoming an entrepreneur may not be a good career move.
4. You’re an effective communicator.
This also ties in with being a good leader. The importance of communication in business cannot be overstated and, as such, it needs to be effective for the business to run smoothly. In fact, communication is an essential aspect of the management of a business. When it comes to business communication, it is all about goals. In that sense, it is goal oriented. When you communicate, you should do so with a certain goal in mind. If you don’t know what the goal of your communication is, then you are not communicating anything
Cheril Clarke, founder of PhenomenalSpeeches.com, knows this well. She writes content and speeches for C-suite executives (CEOs, COOs, etc.), entrepreneurs, small business owners and individuals who want to make a phenomenal impression. Of communication, she says, “If you know how to communicate well, you can get almost anything that you need.”
5. You are willing to fail.
The sad reality is most small businesses fail. Your first venture may not be a successful one, but your fifth venture might. So, if you truly have the entrepreneurial spirit and you want to create a company that will stand the test of time, you need to be willing to experience setbacks and bounce back.
Even established companies inevitably will experience projects that aren’t a great success, so it’s essential you can recognize when it’s time to change course, accept sunk costs, and get back on track without losing the drive to innovate.
Owning your own company can be scary because the success or failure of your business determines whether you’ll be able to put food on the table and help employees keep a roof over their heads. While there’s potential to build something amazing, you must be ready to do what it takes to succeed. If you fit these five signs, you may just have what it takes to achieve the dream of building a business that can support you and become your lasting legacy.