Consider these 3 questions before becoming an “entrepreneur”

Before we jump into reasons why starting a business might be a great idea, it is important to know what the mindset of an entrepreneur really is. The biggest challenge for an entrepreneur is often not the “how” and “what” of running a business but rather the mindset behind the driving force – the entrepreneur.

Specific skills can be learnt over time but character development and belief in oneself requires an incredible ongoing mental fortitude.

Before you jump into the world of entrepreneurship, ask yourself a few questions:

1. Am I truly passionate about the vision behind my idea?

More often than not, without a vision, most businesses will fail. Here are three reasons why being passionate about your vision leads to success:

a. Confidence: Being passionate about your vision fuels confidence and great confidence emits good leadership and earns respect from others.

b. Excitement: Waking up every day feeling excited to fulfill your vision is contagious. Professionals that are excited about what they do creates higher morale and a more optimistic environment within the workplace.

c.Loyalty: Being passionate about your vision also means that you are going to be much more loyal to your business than you would be working for someone else.

 

2. Am I willing to fight an uphill battle of defeat to achieve victory?

One of the major differences between an employee and an entrepreneur is their response to defeat. Throughout history, you will find that no one gets to a high level success without facing hardship, setbacks and opposing opinions. However, it is possible to utilise setbacks to push you forward to success using these two principles:

a. Salvage something from every failure. When faced with a personal setback, our usual instinct is to get emotionally upset and stuck to the concept of failure rather than remembering that with every setback comes a very important lesson to advance forward.

b. Constructively criticise yourself. Criticising yourself and learning more about your strengths and weaknesses is constructive; blaming others for the outcome is destructive. When you “win”, nothing good comes out of it.

3. Am I willing to lead others to success?

If there was a word to describe leadership, it would be this: Example. Often people think leadership is determined by position and influence. However, the only thing a position does is buy time for you to prove to others that you are capable of leading them. The harsh reality is this: People follow who they respect. And people will only respect you if they see the life you live and they like the results you produce.

The great news is this: leadership is a process and a series of inputs and outputs that deliver great outcomes. Sure, some people are naturally more of a leader than others but great leadership can be learnt and practiced. A thing to bear in mind is that entrepreneurship is a journey where others come on board as you lead them in pursuit of a vision that runs deep within them as well. Therefore, as time passes, more people jump on board, your leadership skills can be improved as well.

In conclusion, is entrepreneurship for everybody? Not always. However, some people have the ability to truly succeed and become a vision of success if they cultivate the right mindset. If that is you, it’s time to step up and become an entrepreneur!

 

Written by Joel Han on behalf of Oak Financial Planning.

Joel Han is passionate about business and entrepreneurship. He is an avid reader, golfer and is passionate about learning and creating a better mindset.