motivation

12 Signs That You Have An Entrepreneurial Spirit

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Jeff Bezos Interview
  • How Many Signs Of Having An Entrepreneurial Spirit Do You Have???
  • Ever Thought About Starting A Business? These Signs Show You Have Entrepreneurial Spirit


What Does It Take To Become An Entrepreneur?

When we think of entrepreneurs we always see the end result.

The house, the car and the freedom from the 9 to 5 grind.

But this is not typical of all entrepreneurs and those who start out in business. You need certain characteristics to make a success of it.

You need an entrepreneurial spirit where you'll have to work hard to make a success of your business rather than waiting for success to come to you.

Various characteristics are key for a successful entrepreneur. Some of them you are born with, while you can learn about the others and adopt them.

We’ve put down some of the characteristics you need to be a successful entrepreneur.

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1Curiosity

When starting out in any industry/field there are many new things to learn.

You will even find that as soon as you think you know everything about the industry you will discover more or it will change.

You are always learning.

Technology, new solutions to certain problems and new opportunities are among the key things you need to learn more about while starting and running the venture.

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An entrepreneur should have some sense of curiosity; this will allow for seeking any new opportunities.

Whether it was Jeff Bezos starting an online bookstore or Bill Gates building software to harness the power of the microchip the great entrepreneurs were curious about their field and how far they could push them.

Rather than being satisfied with what they know or have, a good entrepreneur should seek to know more. They can get this by asking various questions and exploring other avenues.

Curiosity will help them gain more information about new developments because experts describe entrepreneurship as a discovery process.

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2Adaptability

Entrepreneurship is an ever-changing endeavour.

It is about finding solutions for problems that are in the world around.

And the world is always changing.

New technology, problems and opportunities present themselves on a daily basis. As an entrepreneur you have to be nimble enough to react to these latest developments and make the most of them.

Those who don't will always be left behind.

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It's not an easy thing to do.

You have spent a large amount of time and money focussing on an area which has become redundant thanks to developments elsewhere.

Those who become wedded to a position because they are invested in it are more likely to miss out on opportunities elsewhere.

An entrepreneur needs to adapt to any change and move on. The adaptability characteristic will help the entrepreneur to move forward easily even after unexpected changes occur.

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3Decisiveness

Make a decision.

It sounds simple but for a lot of people making a decision is one of the hardest things to do.

And it's not the choices at hand that are the problem - it never is. It's the regret and opportunity cost of not taking the other option.

In entrepreneurship, there are thousands of scenarios where you will have to make a decision.

Some of them will be easy and some will be difficult. After making these decisions, however tough they may look, you need to stand by them.

As a successful entrepreneur, you need to be very decisive in making all the decisions about your business. From funding to resource allocation, it is obvious that you will need to make some challenging decisions.

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Decisiveness will give you the confidence to make the right decisions for your business.

People spend way too much time making sure everything is 100% perfect.

Plot twist - it never will be. You have to accept you are never going to be right 100% of the time.

Being decisive shows you accept this and that you have the entrepreneurial spirit required to progress in the business world.

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4Team Building

As someone with an entrepreneurial spirit it is natural that you want to do everything yourself.

After all it's your vision and you know exactly what you want.

At the start of your business journey this may be the only viable option but you and your company will grow a lot quicker with the help of others.

As a leader, you need to be aware of your weaknesses and strengths. Rather than having the weaknesses dragging the success of your business, it’ll be important to have teamwork.

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Teamwork involves having well-rounded individuals that complement the abilities of members.

Most businesses thrive because of the teamwork spirit rather than an individual effort. Having the best team-building characteristics will help you improve your weakness by getting support or learning from others.

Master this skill and it will transform your business and your life.

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5Risk Tolerance

As a entrepreneur who has decided to build a business, you must be fairly comfortable with the idea of risk.

But this is always a balancing act between risk and recklessness.

Going into something without doing any knowledge of it or without doing the research is reckless and shows a cavalier attitude.

Mitigating the risk of your business endeavour is essential if you going to make it work.

This means learning about the industry you are going into from top to bottom, who are the big players why are they successful.

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You experience risk on a daily basis and make decisions to mitigate it.

The business world is no different.

Any part of your business can go wrong at any time.

A successful entrepreneur needs to be mindful of this and build systems that can manage any failures.

Also remember, the concept of risk is a very subjective thing.

A small risk to you could be big to someone else.

Always try to analyse your company and its risk and see if you can improve it.

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6Persistence

Persistence is what separates the succesful entrepreneurs from those you fail.

It doesn't matter what your education was, your upbringing or how intelligent you think you are...if you give up then you are out of the game.

Persistence is why we see so many succesful entrepreneurs who were never good at school or not even considered to be intelligent by the academics around them.

They were just the ones that didn't give up.

This is what Apple Founder Steve Jobs believed as he always advised doing 'what you love', otherwise there will be a tendency to give up.

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When opening up a business, it is possible that most of the attempts may fail or may not go your way.

Someone with an entrepreneurial spirit doesn't give up - instead, they want to see their failures or shortcomings grow into success.

Many things may not go your way - even some things you had great hopes for may fail.

What distinguishes a successful entrepreneur from the rest is learning from previous mistakes and improving their businesses.

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7Innovative

When talking about innovation, I'm not suggesting that you have to invent the microchip in order to be successful.

If you can that's great and your chances of success have improved dramatically.

However, innovation means to come up with new ideas and new methods in your respected industry.

Innovation is what gives you an 'edge' over the competition and can be the sole reason for your company's success.

Whether it's improved delivery times or a faster, more user friendly website - innovation comes in all shapes and sizes and can deliver the success you are looking for.

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We are living at a time where technology is changing at a rapid pace.

These mini-technological revolutions present more opportunities for you to innovate.

Whether the product is cheaper or of better quality, people are always striving for goods and services in an improved way.

By understanding all aspects of the business, from the customer experience to the backend supply chains you can work on improvements that will give you an innovative edge of the competition.

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8Passion

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If you are starting a business for the wrong reasons this will show when times get hard.

A lot of entrepreneurs go into business for higher pay or a lifestyle that has been sold to them on Instagram.

However, to make a success of their endeavour it is paramount that an entrepreneur is driven by passion and desire to engage in the given business activity.

It will save you in the inevitable bad times.

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9Hard-working

Everyone says they work hard.

But hard work is very subjective.

Someone with an entrepreneurial spirit isn't going to turn up to work at 9am and leave at 5pm. If the business requires you to be there all day and all night you need to do it.

You must be willing to do whatever it takes to make a success of your venture and not treat it like an ordinary job which you can forget about as soon as you leave the office.

This is your project, something that has the potential to change your life.

Don't be afraid to go above and beyond in order to achieve your dreams.

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Running your own business is not an easy thing to do...especially at the start.

This is why so many people prefer to have a job where they clock-in and clock-out and not have to think about marketing strategies, business plans, employee wages and supply chains.

The rewards from entrepreneurship are limitless but it does involve hard work.

Managing all these aspects of a business are essential to your success and will takeover your life.

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10Structured Experimentation

When you start a business you should have some idea of what will works and what doesn't.

If you don't - **** BIG TIP **** - look at your competition and see how their business model works.

But understanding how others are making money only goes so far.

You need to know what opportunities that they are missing out on. What did they miss?

How can you tell what existing companies have missed?

This is where structured experimentation comes in.

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By testing out ideas in your industry you can uncover new ground that others have not spotted.

Sure the first idea might be a failure and have cost you a small amount of money.

Perhaps even the second one will.

But after 10, 20 or even 100 tests you will enough data to uncover a diamond in the rough. Something your competitors would never have spotted and will almost certainly give you an edge over them.

For example, buy your competitors products and note their delivery times, packaging and condition of the product.

Any holes in the customer service can be exploited by you by giving the customer a better experience.

This is how Jeff Bezos made his money.

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11Long-term Vision

"If you don't have that vision for the end goal, you have no clue where you're going, and you're going to work very hard to go nowhere." J.J Watt

A common misconception about entrepreneurship is that it is only about creating a business that provides you with an income to do the things you want.

Whilst this is true to some extent those with an entrepreneurial spirit want to build something significant.

When the business is making money and you are hiring people to grow the company further it is very rare for an entrepreneur to keep the company where it is.

Those who succeed in business want to 'push the envelope' and see how far their idea can go.

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As a company grows so does the opportunities that come its way.

Not only can you partner with more companies but you can also afford to expand your line products/services and branch into fields you never would have thought of.

In the 90s Amazon was an online bookstore that now sells pretty much everything from kitchenware to computer games.

Having a vision of where you want your company to be is what drives you towards success and don't be afraid to dream big as no one would have believed Bill Gates that he would build a multi-billion dollar company when he was working out of a garage.

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12Comfortability With Failure

"I've missed more than 9,000 shots in my career. I've list almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed." -- Michael Jordan

Failure is a part of life.

You are never going to meet someone who has never failed in their life.

But you will find lots of people who let a single failure define them.

Failure is nothing to be ashamed of but not coming back from failure and facing it square on is for losers.

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Entrepreneurship is not about avoiding failure but is about dealing with it.

Once you get over one failure, along comes another.

It's an essential part of growing and understanding your business niche.

After you go through so many setbacks you will know so much more than someone just starting out and is itself an advantage.

Failing is an advantage over the competition so long as your learn and adapt to it.

Change your mindset and embrace the setbacks and understand what they mean for you.

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Final Thoughts On Having Entrepreneurial Spirit

Everyone would like to be an entrepreneur but so many have tried and failed because they don't have the required characteristics.

Entrepreneurship is a field that requires consistency, hard work, and patience to be a successful and even then that might not be enough.

Perseverance is the attribute that all succesful entrepreneurs have in abundance and if that is something you think you have maybe it is something for you.

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