Do you have the attributes and characteristics to be an entrepreneur? When you think of an entrepreneur what comes to mind? I think of a risk taker with lots of tenacity. Tenacity is never giving in to failure. Albert Einstein said, “show me a person who never made a mistake and I’ll show you someone who never tried anything new”! Be an educated risk taker. Do lots and lots of preparation and homework before jumping in. You analyze all the potential risks and make sure you understand what your risk tolerance is. Risk tolerance is weathering the downside of any action. What will your life be like if the worst happens, if the next to worst happens, or merely if your project falls short of its expected goal? Will you be prepared for the downside?
Nurture your idea and be ready for surprises that may come your way. Take the time to set up your bookkeeping and information technology correctly. When opportunity knocks be positioned to take advantage of the situation.
For many years I was an outside consultant for start - up marketing research firms. The new business owners were experts in their field but had little bookkeeping or financial knowledge. I developed a specialized cost accounting system so they knew at all times, how much client revenue was contracted for and how many months of overhead this revenue would cover. Eventually, they realized the significant benefit of always knowing the “bank” of overhead dollars that would cover future months of operation expenses. Knowing this one piece of information gave them the confidence to try new things, make proposals for larger accounts, and to be able to hire the staff they needed.
Expect the unexpected on your entrepreneurial journey. Being properly prepared paves the way for less stress and better anticipation of potential pitfalls.
When your entrepreneurial spirit takes hold, rise to the challenge with forethought and preparation. “Luck is what happens when preparation meets opportunity” – Seneca – Roman philosopher, mid-1st century AD
In our next blog post we will continue our discussion about the traits of a successful entrepreneur.
Ten of the most famous “eureka” moments in history are: