Identify whether you are an Entrepreneur or Wantrepreneur

Motivational quotes, one-liners, videos and stories about entrepreneurship or lunching of a new venture are all across the globe, possibly to ignite fire in the belly of people with aspiration, new thoughts and ideas. In reality, aspiration and determination are not enough to be a successful entrepreneur, it takes a lot more than that.

Coming up with a unique or new idea is a great starting point, the execution of that idea is far more important. This has led to a growing number of “Wantrepreneurs” – people who initially show enthusiasm in identifying and discussing ideas, but at the end of the day fizzle off because they get overwhelmed with the required sustained commitment of executing their ideas.  

It is essential for everyone planning a start-up to clearly define their plan of action and identify current levels of readiness. There can be several indicators through which people can identify if they are ready to be an Entrepreneur, or belong to the group of Wantrepreneurs. Keep a close look out for them.

• Lack of strategic planning: It makes no sense to start a business without having proper goals and a vision of where to take it. If there is no big picture objective other than starting a business as an alternative to working for someone else, then do not leave your job.

• Risk avoider: If you are not willing to take risky decisions and prefer to play it safe, then you are not ready to take the plunge. There is an element of risk in every venture and is often accepted as part of the game. Taking risks can sometimes cause failure, but real entrepreneurs learn from failures, jumps right back and implement the lessons learnt.

• Inflexibility: Launching and scaling up of a business is not a linear activity. There can be difficulties during the journey, where certain strategic changes and improvisations have to be made. The unwillingness to be tactically flexible and agile is a sign that you are still a Wantrepreneur.

• Demanding for “me-time”: For an entrepreneur, there is no leaving your work at the office. Your work will be with you 24X7, as you keep thinking of new strategies and ways of earning revenue. One should forget “me” time in a startup, because there is never enough time to even finish the most critical activities.

• You do not have a business plan: If you believe that you do not need a business plan to start a new venture, think again. The act of business planning is a vital task for all entrepreneurs as it helps to analyze the market and make conclusions based on the facts as revealed through research, formulate strategies, identify the revenue model and showcase relevant financials regarding the potential margin, payback and return on investments.

Think deep and hard before deciding to embark on the entrepreneurial path. The road is tough, full of obstacles and hurdles. The drive may be slow initially, but once it picks up pace there are very few rides that can match the intensity and thrill of being a successful entrepreneur.

For more articles on Entrepreneurship and Business Planning visit: www.bplanexperts.com

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