Are You Ready to Be An Entrepreneur? : Under30CEO Are You Ready to Be An Entrepreneur? : Under30CEO
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Are You Ready to Be An Entrepreneur?

| July 29, 2013 | 9 Comments

Entrepreneur Quote

Entrepreneurship looks sexy on the surface, but it’s important to have an idea of what lies ahead when you’ve chosen this path: it touches all parts of your life, your relationships, your bank accounts, and self-confidence.

Signs That You Are Ready to be an Entrepreneur

You have that nagging feeling: the notion of doing your own thing keeps popping into your head, and you find yourself awake at night thinking about it. It’s time to follow your intuition and take the next step.

You aren’t worried about making money in the short term, or consulting is an option: perhaps you have been saving for this very moment, have come into a windfall, or have a partner willing to help with financial responsibilities. If not, leverage your expertise as a part-time consultant to generate income. What’s important is having a “defined window of time,” without guilt or worry, to dive into this process with the freedom to be creative and take risks.

You’re passionate about an idea and feel like you’ve found your purpose. You’ve thought of something that leverages your strengths and captures your passions, and you cannot wait to change the world with the concept.

You’re prepared to fail— um — learn: less than half of the businesses started succeed; so, the likelihood of your first idea being a home run is, well, far less than half! The key is not letting the prospect of failure paralyze you. Learn fast from your mistakes and get back into the game with a fresh attitude and plan.

Traits of Successful Entrepreneurs – Do You Have Them?

1) Self-motivated

2) Risk-taker

3) Resourceful

4) Passionate

5) Persuasive

6) “Knocks Down Doors”

Think You’re Ready? Here are ideas on How to Come Up with Your Big Idea:

Are you having a hard time coming up with an idea, yet your desire burns to do your own thing? Here are a few things you can do to get the inspiration flowing and the ideas flying:

Jot down what irritates you in your day-to-day activities other people probably feel the same way. Sara Blakely, who wanted to look great in her favorite white pants, cut the legs off a pair of panty hose and SPANX was born.

Brainstorm with friends. Asking the simple question, “I’m thinking of starting a business: what do you think would be a good one for me?” will help shake out your strengths and comments you’ve made to friends over the years.

Look at businesses you admire. Find common trends across them — can you apply these trends to other industries?

What are your hobbies and interests? What issues do you see within these areas that could be solved more efficiently than they are today? Be inspired by Laura Zander — she turned her knitting hobby into a $7M online brand called Jimmy Beans Wool.

Don’t force it. If you’ve been asking yourself what business you could launch, don’t feel pressured to come up with an idea right away. Give yourself creative space to let ideas surface naturally; often they come at unpredictable times, like in the shower! Be ready to capture them in a journal or your phone.

Engage a Technology Commercialization facility.  Can’t come up with your own idea? You don’t have to!  Many universities have programs designed to bring ideas to life by connecting their academics with businesspeople.

“Smart entrepreneurs think small rather than search for a ‘big idea’ because big ideas are small – simple, focused and specific so they can occupy a specific niche and dominate their category.” — Catherine Kaputa, Author of Breakthrough Branding

Excerpt from the Yin of Starting a Business: Your Step-By-Step Guide to Becoming a Successful Entrepreneur. Books are available on Amazon (Canada, India, France, Germany, Spain, United Kingdom, and United States), Kobo, Barnes and Noble, Sony and Smashwords.

The Yin and Yang of Starting a Business is a recently published ebook from Empower Lounge. Based on interviews with entrepreneurs around the world, these resources will ensure every person starting a business has thought through their plan before they get started!  Empower Lounge’s mission is to equip those thinking about becoming an entrepreneur with a candid, all-encompassing view of the skills and essential steps it takes to start and grow a successful business. This will give them an opportunity to know what they are getting into and be informed before diving in to increase their chances of success.

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Category: Entrepreneurship, Startup Advice

  • Mike Darche

    There’s some really awesome stuff in this post– I identify with all of those signs but I definitely find myself in that first category (“that nagging feeling”). A little over a year ago I read a book on entrepreneurship and since that idea first popped into my head, it has been spreading like a virus in the back of my mind. I’ve been reading everything I can get my hands on about small business/ startups and I started working on my plans and the skills I’ll need to make it happen. Luckily I caught the bug with one more year of college left, so I get some time to put everything in motion… Thanks for sharing this with us!

  • Christine Steffensen

    Inspiring article! Just my 2 cents: Being ready also means being emotionally prepared. You may have your blood pumping right now but immediately diving into the pool isn’t going to cut it. An entrepreneur is not child’s play, it is an investment of time and money so always evaluate your every step if possible :)

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  • empowerlounge

    Thank you Christine for the comment…completely agree and why we published our ebooks, The Yin & Yang of Starting A Business. We think it’s key to equip the next wave of women thinking about starting a business with a candid 101 on what it takes to do it right. It’s easy to get swept up in the excitement of it! We know all about this! :)

  • empowerlounge

    Thank you Mike for your comment! Sounds like you’re using this time to really focus on research and validation, two critical things that get glossed over in the excitement of it all! Good luck!

  • Laxmikant Dharashivkar

    It is a nice article.. and make us think the small things that we fail to indulge while being an Entreprenuer

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  • OBVAVirtualAssistant

    Awesome and inspiring article..Never giving up is another trait of a successful entrepreneur…Loved reading it..:)

  • MissCristinaD

    I have read countless entrepreneurial articles and tips online in hopes of finding inspiration and more importantly direction. My mind seems to be a mess of ideas and I am fearful that I am nothing but a day dreamer. I feel this ball of energy inside of me just dying to be placed into something meaningful and yet I sit at a desk doing just the opposite. I did a random search today and stumbled upon this article and I am just having a “duh” moment. It is so simple yet so informative! I don’t mean to sound dramatic but I love this post and I am excited to read everything else this website has to offer.
    Think Ill go write down my ideas now…
    Thank you! Thank you! Thank you!