DO YOU HAVE WHAT IT TAKES TO BE AN ENTREPRENEUR? [PODCAST RECAP]
Passion. Perseverance. Patience.
These are just some of the common character traits among entrepreneurs. We define an entrepreneur as someone who’s willing to go at risk at every level.
They go at risk with their relationships, with their legacy, financially, and with their leadership skills. These risk-taking ventures are what it requires to take that first step in becoming an entrepreneur.
Our founder Randy Gerber was a recent guest on the 614Startups live podcast where he shared the tools, tricks and trades of what it takes to get your entrepreneurial path started on the right foot.
While the podcast featured critical moments throughout — and you can listen to the full audio here for more — we should examine a few points in close detail.
Point #1: Entrepreneur vs. Entrepreneurial
Knowing the difference between an entrepreneur and an entrepreneurial person is at the forefront of the foundation. What’s that difference?
An entrepreneurial person treats their start-up as if it were something on their to-do list. It’s a side hustle, a “gig.” While in principle it’s positive to see “gigs” and entrepreneurial people stimulate the business world, these gigs aren’t built to last.
An entrepreneur, however, is that same person who’s going to make it happen. That side hustle or gig becomes a full-time thing. Their passion, their work-ethic, their time and their dream is put on the line daily in order to make the start-up successful.
Recognizing these differences is a key determinant in the success rate of beginning entrepreneurs.
Point #2: Prepare to Succeed
You’ve made the decision to follow your goals and become an entrepreneur. What’s next? What is your plan? Do you have a plan?
So many big questions with even bigger answers. The catch is, the answers are all related in that, you have to know what’s best for you and your support circle. Knowing your level of financial independence and who else is dependent on you can determine whether you make a full dive into your startup or require a little more assistance from outside help like a financial planner.
We touched upon risks earlier, but risk mitigation specifically is what we should look at. Risk mitigation is essentially identifying and evaluating risks. Once those have been examined, your team comes up with a calculated plan to attack and diminish the risks.
A strong risk mitigation approach early on can lay a solid foundation for your startup.
Point #3: Knowing What you Know
Like all ventures, quite simply knowing what you know and knowing what you don’t know can determine your level of success. Communication is one of the most critical keys and learning your communication style is essential. Team building and finding the right players that will all add a different component for your organization can determine just how far you go.
A good entrepreneur knows when and how to delegate tasks both early on and after a period of success and stability.
Take the Next Step
We briefly examined some of the key points from the podcast on what it takes to be an entrepreneur. Analyzing the difference between being entrepreneurial and an entrepreneur. Preparing a plan to succeed. Knowing what you know.
All of those components are at the center of being an entrepreneur. Are you ready to take the next step?
If you want to listen to the full episode and learn more in-depth, you can access the show here.