Tips on Becoming an Entrepreneur

Wearing an expensive Armani suit, sporting Cazal sunglasses, carrying a Vuitton briefcase, flying around the world starting new businesses and making high-dollar deals - you're a successful entrepreneur and it feels wonderful. Doesn't everybody want to become one?

Although there is no tried and true recipe for becoming a successful entrepreneur, there are a few qualities you may be able to cultivate within your personality to bring out the business person lurking within. Or, after reading the qualities listed below, surely you'll be able to determine whether or not you have the right stuff to make it as an entrepreneur.

Good ideas, an ambitious nature, self-motivation, sound planning sense, a well-organized mind, emotionally mature, love of risk-taking, access to sufficient funds, plenty of patience, hard working, good at decision making - these are only a few of the qualities you will need to become a successful entrepreneur. Seems like a lot, doesn't it?

But what if we had to boil the characteristics of an entrepreneur down to only three? Behold:

1. Finances
2. Planning
3. Implementation.

Finances, because it takes money to make money, you can't start a business when you're flat broke. No matter what business you start, you're going to need proper funds at your disposal. Next comes planning. If you don't plan out most of the details of your business, you will be throwing one hundred dollar bills in the trash can. You have to know what you have, what you need, and what needs to be done. Finally, we have implementation. You'll need to be a self-motivating individual with an overwhelming drive to succeed. You'll have to follow through on the work you've begun no matter what obstacles you encounter. An entrepreneur is motivated to bring new products and services into the world, and to accomplish that you have to implement your goals effectively. And when times get bad, just remember the words of Winston Churchill: "Never give in, never give in, never; never; never; never - in nothing, great or small, large or petty - never give in except to convictions of honor and good sense."

An entrepreneur should have most of the previous qualities, but you will also have to be an IDEA person. Not excessively wild or unfeasible ideas, but good novel ideas that will be lucrative from a business standpoint. You want the ability to generate ways of bringing new products and services to people who need them using methods that others have not yet thought of.

Another important quality is knowing your own skills. You will have to assess your own talents and exploit them as fully as you can, then find employees and trusted workers to do all the tasks you cannot do. Theodore Roosevelt said, "The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it."

More than likely you will have to work many long hours when starting your own business. Twelve to fourteen hour days are common when trying to get a project off the ground. So make sure you are in good physical condition and that your emotional health is strong. A supportive companion is also a plus. Being an intrepid entrepreneur isn't easy and you may have to endure financial problems as your business operates without profits for a small period of time. An understanding spouse will be a necessity if this happens.

Emotional maturity is also required. Can you deal with people fairly in difficult situations while retaining your composure? Inevitably you'll encounter people and employees who are hard to work with, or you'll find customers that cannot be satisfied. Knowing how to deal with these people fairly is a must if you plan to succeed.

Expect problems to arise as an entrepreneur but always stay positive and ride out the rough spots. Be flexible. Use reason and logic at all times. Remember, the success of your business is in your hands. Everything is up to you.

So you can see that you will need plenty of qualities to begin, and there will be a lot of hardships and downsides along the way, but there are quite a few advantages to being an entrepreneur as well, such as:

1. You are the boss.
2. You're in control of all profits.
3. There is an infinite amount of growth potential.
4. Being an entrepreneur is exciting and challenging and you will never get bored.

Summing up, to become an entrepreneur you'll have to have numerous qualities and items at your disposal: organizational skills, a decent amount of finances, good planning sense, methods of implementation, various methods of production, the ability to deal with employees, love of risk-taking, good ideas. Other things to ruminate on are: public relations, risk management, promotion of products, bookkeeping, computer skills, internet access, web sites, etc. And more in the realm of personal characteristics, you will need passion, curiosity, problem-solving abilities, persistence, frugality, innovation, and competitive instincts.

So do you think you have what it takes to become an entrepreneur? Be honest with yourself and make sure you know exactly what you are getting into before you quit your job to become one. And good luck if you take the leap!