In Part VI of our five-part series of excerpts from The Entrepreneur’s Mind, a book by Ugandan entrepreneur and engineering specialist Joel Jaffer Aita, the Joadah Consult Founder gives reasons why every one of us should consider becoming an entrepreneur and outlines the traits one must possess in order to become a good entrepreneur.
Entrepreneurship involves setting up a business or businesses with the aim of making profits while taking risks. Therefore, entrepreneurship is about taking risks with the hope of making profits. Globally, [the] majority of the population yearns to be entrepreneurs. This is a considerable employment strategy due to several reasons. These include the pride that comes with it, someone’s purpose and possibility of making good money as opposed to formal employment. Many schools teach entrepreneurship. However, the best way to learn it is to practice it. One has to be willing to make a lot of sacrifices to be an entrepreneur; this sacrifice, in most cases, is worth it.
Why Should You Consider Becoming An Entrepreneur?
Different people have various reasons why they take [up] the hectic step of creating their own business. Here are just a few of them.
- Autonomy. You control your destiny when you run your own business. It also helps you avoid getting stuck in the trap of the monthly salary. People who are running their own businesses have the freedom to create a career that is self-sustaining. This also enables them to have a powerful legacy.
- Opportunities. Running your own business opens up a whole new world of opportunities for you. As an entrepreneur, you will be able to do whatever you want in life. This also gives you a chance to change the world. Few other career choices can offer this kind of opportunity. You will not only be doing your job but also inspiring others.
- Impact. When you run your own business, everything you do will directly impact the company, which can be very rewarding. Entrepreneurs can change the way we live and work. If successful, their revolutions may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a flourishing society. The benefit of this will not only come to you but also to the economy.
- Freedom. Freedom to do what you want and how you want are the most compelling factors most people give as reason to start their own businesses. It is true, having freedom in life and career does make a huge difference!
- Responsibility. When you run your own business, you have the ability to be responsible to society and operate your business the way you feel it should be operated. This is especially true if you have the desire to help others or the world at large. If you work for someone else, you may not be able to improve the world the way you want, but if you are the boss, you can.
- Being your own boss. This is another common answer for why many people want to become entrepreneurs. If you are your own boss, you can do things your way. You can make your own decisions, take your own risks and decide your own fate. Being your own boss is worth every single risk. “Great deeds are usually wrought at great risks.”
- Time and family. Depending on your specific goals in life, becoming an entrepreneur could give you the freedom of time and allow you to spend more time with your family.
- Creating Legacy. If the idea of creating a lasting legacy is important to you, then few careers will give you the opportunity to do so like operating your own business. A legacy you create will not only benefit you but also your children, grandchildren and generations to come.
- Accomplishment. If you have specific goals that you would like to accomplish in your life, then running your own business could help you to do so.
- Control. For a lot of business owners, the sense of security that comes with the ability to control your work is a major reason to become an entrepreneur.
What Does It Take to Become an Entrepreneur?
There are plenty of benefits that come with being an entrepreneur, but it is certainly not an easy task to start your own business. Successful entrepreneurs, that is to say, those who are able to accomplish their goals, earn successful living through their business and enjoy the benefits that come with being an entrepreneur. All have specific traits. If you are considering taking the leap and following your entrepreneurship dreams, then you will need to understand what these traits are, so that you instill them in yourself. This helps to ensure that you achieve your dreams.
Successful Entrepreneurs Possess the Following Traits:
(a) Passion. One cannot be a successful entrepreneur who is not passionate about what they are doing; for love of what you do is the foundation of it all.
(b) Tenacity. They are tenacious because they keep a firm hold of their business, clinging to it like a tick clings to a cow’s skin. Successful entrepreneurs are not ready to relinquish, but rather choose determination over everything. Failure to them is a learning opportunity; they learn from their mistakes.
(c) Conquer of xenophobia. The agony of the fear of the unknown is real. It walks hand-in-hand with doubt and brings uncertainties for the future. Successful entrepreneurs are not afraid of the unknown. This is because they are filled with a positive attitude. Positive attitude and fear of the unknown can’t dine at the same table. The only difference between successful entrepreneurs and other people is that they do not fear the unknown and with that level of confidence, they take a risks without worries, out of which, they emerge victorious.
(d) They have a grand vision. Losing your vision is one of the most dangerous things in life. When you lose your vision, you lose focus and direction, which is very dangerous because you will be easily blown by any wind or external circumstances. You must have a grand vision. If its not big enough, then its not worth it. Dream big that many may feel scared at mention of it.
(e) Self-Assuredness. Nobody is going to believe in you like yourself in life. You must act like your own PRO (Public Relations Officer). Believe in yourself: for that way, even if nobody does, you will still stand firm and unshakable.
(f) Flexibility. Flexibility is a quality that defines successful entrepreneurs. Flexibility will help a lot; if plan A fails, they will try plan B. If you are not flexible enough, you will not be able to adjust to the inevitable changes of your journey.
(g) Ingenuity: They are able to defy conventional wisdom. This means a generally accepted theory or belief that rotates around commonplace ideas coupled with expert opinion that are commonly accepted as the truth. It also the wisdom that most people agree on to make so many decisions regarding their lives. A successful entrepreneur must against all odds be able to defy conventional wisdom.
(h) Risk takers. He who does not take risks will never be even the shadow of success. If you take risks, you will eventually see and enjoy the fruits of success. Do not fear to take risks, even if you fail once, you will try again and succeed. The law of persistence walks hand-in-hand with consistency.
If you have these traits or if you can train yourself in these traits, then your possibility of becoming a successful entrepreneur will be valid. In addition to these personality traits, all successful entrepreneurs possess a certain number of skills.
Look out for the fourth part of this series, out tomorrow, Friday.
To buy a copy of Joel Aita’s book, please log onto his website, www.joelaita.com, click on the “My Book” section and make your online purchase.
