Wannabe Entrepreneur: Are you?
The entrepreneur’s definition is an individual who organizes, manages, and undertakes the risk of an enterprise. Entrepreneurship is the process of finding new ways of combining resources.
A wannabe entrepreneur, on the other hand, is one who is a self-acclaimed entrepreneur and cannot manage or even undertake risk for their enterprise. Some entrepreneurship definitions tag a wannabe entrepreneur as one who has not successfully made a cent from their idea, while others define them as people who lack innovation and ideas.
A wannabe will obsess about ideas while true entrepreneur obsesses about implementation. We spend an excessive amount of time speaking about our thoughts, aspirations, and dreams. It is easy to be content with ourselves and lofty ideas, and not recognize the sheer excess of these ideas. We have all probably had an idea that could have changed the course of our lives in a revolutionary manner. Unfortunately, such ideas seldom get implemented.
The real entrepreneurs overcome these mental barriers, and move away from their comfort zones and then spring into action. Wannabes pursue a perfect plan, while real entrepreneurs implement and adjust the plan subsequently. Wannabes want consent from family and friends while entrepreneurs embrace criticism.
Few entrepreneurs allow people close to stop them from establishing their own business. If they are aware that their loved ones only want the best for them, know ignorant advice and criticism.
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The entrepreneur uses criticism to fix the problems in their business strategy instead of wasting time and energy on being defensive or trying to gain approval from people who cannot be convinced by data.
Wannabes focus on becoming rich while entrepreneurs do it for love. If you think establishing a business is your golden ticket, you should think again. A lot of entrepreneurs who successfully built massive wealth probably didn’t go into the firm to get wealthy. They did so for passion and kept finding opportunities to enlarge the way they conveyed that passion, and they realized that they could make a profit doing it.
It has significance for them that they are eager to do whatever it will take. Making money doing what they are passionate about becomes inevitable.
Wannabes only want to be on TV and become famous, while entrepreneurs build necessary products or services
Ever since the Dot-Com era, a lot of entrepreneurs have treated like pop stars, and this has enticed many wannabe entrepreneurs who may be more concerned about the spotlight than running a successful business.
A real entrepreneur recognizes their natural desire to be renowned, but they do not believe fame is the only type of recognition that authenticates them. Instead of focusing on getting famous, they concentrate on creating an item deserving of attention. The wannabes hope, pray and then wait for their lucky break, while Entrepreneurs implement multiple plans and execute them
Wannabes concentrate on positive thinking, expecting their big break to come one day, and things will get easier. Entrepreneurs place themselves in a position to become lucky by making the right conditions for success by preparing for multiple contingencies, thus, persevering through the good and bad periods.
They also create the right connections, and believe in their work and then seize an opportunity that aligns with their goals and evade those that do not. Wannabes are dispirited by failure while entrepreneurs view failure as opportunity
Wannabes fear to look stupid in front of others, while entrepreneurs eagerly risk looking foolish, knowing that the long-term success is a great trade-off for any short-term loss of pride.
Entrepreneurs do not view failure as something to dread.
Instead, they see an opportunity to increase their knowledge base and also a path to success. Consequently, real entrepreneurs do not hide their failures and are not afraid to uncover their ideas. Don’t Obsess Over your Ideas.
The first step to building a business is to create a plan to satisfy a demand or fill a particular niche. The idea doesn’t have to be unique, but it should provide value to consumers in an individual market. For instance, Walmart copied Kmart, but who outlived each other?
Don’t obsess over funding.
Clearly, money is an important part of starting a business, no doubt. However, don’t believe that without capital or some “angel investors” your project won’t proceed or succeed. Even if you must eat ramen noodles every day, there are ways to save money. Once you’ve validated the business idea, seeking investors or potential partners becomes easier.
Don’t obsess over perfection.
Receiving feedback from your consumers early and frequently is key. Before putting massive amounts of cash and time into a project, validate your concept with a working model or basic prototype.
Don’t fixate on your Image.
Wannabe entrepreneurs crave recognition and attention, while serious entrepreneurs are busy working on their enterprise. Fancy logos, social media profiles, business cards, and selfies don’t usually boost your bottom line.
Don’t Obsess Over Features.
Simplify the business model and focus on a single solution to the problem. Focus on your consumers’ needs.
Passion before Profit.
Focus on your passion, and also adding value to the world, rather than just “making some money.” While it is true that becoming too emotional about the business is sometimes harmful, ultimately it’s your passion for that niche that sustains you during tough times. Recognizing your real love vs. the passion you fake is paramount. Eventually, if you create a quality service or product that brings value to the niche, the money will certainly come.
Don’t Be Scared Of Failure.
J. K. Rowling, the famous author of the Harry Potter franchise, was rejected twelve times when she first wrote her children’s book series, and it eventually had world record sales figures. Similarly, the game developer, Rovio built 52 different apps before he hit the jackpot with the Angry Birds game. You cannot learn without failing, fail as much as possible. It’s not an embarrassment; it’s an experiment.