Entrepreneurs Two Series : Alternative & Necessary Ingredients

Personally I believe that life is too short not to do what makes you happy.  There are too many talented people who get up every day to go to a job they hate.  That’s not to say that every single one of those people should start a business, because not everyone is cut out to be a business owner.

But there are many who have a hobby or passion that should consider entrepreneurship as an alternative.  Making money doing what you love is not as elusive as most might think, although it does require hard work and focus.  You’re probably working pretty hard at that job you don’t like anyway, so why not work hard for yourself?  I think the days of spending your entire career at one company are fading fast, if they aren’t completely gone already.

Companies and employees are no longer loyal to one another, which makes it even more vital that individuals do what they can to be in control of their futures.  One way of doing this is becoming an entrepreneur.

Can you highlight the necessary ingredients to start a business apart from idea and capital.

I feel that there are five characteristics required for entrepreneurs to be successful once they have decided to start a business.

Characteristic #1 is Risk Taking.  While some may believe that the decision to go into business is a major risk in and of itself, that’s only the tip of the iceberg.  Daily choices arise that can make or break any company. So it’s important to know your personal level of risk tolerance.

Characteristic #2 is Flexibility.  There’s more than one way to do just about everything when it comes to business.  Even the best laid plans don’t always work out, so it it’s important to know when it’s time to make changes.  Being stubborn or stuck in your ways can be the quickest route toward failure.

Characteristic #3 is Discipline.  Being your own boss doesn’t mean that you should just do whatever you want, whenever you want. It’s important to stay focused on the big picture, which also requires making sure the little things get done.  No one else can keep you on track, so remain obedient to your passion & vision.

Characteristic #4 is Initiative.  There are thousands, maybe even millions of people with the same talents as you, so a great idea isn’t enough.  You have to be enterprising to get and stay ahead of the pack.   Going the extra mile is what can set your business apart.

Characteristic #5 is Patience.  If being an entrepreneur was easy, everyone would do it.  Understanding that growing a successful business is a slow process is very important.  There will be many starts, stops, hurdles and brick walls.  So don’t get frustrated.  Keep in mind that this is a game of endurance and positivity.