Career Advice

Can I Become An Entrepreneur?

CAN I BECOME AN ENTREPRENEUR?
Have you ever asked yourself that question – can I become an entrepreneur? Many people ask themselves that question. While starting your own business takes hard work and determination,  it can also be quite rewarding being your own boss. However, if becoming an entrepreneur is what you desire, then YES! You can!

There may be many reasons you would want to become your own boss and there are several questions you must ask yourself before embarking on that journey. The biggest question you may have to ask yourself is are you willing to do what it takes to become a successful entrepreneur?

 

Believe in yourself


BECOMING A SUCCESSFUL ENTREPRENEUR

When someone thinks about becoming a successful entrepreneur, there are certainly specific characteristics needed. As you build your business, those characteristics must come into play. Do you have the characteristics to handle becoming an entrepreneur?

In the article “8 Key Characteristics a Young Entrepreneur Should Have,  there is discussion around each of the key characteristics. These characteristics are briefly listed below. As you read through this list, ask yourself some important questions:

1.  High determination and will – Are you emotionally attached to your dreams and goals?

2.  Ability to stay consistent and have perseverance – If small failures arise, how will you handle them?

3.  A diminished fear of failure – Fear of failure can sometimes creep into your mind. How will you overcome it?

4.  Great confidence and self esteem – Do you carry confidence wherever you go?

5.  Being aware that failure is feedback –
Successful entrepreneurs believe failure is feedback. Do you believe that?

6.  Working on personal and professional development –
Are you willing to learn things on your own by reading and educating yourself in an effort to continuously improve professionally and personally?

7.  Actively improve networking skills and connections – Networking
is key. Are you willing to focus on your available resources and assistance to get your business up and running?

8.  Out-of-the-box thinking – 
Are you willing to think and implement ideas differently than your competition? 

These are very important questions to ask yourself before embarking upon the journey to entrepreneurship.

 

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READ, READ, READ!
As mentioned above, it is important to read materials to educate yourself. There are many quotes from successful entrepreneurs about just how important reading is. One quote, from Principal Founder of Microsoft, Bill Gates, is as follows: Reading is still the main way that I both learn new things and test my understanding.”

Many successful entrepreneurs have one thing in common. What is it? They read.

A great book I recently read is No Secrets to Elevation: An Entrepreneur’s Story of Persistenceby Calvin Mills, Jr.

No Secrets to Elevation: An Entrepreneur's Story of Persistence

Book review

 

In addition to his above-referenced book, also consider obtaining Calvin’s “ The Great Idea Journal: A 12-month Guide to Entrepreneurial Persistence “. This 12-month guide will help you become successful by writing your business goals, meeting notes and plans. It also includes tips and inspiration to keep you on track and stay focused.

No Secrets to Elevation | The Great Idea Journal: A 12-month Guide to Entrepreneurial Persistence


SETTING UP YOUR BUSINESS
So many entrepreneurs can be overwhelmed with trying to start a business because of all the aspects of setting it up. There are several  aspects you may not have considered. Some are as follows:

> Structuring your business (Sole proprietorship, Limited Liability Company, Corporation, Partnership)
> Registering your business name
> Filing federal, state, and local taxes
> Obtaining business permits and licenses
> Opening a business account
> Obtaining trademarks, copyrights, patents
> Writing a business plan
> Funding your business
> Establishing a physical location

Before diving into all of this, you may want to consider consulting with professionals. Talking with an attorney and/or an accountant is a great start. Getting set up properly is very important, so speaking with professionals is key.


OBTAINING FREE HELP
Every region has free resources you can use to help you set up and grow your business. Resources include the links and information below:

> Your Local chamber of commerce
> Small Business Administration
SBDC (Small Business Development Center)
 – SCORE Chapters
> Non profit organizations that provide entrepreneurial assistance


ESTABLISHING A MENTOR
In my article “Why Having a Mentor is Important“, I listed several famous people who had mentors. I discussed how important it is to have a mentor because it can make all the difference in your career. Owning a business is no different. Having a mentor to talk with who has become a successful entrepreneur can be extremely important to you and your business. They can also guide you with setting up your business.


THE REAL DEAL

As I mentioned before, being an entrepreneur takes hard work. There may be aspects involved that you aren’t aware of before embarking on the journey. Below is a video from Roberto Blake. In this video, he gives the real deal about entrepreneurship. It’s not a video to make you change your mind about entrepreneurship. It gives you honest aspects to think about before you start the journey:

FINAL THOUGHTS
Becoming an entrepreneur can be very rewarding. There are definitely certain characteristics that play a part in whether someone will be a successful entrepreneur or not. Also, before embarking on the journey, there are important aspects to think about. Speaking with professionals is definitely something to consider so you don’t get surprised or sidetracked. Another important factor is there is free help available.

If you decide to become an entrepreneur, I congratulate you and wish you well on your journey.


I like to hear from visitors. Was this article helpful to you?

 

 


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16 thoughts on “Can I Become An Entrepreneur?

  1. I believe that nothing is secure in life in the working world whether you are your own boss or an employee. I believe there are just positives and negatives to both.

    Being your own boss you are responsible to perform all the tasks whereas as an employee you will have specifically defined roles to perform.

    People fear that being an entrepreneur runs greater risk since you do not have a guaranteed paycheck when compared to a person with a job. But there is never any guarantee now that tomorrow they will still have that job.

    Used to be you would get a job at a factory, stay for 35 years and then retire. For people to have a belief today a job is the safer option is not rational.

    So if you find yourself in a position where you can be an entrepreneur it’s my opinion that it is better to become one.

    Just my two cents.

    1. Jody, thank you very much for visiting and for the comments. Like you, I believe people fear that being an entrepreneur runs greater risk since there is no guaranteed paycheck and I feel that is the biggest reason for people to decide not to make that leap. For some people, it may take easing into it until the business is running well financially and that way it may not make someone as anxious about being an entrepreneur. Once again, thank you for stopping by and for the comments. Have a great week.

  2. Hi Yvette 🙂 I think becoming an entrepreneur is an awesome goal! I’ve been doing it for years in different capacities. It’s great to have a mentor as in Wealthy Affiliate but no matter what you choose to do as an entrepreneur, you’re just about wearing all the hats yourself. The bottom line is you still need help from others and you should always seek help when you need it. That’s how you learn and how you become successful!

    1. Rob, thank you for visiting my site and for the comments. You are absolutely correct in that when you are the owner, you must wear many hats. Precisely why having a mentor is so great is that you can solicit help from him/her when you need it. That person can help guide you and within that, you will learn and then hopefully become successful. There are so many aspects to being an entrepreneur, we just need someone to bounce opinions off of sometimes. Having someone there is great so that we don’t get caught up in situations that can lead to failure down the line. Once again, thank you for your comments. Please visit again soon.

  3. Becoming an entrepreneur never used to be a goal of mine – until I realized the potential of actually being one. Sure, compared to a full time, consistent job, there’s less guarantees and safety (a lot less, in many cases), but there’s so many possibilities that are opened up through it. For example, I’ve always wanted to travel and I’m starting to see how that can be achievable in the future through me becoming an entrepreneur.

    As you say, reading and learning is one of (if not THE) most important things to develop. Does this include online learning in your opinion?

    Thanks!

    1. Benji, thank you so much for your comments. You make a great point about there being ups and downs of having a job versus being your own boss. You are also right that there are several possibilities that are opened up through entrepreneurship. The flexibility you have in your schedule is only one positive aspect. I am glad you will be able to do those things you desire through entrepreneurship. Reading and learning is definitely key in this equation. And yes, I do believe online learning is included. I feel whatever medium you have available to you for learning, you should take it and run with it. Once again, Benji, thank you for stopping by and for the comments. I wish you all the best on your entrepreneurial journey.

  4. Thank you Yvette, I love your advice that successful entrepreneurs believe failure is feedback. Do you believe that? What has been your greatest failure so far? And what did you learn from it? Have you got any other advice on getting over my fear of failure?
    Also, is it better to quit your job first and take the plunge into being an entrepreneur or starting out as a side gig?
    Thank you in advance, John

    1. John, thank you for stopping by and for the comments. You bring up some very interesting questions around entrepreneurship that I would be happy to address. 

      I do believe failure is feedback. It is the thing that taught me so much in a business I ran several years ago. I used to have a wedding coordinating business. My biggest failure was not treating my friends as “clients” and having a signed formal agreement. When I started my business, I did a lot of work for friends and family – for free – because I thought getting my name out there was what I needed to do to break into the field. In my business, I decided to provide more than just “day-of-the-wedding” service. I would also meet the bride at the bridal shop to help her pick her gown, have meetings with the bride and groom (at a place convenient for them) to discuss their wedding specifics, etc. One day some friends asked if I could coordinate their wedding. I cheerfully agreed. I had worked with this particular couple for a few weeks, running around after work, getting things prepared and everything was moving along just fine – so I thought. One day totally unexpectedly, they announced they decided not to get married.  I was devastated, and could only imagine how they, their family and friends felt. So everything was immediately called off. I felt so horrible for them. From a business perspective, I was never compensated for all the time I had spent with them traveling from location to location. That was time I was never going to get back with my family, or money spent on gas, etc. After that, I created an agreement and had it so that if anyone decided to use my services, they had to pay a portion up front and everyone had to sign it at the time of booking….even if it was family. That was a big lesson learned for me. In the business I have now, I went to an attorney to draw legal documents and clients must pay up front. 

      I think the best thing to do to get over your fear of failure is to obtain a mentor and to start reading. Having a mentor that can guide you through processes will be very advantageous to you. While there are a lot of great books out there to read, the book by Calvin Mills, Jr. “No Secrets to Elevation: An Entrepreneur’s Story of Persistence” is very inspirational and a great place to start. If you also obtain the guide that goes along with it “The Great Idea Journal: A 12-month Guide to Entrepreneurial Persistence“, that will be an awesome plus.

      Everyone has a different way of looking at how they should take the plunge into entrepreneurship. Because I knew I had bills to pay, I was a fan of the business being my side gig. Someone else could possibly disagree with me on that. However, it depends on you and your financial situation. It is one of those things where you should really sit down and take a long, hard look at where you are financially and make that decision based on your situation. Write your goals down and come up with a game plan.

      I hope this information is helpful to you, John. I wish you well in all your future entrepreneurship endeavors. 

  5. I appreciate this article as I am new to the affiliate marketing world! There are some great opportunities online and love that you provided several great points and tools in this article to help starters like me!

    Thank you so much for that. I appreciate it.

    Kris

    1. Kris, thank you very much for the comments. In taking a step into affiliate marketing, you have definitely stepped into the world of entrepreneurship. Congratulations! I certainly hope you find a journey of success. Since you are just starting out, please find the time to pick up the book by Calvin Mills that I mentioned in my article “No Secrets to Elevation: An Entrepreneur’s Story to Persistence“. By reading it, you will find the inspiration you need to move forward. I certainly hope you come back to visit my site soon. I wish you all the best.

  6. Hi Yvette
    I believe wholeheartedly in the ‘reading’ part. It’s a crucial part of one’s success as an entrepreneur. Though having business tools, training and even mentor’s are important, reading is something that can open doors and offer insight far better.

    I recently completed a book on Leadership by John Maxwell and it really was an eye-opener. The book that you mentioned by Calvin Mills sounds really like an awesome book to read. Thanks for that recommendation, I will definitely check it out.

    One of the struggles that I had when starting out, was my fear of failure. That can be a tough one to get your head around. I am learning how to embrace fear and allowing it to teach me things.

    I think that your article is really helpful and serves as an excellent guide for folks that are wanting to become their own boss.

    Thanks for an awesome read!

    Regards.
    Roopesh

    1. Roopesh, thank you so much for stopping by, for the kind words and the comments. I agree with you about the reading aspect and truly believe the quote by Harry S. Truman that “not all readers are leaders, but all leaders are readers.” There are so many things we can learn by reading. Thank you for sharing your recently completed book and yes, please do check out Calvin’s book. It is very inspirational. Thank you also for sharing your personal journey with us. It can be extremely fearful to become an entrepreneur. But it sounds like you are truly overcoming it by allowing it to teach you. That is a huge step and I applaud your efforts in doing that. I wish you well as you move forward. Please feel free to visit my site again soon.

  7. This, by far, is a must read for all that want to be an entrepreneur. The biggest thing is having a mentor. When I started my business, I had no clue what I was getting myself into. I was very lucky to run into a woman who became my mentor and has guided me. Mentors will help you grow, see and suggest things you haven’t seen or have done yet. It’s great when a mentor can do this for you because they are sharing what has helped them to success.

    You have to believe in yourself and know stumbles will happen along the way. But as you shared, it helps you grow if you look at those stumbles in a positive way.

    I love the suggestion of thinking outside the box. It’s good to ask yourself “what are my competitors not doing that I can do to always stay a step ahead”.

    This is a fantastic article, Yvette, and you nailed it! I look forward to reading more from you.

    David

    1. David, thank you so much for stopping by my site. Thank you also for the comments and kind words. I appreciate it. I am happy you enjoyed the article and feel it is a must-read. You are right that having a mentor is very important with the success of your business. I am glad you have a good mentor to help guide you. During my career, I have always had a mentor and I have mentors now. To have someone to guide you and help you get through tough situations is extremely valuable. The other aspects you mentioned are a must because without them, your success will waiver. The last thing I wanted to mention is that reading Calvin’s book “No Secrets to Elevation: An Entrepreneur’s Story to Persistence” really summed entrepreneurship up in a nutshell. If you have an opportunity, please order it because it is very inspiring. Thank you, once again, David for the comments. I wish you much success in your business endeavors.

  8. HI Yvette,

    I have read this article and actually felt compelled to leave a note to people younger than myself. I hope that is okay, Yvette. I’ve got good reasons for wanting to share this information, as I hope you will soon see.

    Those that do not yet believe in themselves, to take a step into the online world and earn as much money as you are willing to educate and work for, may follow my path in life. Go ahead and apply for various industry jobs if that is what you must do to make it through. Sometimes in working for others, you may be disappointed with the pay or feel you are not being treated fairly.

    For me personally, being broke has been the downfall of my life because of experiences denied and opportunities missed due to low funds. And it was always when funds were low. What caused this incredible and fretful financial uncertainty? ——— Working for others……………………….biggest mistake I ever made.

    I decided to take a step with making money online. So, I am speaking, of course, to the young entrepreneurs out there who think it’s not possible to earn online, or don’t think they can do it. I would like you to try to imagine working your whole life from 13 years of age and end up having to start over because you didn’t believe in yourself – do you really want to walk that path?

    Believe in yourself and learn to earn online. That is what I am doing now. I am earning. I always knew I could succeed, I just never got into the right line of work. I succeeded in most things I did, problem was, they were all dead end jobs. I’ve got plenty of stories that you would not believe – haha. But still, starting an online business is only ever going to increase in monetary value for every action you take on it. By the way, that is permanent monetary value. You do a piece of work once and that article is working for you 24/7 and sometimes for life! Imagine having a huge website of that nature!

    Well, I think I made my point. If your desire is to be your own boss, think about taking the energy of your youth and working for yourself – because I promise you as sure as you are reading these words – if you don’t try, you will regret it!

    ~ Philip

    1. Philip, thank you so much for visiting my site and leaving your comments. You bring up several good points. Thank you for sharing your experience in the online world. I agree that anyone wanting to take that route can be successful. Certainly if someone desires to become their own boss, no matter what business they are interested in, should have enough belief in themselves to try. There is so much free help out there for someone wanting to become an entrepreneur. Couple the free help with obtaining a great mentor, it is a recipe for success. Once again, thank you so much for your comment. Please come back and visit my site again soon.

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