With startup culture getting so popular and the ecosystem that has made the business world fertile for entrepreneurship, people can now dream of being their own boss. Nowadays people do not aspire to work for a big company and climb the corporate ladder. They would rather reach for success by having their own business and being an entrepreneur. However, though many have dreams of starting their own businesses not everyone has what it takes to succeed. That’s just the reality of it.
Wantrepreneurs i.e. those who want to be entrepreneurs but don’t quite pull it off, want to rise to the top, but aren’t willing to sacrifice anything, in order to make this dream come true. If you really want to become a successful entrepreneur, you need an unrelenting devotion to your goals, as well as the ability to push past your own fears and self-doubts. It’s about completely changing your life, to focus on ensuring your business has every possible opportunity to hit it big.
There are some very stark differences between entrepreneurs and wantrepreneurs.
Here are 12 differences that if you can avoid, will help you quit playing pretend, and take you down the path of justifiably calling yourself a true entrepreneur.
1. Entrepreneur aims to create a legacy and be best. Wantrepreneurs want to get rich.
Tony Hsieh’s, CEO of Zappos, quote “Chase the vision, not the money; the money will end up following you” best explains what an entrepreneur expects out of the business. They work towards being the best in their industry, to leave their mark on the world. They believe in the adage passion before profits. Money to them is just a side benefit, a prize for doing a good job.
Wantrepreneurs work only for the money. Money is the sole reward that brings a sense of achievement to them. Everything that they do in the business is weighed based on the profits that their decisions or actions can bring. Ironically, they end up limiting the platter of possibilities of wealth creation as oppose to entrepreneurs.
2. Entrepreneurs are prepared to give up their personal lives. Wantrepreneurs aren’t.
When presented with the opportunity to stay out late with friends five days a week, a wantrepreneur isn’t going to hesitate to have more fun at the expense of not working on growing their fledgling side business that they hope will one day support them financially.
According to Inc, most entrepreneurs work at least 60 hours per week. At the beginning stages in the lifecycle of your business, you have to be prepared to dedicate almost all of your time, energy, and resources to getting it off the ground. This means forgoing parties and social activities, and focusing your attention on work.
It’s important to acknowledge that in the grand scheme of your life, this decision is merely a short-term sacrifice that needs to be made, since you’ll eventually be able to hire partners or employees who can share the workload once you’ve built a platform to grow upon.
As for now, you need to create a routine that works for you, and stick to it. Carve out times to check your email, instead of leaving it open all day. Plan times to spend with your family and friends. Consider using productivity apps like a pomodoro timer app, that’ll show you how long it takes to complete certain tasks. That way, you can modify your schedule as you see fit.
3. Entrepreneurs create the environment they need to succeed. Wantrepreneurs don’t.
Wantrepreneurs allow themselves to become victims of their environments, rather than making the positive change they need in order to achieve their goals. You may live in a town that lacks other businesses in your industry, investors who might be interested in funding your ventures, or even access to basics like readily available computers.
If this is the case, you have to consider making a move to a physical location that can give you more opportunities to pursue your dreams. Your success as an entrepreneur will be defined by how well you play the cards you deal with. Don’t allow yourself to make excuses, just start making things happen the best way you can.
4. Entrepreneurs believe in building and leading teams. Wantrepreneurs don’t.
Entrepreneurs believe in themselves and in their team.
- Entrepreneurs know they can’t do it alone, that their team is essential for the growth and success of the business.
- They believe in building and nurturing teams that consist of people who can understand their vision and contribute to the business through talents and skills.
- They are mostly open to suggestions and feedback from the other members of the team.
- Successful entrepreneurs are mostly good team leaders who give others an opportunity to grow while contributing to the organisation.
Wantrepreneurs think the business revolves around them. They fail to understand and accept the role that others can play in the business and feel themselves to be the only person to understand the business well.
It is important that you understand the team dynamics and what it can offer to your work. While the organisation is your baby, being aware about the areas that you are good at as well as areas that you can make use of help from others who possess required qualities, capabilities, skills and knowledge can help you open out to the idea of welcoming more members who can work towards making your dreams and goals come true.
5. Entrepreneurs are risk-takers. Wantrepreneurs are risk-averse.
Ray Kroc, founder of McDonald’s famously said, “If you’re not a risk taker, you should get the hell out of business.” The business world is tough and only a handful survive the cutthroat arena. Entrepreneurs are not afraid to risk their funds, image, or business because they believe in their business, their product. They know the risks involved and yet they put out. Wantrepreneurs would rather bet on a sure thing. They are overthinkers and lose out on opportunities that time provides.
6. Entrepreneurs take themselves seriously. Wantrepreneurs don’t.
The old adage “fake it ‘til you make it” applies all too well to entrepreneurs. How you present yourself outwardly matters immensely, for a number of reasons. You are going to be taken more seriously by others if you invest in a decent outfit, and You are going to feel better about yourself as well.
Building your own confidence will cause you to doubt yourself less, and thus, your business will benefit. It may seem appealing to run your business from home in your pajamas, but for the vast majority of people, it’s not going to get you very far in the long run.
7. Entrepreneurs are driven by their passion. Wantrepreneurs are driven by someone else’s passion.
An entrepreneur is driven by his passion for his business. It is something he loves to do, something he believes in. They have a strong belief and faith in their ideas or products and possess the drive to to work hard to achieve it. Wantrepreneurs follow the trend, simply because it has proven successful already. Being risk averse, they rarely come out of their comfort zone to try a path never taken.
8. Entrepreneurs are solution oriented. Wantrepreneurs focus on the problems.
Entrepreneurs when faced with challenges, concentrates on find a sustainable solution rather than spending too much of time in analysing the problem. Having said this, it does not mean they disregard the gravity of the problem and jump to solutions. They spend just enough time and effort to understand the problem in order to be able to find solutions that will not just rectify the current situations but also work towards processes or steps to ensure the same problem does not repeat again.
Wantrepreneurs get into nitty gritty of the problem and come up with solution which only deals with the situation at hand. They often face the same problem again and again instead of making new mistakes and learning from them.
9. Entrepreneurs care about their workspace. Wantrepreneurs don’t.
This goes along with the last point we covered. Most entrepreneurs get ahead in business by being social, to some degree. After all, most of the time, it’s not about what you know, but whom you know. If your business necessitates it, having an office space where you can invite clients and investors without needing to step over your dirty laundry is key.
Not only that, but it’s easy to underestimate the power of having a dedicated work-space where your body can be trained to recognize that it’s time to get down to business. Even if that work-space rotates through coffee shops around the world, abstaining from working while lying in bed in your pajamas, is a major mental win for your productivity levels.
If you can’t afford expensive office space in your city, consider renting space in a co-working office. Co-working companies rent to many businesses in one space, guaranteeing that you’ll be able to interact with other entrepreneurs. Plus, you can easily collaborate with these business owners because you see them on a daily basis. Frequently, these companies also offer classes and networking events for their members.
WeWork is an international co-working company. You can find local co-working spaces in just about any major city.
10. Entrepreneur takes action. A Wantrepreneur does not.
Talk is cheap. There is no reward without risk, but you already knew that. Otherwise, you wouldn’t consider starting your own business in the first place. Even though it’s daunting, the prize for sacrificing your personal life, relocating, investing in yourself and paying for office space can be huge. You may accomplish your biggest life goals and launch into a self-employed career that’s more meaningful than anything you’ve ever dreamed of.
11. Entrepreneurs are open to criticism. Wantrepreneurs aren’t.
Entrepreneurs are willing to be proven wrong in order to learn and grow better. They do not take feedback or a negative comment too personally and see them as an opportunity of improvement. They are able to keep aside their emotional reactions and improve what needs to be done, and move on.
Wantrepreneurs believe they know more about the organisation than anyone else just because they own it. They take feedback as personal acquisitions and fail to understand and work towards a possible scope of improvement.
12. An entrepreneur focuses on the key principles of their business. Wantrepreneur crafts long business plans.
Entrepreneurs identify the key principles they want to imbibe in the business, work towards them and keep referring to them throughout their journey. This helps them to make decisions while on the go and adapt their strategy as per the situations.
Wantrepreneurs concentrate on crafting long business plans and expect everything to work as per the plans that they have charted. They fail to foresee situations, trends etc. in their industry in order to improvise their strategy to reap the benefits.
These are twelve major differences that exist between an entrepreneur and a wantrepreneur. In order to become successful in a business, it is crucial to be objective and truly honest with yourself. Else the road you take will take you nowhere.
To know more about business development, checkout our blog on “25 things to do before attending a networking event for Small business.“