Article Contributed by Paisley Hansen
There are important differences between entrepreneurs and wantrepreneurs that explain why some business people succeed against all odds, while most fail. It isn’t always easy to predict who will come out on top in the competitive world of business. Lenders, investors and prospective business associates considering a relationship with an entrepreneur should carefully evaluate possible liaisons based on the list below. The question to answer is whether the business owner is a committed and focused entrepreneur or a wantrepreneur destined to fail.
- Entrepreneurs are passionate about their business and are willing to make it the top priority in their life, in sharp contrast to wantrepreneurs who may talk about their dream but are unable to focus on the business and give it the necessary attention required to succeed.
Sadly, family issues and other obligations must come second at certain stages of starting a new business. Not everyone can sacrifice other aspects of life in order to get a business off the ground in a competitive marketplace. Many of the most successful entrepreneurs are young and launch new ventures before starting a family.
- Successful entrepreneurs make an ongoing commitment to learning.
While the urge to create a business surfaces in many people at some point during a lifetime, wantrepreneurs limit themselves by not recognizing the constantly evolving business landscape that demands that business people stay on top of trends and other developments.
- There is no substitute for confidence when it is time to compete in the business world.
While entrepreneurs have a variety of dispositions and personalities, if they want to succeed and rise above wantrepreneur status, they must exude confidence to gain the respect and cooperation necessary to win over lenders, business partners and customers.
- Entrepreneurs are risk-takers.
If a person is not willing to take calculated risks, then they are likely a wantrepreneur. There are financial risks and many other risks that face every entrepreneur. An entrepreneur must be willing to risk time, money, personal relationships and reputation, staking it all on the new business. This type of risk taking is not easy for everyone, and requires a commitment and confidence that are rare.
- Entrepreneurs must learn early on that failure is part of the business equation and that it teaches important lessons.
Wantreppreneurs are easily deterred and view failure as a stopping point instead of an opportunity to improve and move forward.
- Entrepreneurs who commit to networking have a distinct advantage over competitors unwilling to form important alliances.
Based on the assumption that no person can go it alone and expect to achieve greatness,
entrepreneurs recognize the importance of networking in order to form crucial alliances and partnerships to leverage outside resources for business success. Wantrepreneurs often make the mistake of trying to do it all alone, which is a recipe for failure.
- Money management skills are key for juggling cash flow and prioritizing how to spend the limited cash available.
One of the main reasons cited for business failures is running out of money or cash flow problems. Things like office furniture can add up if you don’t shop smart and cheap. Unfortunately, it only takes one financial misstep to put an aspiring entrepreneur out of business. A wantrepreneur underestimates the importance of each financial decision and is likely to employ poor judgment when making financial decisions, while an entrepreneur carefully weighs all of his options at every turn before making strategic choices designed to best leverage limited resources.
- Being adaptable to changing market conditions and technological advancements ensures that an entrepreneur remains relevant and survives for the long-term.
A wantrepreneur is reluctant to anticipate and respond to change. Being flexible allows entrepreneurs to take advantage of changes and gain market share from wantrpreneurs who refuse to keep their eyes and ears wide open, alert for shifts in the market.
- An entrepreneur can effectively promote and communicate his business interests to buyers.
A wantrepreneur understand his business but often fails to clearly explain how the business will solve the customer’s problem.
- Entrepreneurs are determined to beat the odds and win at all costs.
Wantrepreneurs make excuses for challenges instead of successfully navigating obstacles to finally overcome them. This distinction between an entrepreneur and wantrepreneur is one of the most critical.