Many people struggle with the idea of staying employed or venturing out and starting their own businesses.
But not everyone is cut out to be an entrepreneur. There are a few things that make entrepreneurs stand out from the rest of the world.
To find out where you stand, ask yourself the following,
Do I read?
The backbone of grand thinking is in gaining knowledge. A good example of this is Bill Gates, the CEO of Microsoft. He says he reads around 50 books a year and this can be seen in his way of thinking about his investments and life. It may surprise you that Bill Gates is very knowledgeable in very specific fields that are not even related to technology. And while reading helps one understand such specific topics, it also opens up the mind to accept new ideas in general.
Do I tolerate failure?
Failure is inevitable in the entrepreneurship journey. And this failure is crushing. The assumption most people make is that their business idea will be successful. In fact, no business plans will ever indicate negative financial or operational projections. However, the sad truth is that in Kenya, according to the Kenyan National Bureau of Statistics, most of startups do not live beyond 3 years. It may thus take a lot of resilience and tolerance for failure to build a self-sustaining business.
Do I optimize my sleeping pattern?
This is not about waking up early or going to be early or being a night owl. Rather, it is about finding a balance between sleep and performance. Entrepreneurship demands having a sharp mind that outperforms others and remains critical in decision-making. This requires enough sleep to help the brain relax and be ready to race through any uphill an entrepreneur’s day presents. Finding an optimal sleeping pattern is thus a good tell of entrepreneurship.
Do I maintain productive routines?
A productive routine in this case entails finding a unique way of getting results and keeping it up. It is more like innovating on the go. This distinguishes entrepreneurs from the rest of the people because while most people would try and follow a standard and predetermined way to get things done, an entrepreneur builds the solution from the available resources and time. Instead of working regular hours, an entrepreneur may for example develop a schedule of night hours and weekends where they are productive and stick to it rather than pretend to be productive during those regular work hours.
Do I network?
One of the most misunderstood aspects of entrepreneurship is networking. Most people stop and know successful people or venture capitalists or the who and who’s of their industry. This is good but the actual power effective entrepreneurs hold is in unlocking the power of the relationships within the networks. Networking thus moves from knowing a guy to know a guy who is willing to go out of their way to help grow your business. Networking is particularly hard at the start because only value begets value, which means people will want to do as much for you as they believe you can go for them.
Do I follow through with big goals?
A lot of the most successful entrepreneurs in the world knew what they wanted to build from the very first day they were working on their idea. Bill Gates knew he wanted to ‘put a computer on every desk and in every home’. Steve Jobs wanted to build a great company that prioritized people. Pierre Omidyar, the founder of eBay just wanted to ‘connect buyers and sellers. Also, as Steve Jobs explained, the trick is not in setting 1,000 big goals but rather abandoning 1,000 big goals and sticking with one idea until it succeeds.
Do I balance time for productivity and relaxation?
You will often hear stories of how much time goes into entrepreneurship. This is true because startups are a backbreaking endeavour. When you are a one-man team, there is really not enough time to get everything done, this is why people end up with their lives revolving around their new businesses. It may therefore surprise you that a great habit for entrepreneurs is setting up a time for relaxation and defending this time regardless of how urgent other issues around them become. A good balance of work and play makes an entrepreneur maintain a positive attitude towards work.
Do I prioritize my health?
A strong mind goes along well with a strong body. This does not necessarily mean getting buff with muscles but rather being in good shape healthwise. When bad health kicks in, it often takes down everything from morale to productivity for an entrepreneur. If you look at most of the successful startups, their founders are often in good shape and exhibit sharpness of the mind. Also, do not interpret this as having to go to the gym or doing 100 press-ups each day. No! it can be as simple as taking a scheduled walk or run to keep your blood flowing and your body active.
Do I have good money habits?
Money management is at the heart of every startup. It takes a person who is good with money to prioritize the needs of a startup where all areas of operation seem to demand money. Having good money habits also means understanding the separation between personal and business funds, and understanding how business funds are aligned with overall goals. A good entrepreneur is able to account for how much value each dollar spent is adding to the goal of the business.
So, do you think you are meant to be an entrepreneur?
