It is a simple fact that being an entrepreneur is not for everyone. For one, different people have different ‘callings’ in life. Moreover, running a business, just like any other calling, entails unique knowledge and skills to pull through. Thus, how do you know if you are for entrepreneurship? Here are some signs you are cut out for it:
You dream big
Successful entrepreneurs are visionaries. They are way ahead of the times, always looking forward to the next big thing, keeping tabs on industry trends. If you are the type of person who is fascinated to explore new ideas or fresh ways of doing things, then entrepreneurship might be a good fit for you. Sharpen this trait by having the habit of asking about what people need. Usually, the best opportunities and the ‘next big thing’ lie on the market’s problems. Think about it; vegan pop-ups were born out of the need for grab-and-go healthy meals. The rise of online platforms for food delivery solved the problem of long queues and busy brick and mortar stores. The bottom line is that if you want to be an entrepreneur, you should be a dreamer or a seeker of significant opportunities.
You build relationships intentionally
Businesses thrive in relationships. Entrepreneurs have the habit of networking. If you find yourself continually seeking like-minded individuals and valuing the expertise of your industry colleagues, then you would do well in running a business. Throughout the life cycle of your venture, you will need lawyers, accountants, investors, marketers, and more. Most importantly, you must have a business coach whom you can rely on for sound advice on risky decisions. This is very important when breaking into a highly competitive industry, like food businesses. If you plan to compete with the bunch of sandwich shops in your locale, consider going the franchising route. You can find good business advisors in the person of your franchisors. Moreover, you can expand your network further, getting to know other franchisors who are competent entrepreneurs themselves.
You manage money well
Of course, this is a given. Running a business, at its core, is a financial endeavor. More often than not, enterprises collapse because of poor money management, such as making big purchases early on, scaling too fast, and investing in bad opportunities. If you are able to budget your personal or household money well now, then you can be trusted with the financial responsibilities of being an entrepreneur. Of course, you have to learn more regarding the actual accounting and bookkeeping of your business operations. This is another reason why most starting entrepreneurs go with franchising. They are able to take advantage of the training that the parent company provides, which includes managing finances.
In the end, not everyone is cut out to be an entrepreneur. However, if you have these mentioned traits and habits, then opening a business might be your true calling. Do not hesitate to jump into the industry. Do not miss the many rewards of entrepreneurship.