I came across a quote recently about entrepreneurs that really stuck with me:
“Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week.”
The quote was by Lori Greiner, a “Shark Tank” investor who holds over 120 patents and has created over 700 products. Greiner has been an entrepreneur most of her life and spends her time encouraging and helping others to do the same.
The majority of people wouldn’t think to put in double the amount of hours a week than the typical working person. How does that add up? However, for entrepreneurs, their hours are well-spent pursuing their passion and controlling their own success. They consider being their own boss to be well worth the weekly hour increase.
Entrepreneurs are a specific breed of people. They’re not superior or inferior to someone who enjoys a regular set of 40 hours per week— they’re just different. Some people often wonder if entrepreneurship is something they can be successful at or if they’d be happy doing it.
If you’re stuck wondering if entrepreneurship would be the right fit for you, consider some of the key characteristics and perspectives that are typical of people destined to be entrepreneurs. You might just fit the mold!
You like control
If you have always wanted to be your own boss, not work for “the man,” and have control of important business decisions, you have one of the most prominent characteristics of an entrepreneur. You can’t do everything on your own, and you realize you’ll need a team behind you. You’re just the type of person who wants to lead the team.
You take risks
Starting your own business, in and of itself, is a risk. The task can be very dangerous. And you have to go into the business adventure being confident, knowing that your company may not work out. The phrase “high risk, high reward” comes into play here. Entrepreneurs think and act outside the box and make tricky decisions for the potential of a prosperous outcome.
You’re good with money
If your business is going to become successful, you have to understand how budgeting and other financial practices work. Most entrepreneurs enjoy finances and are always making calculations about how to turn the most profit. Being educated on where to spend money will help you make the best business decisions.
People who are willing to take the risk to start their own company likely are pursuing some passion of theirs. Otherwise, what motivates them to be so ambitious? Risk their money? Work 80 hours a week? They do it because they love it. Their company is a reflection of something they’re invested in. Passion is one of the only things that will allow you to succeed as an entrepreneur.
Winning equals succeeding, and losing equals failing. Entrepreneurs want their company to win, or succeed. Whatever is necessary to be the best company possible, you can bet that’s exactly what will be done. You’re motivated to excel above competitors and other obstacles.
Creative, crafty, resourceful, and out-of-the-box are all adjectives commonly used to describe entrepreneurs. They have a unique way of thinking and problem solving that puts them ahead of everyone else. When starting a business, you often begin with limited funds and have to be creative in the way spend in order to achieve the most effective outcome.
You can’t sit still
Looping back to the quote referenced at the beginning of the article, entrepreneurs will work 80 hours a week because they enjoy their work and enjoy being productive. If you’re the type of person who doesn’t like to sleep in, lounge around, or relax in any way, the thrill of accomplishing new things will allow you to thrive in your own business.
You don’t need to possess every one of the qualities listed above in order to succeed as an entrepreneur. Just remember that entrepreneurs don’t see their work as work. An article by Forbes sums it up perfectly, “being an Entrepreneur is neither a part-time or a full-time job. It’s a lifestyle.”
If you’re already an entrepreneur or an aspiring one, give iGenCo a call today to see how we can help your business succeed through personal and professional development training.