Can I be an entrepreneur?

 What exactly is an entrepreneur? You might have a picture in your head of what one looks like, but they are hard to define. That’s because every entrepreneur is unique.

They do have two major things in common though: their actions and aims. They see an opportunity to start a company. They decide to pursue this idea, and in doing so they are taking a risk. They want to change the world in some way, whether it’s big or small. 

If you are wondering if you could be an entrepreneur, here are some personality traits that successful ones share: 

• Passionate: Are there certain interests that you’re passionate about? Maybe you have been thinking about turning your hobby into a career, or you want to make a difference in your community. 
• Motivated: Perhaps you've always been a self-starter who is motivated to try something new. You might have leadership qualities that others are drawn to, or feel confident that you could guide a team effectively.
• Independent: Many entrepreneurs crave more freedom in their lives. They might be tired of working a 9-to-5 desk job, or they’re looking to make their own schedule.
• Creative: Do you enjoy problem-solving and coming up with new solutions? Or you might be a bit of a daydreamer who’s always thinking about what the future holds.

• Defining your vision of success

  As you tap into your entrepreneurial side, start thinking about defining your vision of success. Success means different things to different people. What does it look like to you? Maybe your dream is to be wealthy one day, or you care about having quality family time. It’s possible to want both, too!

  This last point is crucial. As speaker and writer Les Brown once said: “Your goals are the roadmaps that guide you and show you what is possible for your life.” Take some time to jot down a list of what you want to achieve.

  Entrepreneurship could possibly be the key to accomplishing both your personal and professional goals. Whether you have a side hustle you want to turn into a full-time career, a store you’ve always dreamed of opening, or an idea that could revolutionize technology, you need to believe that your ideas have value—and that you can make them become a reality.

  If you want to learn specifically about startups, feel free to check out our two mini-lessons, Small Business or Startup? and Startups 101. Otherwise you can continue on to "That First Spark."

That first spark

Every business starts with an idea of a service or product. This idea offers a unique solution to a common problem. Your idea must not only be creative, but “commercially viable.” This simply means that it can make you money.

One way to get feedback is through family and friends. Ask for their honest opinions. They can give you encouragement—or a reality check. Either way, considering both positive and negative input is a good place to start.

 Your personal network is an excellent resource. Maybe you could send out a survey, or interview volunteers; the answers you get might surprise you! 

The validation process

Evaluating your idea is known as validation. While this process might have other steps later on, like pitching your idea or testing your product, ask yourself these five key questions:

1. Who will be your main customers? Put yourself in their shoes. Think about their social, emotional, or professional needs, and how your idea could be useful to their lives. This is really important, since the growth of your customer base will be directly tied to the growth of your business.
2. How will you distribute your product or service? Are you mainly interested in selling locally, or do you want to reach a wider audience? Maybe you offer a digital service sold online, or a physical product handed to the customer. Try to envision the distribution process.
3. What is its potential value? Successful entrepreneurs take a “human-centered” approach; in other words, they put the consumers first. They understand that the demand for something will drive their profits. Basically, it’s the buyer who determines the value.
4. Who is your competition? These are the companies or people who offer similar products or services. Knowing who they are—and why they are successful—will help you to figure out how to stand out in the marketplace.
5. What resources will you need? Depending on the size of your business, you might need to find key partners, like a supplier or manufacturer. There are physical resources to consider, like inventory and real estate, and human resources, like staff. And, of course, you need money!