Top Ten Signs You’re Made to be an Entrepreneur

Bill from New Ventures

Do you have the skills to be a successful entrepreneur? Professor Howard Van Auken at Iowa State University has recently developed a list of “the top 10 signs you're made to be an entrepreneur.” If you’ve got what it takes and are seeking resources to assist you in becoming a successful entrepreneur, stop into the NewVentures Center on 3rd and Ripley streets in downtown Davenport. The mission of the NewVentures is to create entrepreneurial excellence in the region. Either their staff or the staff at the Small Business Development Center, which is located in the NewVentures Center, can help you identify the resources available to launch your business opportunity.

Top Ten Signs You’re Made to be an Entrepreneur

1. There's a willingness to "do it alone."
There's a difference between being an employee and an employer. As an employee, there are people above you typically making decisions; and as an employer, you're the point person, you're the person who has to make all the decisions, and you are also accountable to yourself.

2. There's a desire to be independent.
Because you are at the top, because you are alone, you reap the rewards of success—but also suffer the consequences of failure. You must be willing to accept this independence.

3. You have the support of family.
Owning a business is not a job, it's a lifestyle; so there is a strong demand associated with the job and subsequent lifestyle. The family must be willing to accept that as part of their life as well as yours.

4. Your "calling in life" is to be an independent owner.
This doesn’t appear in the literature, but many believe some people are innately bred for this lifestyle and just know it's for them. The key question is “Do you really want to own your own business?”

5. You possess an innovative personality and approach to business development.
The key to entrepreneurship is innovation—doing something different. This is the key to distinguishing between just another small business and an entrepreneurial business. The innovative personality is someone who is constantly able to identify these new opportunities, and sees the world in a different way.

6. You have a sincere interest in serving customers.
It’s the key to being successful in business. Very few people care about what you want to do. But what matters is whether or not our needs are met in the marketplace. The million dollar question is “How can you do this better than anyone else?”

7. You have a willingness to accept substantial financial risk.
In addition to debt, there are other potential consequences. Know what they are before taking the plunge.

8. You have an understanding of how businesses operate.
Just because one has technical skills, it doesn't necessarily indicate you’ll be a good business operator. Being a business owner is a completely different set of skills.

9. You have expertise in the type of business that is being launched.
There has to be expertise in the business sector to understand the general environment. Other people can be brought in to fill voids, but the owner must definitely be the “expert.”

10. You have a well-established network of contacts.
Research has consistently shown that business owners who have a larger network of contacts—or a bigger resource base to draw from—have greater success. This network also will be the marketing team during infancy years.