Starting a business is risky and it is no secret that the odds are against you. Some people say it is necessary to fail to have success, but this is not true for us, the Wantrepreneurs (want-to-be-entrepreneurs).
Those people probably mix it up with entrepreneurs who are so-called DOERS (because they actually DO something) and run a purposeful business. We Wantrepreneurs do not commit to our billion dollar ideas and continue dreaming about them instead of putting them into action. We have visions of fame and glory of succeeding, but we do not have to risk anything.
The following 5 signs show whether you are a real Wantrepreneur and what you can do to (not) transform yourself into an entrepreneur.
Sign #1: You wait for perfect conditions
A good Wantrepreneur thinks that right now is not a good time to start a business. He waits until he has enough money to bring his idea to life and always keeps in mind that he needs to gain more experience. Moreover, the personal network is not big enough yet and the market circumstances will change for sure. Just think about the mobile revolution, which is going on now since nine years. It will definitely end soon! Reading even more books about entrepreneurship will help finding the right business model, but it is too early right now to apply the attained knowledge.
An entrepreneur knows that now might not be the perfect moment to start a business, but he cannot wait for the perfect conditions., which he knows do not exist. Unfortunately passion overcomes him so that he wants to get started right away!
“You miss 100 percent of the shots you don’t take.”
(Wayne Gretzky, NHL Hall of Famer)
Sign #2: You bet on safety
A Wantrepreneur can count himself lucky, because he never has to justify why he failed. The blessing consequence of not giving it a try is that he cannot be wrong. He is not obliged to learn, adjust and improve, but only to wait, which is an easy task. Finding excuses for challenges instead of sacrificing resources is also a critical advantage of being a Wantrepreneur.
A fundamental distinction between a Wantrepreneur and an entrepreneur is that the entrepreneur is already bound to fail when he starts his venture. By embracing failure and taking calculated risk, he is able to recognize mistakes and to learn how to start the next successful project. You do not learn how to ride a bike by reading a book. You might fall, but you will gain confidence and win at all costs. Despite the risk of losing time, reputation, personal life and money, the entrepreneur is determined to beat the odds.
“If you’re not a risk taker, you should get the hell out of business.”
(Ray Kroc, founder of McDonald’s)
Sign #3 You aim for money
On the one hand, Wantrepreneurs often aim for the glory in the startup world. On the other hand, they strive for short-time profits and money. Combining glamour and quick profits sounds reasonable and will build a prospering future one day.
The majority of entrepreneurs chooses the painful way and believes in a so-called vision to leave a mark on the world. They want to provide value to society while money is only regarded as a side benefit.
“Chase the vision, not the money; the money will end up following you.”
(Tony Hsieh, CEO of Zappos)
Sign #4: You follow the passion of others
A smart Wantrepreneur follows the trends since he has seen where the others´ success comes from. He is not wasting even a single thought on a completely new idea, but builds on recent success stories. Being able to follow the passion of others and avoiding the stress of reinventing the wheel is an important asset of a Wantrepreneur.
Unluckily, an entrepreneur does not have the time to worship other people`s passion. He is obliged to follow his own passion, which drives him to run his own business. By doing what he loves, his passion triggers positivity, which, in the end, leads to excitement and value that not only affects him, but also customers and like-minded people. An entrepreneur is addicted to surrounding himself with action-takers like him. He initiates a mastermind group with them in which he does not hide his ideas, but shares them gladly. Instead of being afraid of people copying his ideas, he assumes that the majority of his audience will not only help him to form his final product, but enforce him to go on with his plans and reinforce his passion.
“Real entrepreneurs can’t stop thinking about their company, wannabes can’t stop thinking about other people’s success.”
(Greg Isenberg, CEO of 5by)
Sign #5 You worry too much about capital
A fundamental characteristic of a good Wantrepreneur is his awareness of not having enough capital to start up. Consequently, it is crucial for a Wantrepreneur to first have some business plans and attract investors. Once you have your million dollar funding nothing can stop you!
An entrepreneur does not worry about something he does not have. Usually he starts with almost zero capital and offers a first basic set of his idea to customers. He just gets started, learns and improves so that he can deliver soon an outstanding product. Unfortunately, he does not have the patience to wait decades for an investor to find him.
“Don’t worry about funding if you don’t need it. Today it’s cheaper to start a business than ever.”
(Noah Everett, founder of Twitpic)
The above mentioned signs are the key excuses why a Wantrepreneur will never start his own business. If you can identify yourself with any of them, drop us a line and we will kill your inner Wantrepeneur. The gap between a Wantrepreneur and an entrepreneur is actually very small.
Latest posts by Florian Hübner (see all)
- Why Lisbon is becoming Europe´s hottest startup hub - 12. July 2016
- How to prototype your app with no budget - 19. June 2016
- 5 Signs that you are a Wantrepreneur – How not to become an Entrepreneur! - 11. June 2016