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These days, anyone can become an entrepreneur thanks to all the digital resources available at your fingertips. However, what many business men Soon learn after taking the leap to owning their own a job is that it takes a special level of passion and drive to ride a roller coaster leading businesses. In fact, according to US Bureau of Labor StatisticsNearly 20% of small businesses fail within the first year and 50% fail after 5 years.
So, how do you know you have what it takes to become an entrepreneur?
1. You always strive for more
When I was 11, I took my first job as a paper maker on a 50-home road. I was thrilled to have my own money and soon I was eager to find a way to earn more. I thought about what other products I could offer to my clients and started offering cleaning products to my clients when I met them twice a month. Looking back, I now see that this drive was a clear indication of my own entrepreneurial spirit, even as a boy. The hunger for more is something I see in almost every successful entrepreneur.
2. You solve problems
When creating a new business or product, I always recommend starting with Pain point. What is missing from the industry you would like to be in? Is there a process that can be simplified or solved with a product or service? After working in the insurance industry in the 1990s, I started thinking about how to improve the industry. It’s known to be slow and lagging in general, so I knew there was a way to take it to the next level. With internet and computer access more readily available at this time, I speculated that there could be a way to combine these technological advances with the slow-moving operations of the insurance industry. In 1993, I developed a scoring system for laptop computers to communicate core benefits and voluntary benefits 10 years before the industry studied digital methods. If identifying and creating solutions to your pain points comes naturally to you, you are probably a great entrepreneur.
3. You are a self-writer
When it comes to running your own business, the only person who can push you is you. Entrepreneurship is hard work and not for the faint of heart. If you do not have Stimulus To lead your company, spend long nights and make tough decisions, your business will likely never take off. Real entrepreneurs know that their destiny is in their own hands and use that as motivation to push themselves to be the best that they can be in their business.
I have started many businesses in the past 40 years, and I have experienced first-hand how the challenge Entrepreneurship can be, but I’ve also experienced the rewards. If you’re an entrepreneur at heart, it’s time to harness your drive and creativity. You will be amazed at where it can take you.