The excitement of a new business, a new product, a new client — it’s enough to make many shrink back in fear, but for others like us, we’re itching to get started. Being an entrepreneur is something that is truly ingrained in our biology. You either have the ambition, the drive, and the willingness to take huge risks, or you don’t.
But there is a big difference here that we need to make clear between a ‘savvy businessman’ and an ‘entrepreneur’. What do you think of when you hear the word ‘entrepreneur’? Likely, it’s something along the lines of new business and new ideas.
The entrepreneur is “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” (Source)
Considerable initiative and risk. Woah, if those words don’t give you something to salivate about, then you’re probably not cut out for entrepreneurship. In reality, that’s not illogical either, because statistics show that the overwhelming odds are in favor of failure when it comes to startups and new products.
The National Federation of Independent Business (NFIB) estimates that 39%of all small businesses make a profit over their lifetime. About 30% break even and another 30% lose money.
And that’s not the end of it. Small business owners have personal bills, too, like housing, transportation, insurance and energy. They have to put food on the table, and they have to pay their bills – and that’s just the survival aspect, not thriving. So if the business breaks even over its lifetime, that probably doesn’t cut it.
So let’s break that down even further. We’ll say that about half who make a profit can probably also pay all of their personal bills. Half that number again to get a good estimate of how many of those folks can probably also provide themselves with a reasonable cushion in retirement. Then we’ve got a new business success percentage of about 10% of the total.
Those with entrepreneurship in their DNA look at that 10% statistic as opportunity, not opposition.
Do you think you’re part of the 10%? Serial entrepreneurs know that it’s not even about the success but rather the potential for success that drives them. They’re motivated by ingenuity and driven by possibility.
If you’re not sure, let’s take a look at some of the qualities that we believe serial entrepreneurs embody:
Santa vs Elf
Entrepreneurs take on a variety of tasks from accounting to product creation to customer service and more. You can’t thrive as an entrepreneur if you only have a one-lane brain, so to speak. Are you like Santa where you’re able to manage a variety of different tasks, or are you more like the elf who excels and prefers specific tasks?
Non-Emotional Money Relationship
This may sound strange, but it makes sense. People who are big spenders, who are poor at managing money, or who have a fear of losing it all and living on the streets are likely not those who make good entrepreneurs. This is where the phrase ‘penny wise and pound foolish’ comes into play. Wise business decisions and good entrepreneurs stem from a logical, realistic view of money and money management.
Feeling Comfortable being Uncomfortable
If there’s anything an entrepreneur can tell you, it’s that you’re never really in a state of security and/or comfort. It’s a rollercoaster ride, but if you thrive off of the uncomfortable position of insecurity, then you’ll probably love the entrepreneur life.
Great ideas are a good start, but if you aren’t dedicated to the execution of projects, then you’re probably not an entrepreneur. The ideas are only part of the process, but the real entrepreneur invests oodles of time, effort, and even money to the execution of the idea. This is what puts the food on your table, if you do it right.
History of Entrepreneurial Qualities
Think back to school. Did you seek out new positions in social organizations, or did you search for new roles in your old jobs? A history of these types of tendencies may indicate that you were born for entrepreneurship.
Maybe you align with a few of these traits, or maybe you’re thinking that they perfectly describe the position you’re in now! Either way, you ended up here – on our site – in this blog post – because you are either thinking about starting a new business, or you’re already waist-deep in the entrepreneurial waters.
Today’s successful entrepreneurs paint a picture of what qualities are typical of a person meant for the entrepreneurial life. If you’re looking at the above and thinking that it sounds familiar, take a look at a few more of the traits that most entrepreneurs embody:
The DNA of a serial entrepreneur is a linking of core values, business ethics, and personality traits. This perfect combination creates a DNA chain that really drives the entrepreneurial spirit.
So how attuned are you to the demands of being an entrepreneur?
If these traits sound like they’re describing you, then you may be a serial entrepreneur. There are a ton of tests out there to gauge whether or not it’s in your DNA, so to speak.
Find out how you fit the mold by determining your Entrepreneurial Quotient, or EQ, via the quiz below from Entrepreneur.com. The following test is no measure of your future success, but it may show you where you excel and where you need to improve to help make your business soar. Answer the following questions with a “yes” or “no,” and total your score at the end to find out your EQ.
If you scored a high EQ, then maybe you have what it takes to really succeed as an entrepreneur! It’s in the cards, now it’s all about how you play them. Put your traits to the test with this informal quiz below from Entrepreneur.com. Measure your answers with the popular profile of today’s successful entrepreneurs by clicking the link below:
While these quiz results aren’t a set-in-stone determination for your success, they can certainly shed a little light on the potential that lies therein.
Being an entrepreneur is about more than effort; it’s truly a spirit (hence the term entrepreneurial spirit) combined with effort and time. Ask any successful entrepreneur, and they’ll tell you that it’s in their DNA. Is it in yours?
You tell us: How did you rank on these quizzes? When did you know that being an entrepreneur was right for you?