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Are You an Entrepreneur?

Entrepreneurship requires different skills than work in a corporate environment. Be sure you have those skills before taking a risk.

Know What Skills You Need
Lemonade StandSuccess in the corporate environment requires the ability to solve problems and direct resources towards a common goal. Many achieve a level of success in a corporation and decide they can apply those skills to their own business. Motivations for making this leap can include the prospect of making more money, or of being your own boss.

However, most new entrepreneurs quickly discover that corporate success does not guarantee entrepreneurial success.

Corporate success means capitalizing on corporate resources. Success in your own business is dependent on being able to do things without any structure in place, and with limited resources. Before setting out on your own, be certain that you have the ability to function in an unstructured and uncertain environment. You will need to creatively solve problems without assistance to succeed, rather than bringing together a team from different departments to achieve goals as you did in the corporate structure.

Plan to Overcome Weaknesses

According to the Small Business Administration, the characteristics of success can be learned. The SBA feels that creativity, a strong degree of motivation, and resilience are required to successfully start a small business. Many people do not have these skills, but they are things that the truly dedicated small business owner can learn.

Starting a small business includes preparing a business plan. As part of the process, an analysis of the product’s market is completed, and potential risks are identified. Those considering a business startup should also spend time understanding how they will personally build the processes needed to take advantage of a market opportunity, and how they will react to the certainty of problems. No business works smoothly from day one without overcoming obstacles.

If your personality is not right for the risks of running a small business, then dedicating energy to success in the corporate environment can offer more rewards.

Photo Credit: Steven Depolo, Flickr.  

Author:

Michael Carr is a small business expert who has been involved in the successful development of three small businesses.