So you want to be an entrepreneur. Here is my suggestion – know yourself first

First step to becoming an entrepreneur is to know if you are the kind of person who can become one? Yes, my experience says that not everyone can become a successful entrepreneur. And, you cannot be taught to become an entrepreneur, definitely not in a classroom environment. May be an experienced entrepreneur can share with you his / her experiences (which indeed is valuable) or you may get trained on the tools that can help you bring efficiency to your venture. But, most definitely, you cannot learn from someone who has never been an entrepreneur himself. I firmly believe that to know what entrepreneurship is, you have to be one. It is all about experiential learning. But, yes, before you take that plunge, you must know your strengths and weaknesses to be able to choose a path with least shocks and surprises.

Entrepreneurs are human and it is absolutely OK to not be perfect in everything. But, knowing what you are good at and what you are not good at will help you identify the areas where you may be able to leverage your strengths to grow the business and the areas where you may need to build a team to overcome your weaknesses.

There are some characteristics of a startup entrepreneur’s personality that I believe contribute to success. Here are a few:

Confidence: As mentioned earlier, entrepreneurs are human, which means that they may not be perfect. But they are people who are confident about what they are doing and believe in it. They are always willing to do anything and go an extra mile to ensure the success of their business.

Resilient: Entrepreneurs seldom give up. They may not be successful all the time, but they will learn from their unsuccessful attempts and go for their second innings.

Problem Solvers: They will always find innovative ways to solve a real problem that exists or build efficiencies in an existing system by innovating ways in which things are done.

Calculated Risk Takers: Entrepreneurs are risk takers by nature. They take professional & financial risks. But smart entrepreneurs are the ones who research and take calculated risks and have a plan to mitigate these risks. This alone does not ensure success, but definitely reduces the probability of failure and reducing losses.

Commitment: A lot of people call this passion. But, I believe that sometimes passion (or excess of it) can actually blind you from realities that may not be in your favor or deafen you from listening to an honest feedback that can prevent you from a failure. Commitment on the other hand keeps you going and helps you effortlessly put in long hours that are required in the initial part of setting up of your business.

Result Oriented: Successful entrepreneurs set very clear business objectives and strive to meet them. They typically are people who would very clearly write their goals and milestones along with timelines. This helps them track their success (or lack of it) and course correct if so desired.

Ability to Multitask: Unlike established organizations, typical startups have lean teams, which make it imperative for the founders to do multiple tasks to manage their business. A product developer might also double up to manage the administration of the company or participate in the initial sales. This ability to multitask is almost a must in every successful entrepreneur.

People Skills: If you are someone who wants to become an entrepreneur because you do not like to work under someone, my advice to you is to think twice. I can assure you that you will have multiple bosses in your business. You will be responsible and answerable to your co-founders, your investors and even your customers for everything. If you are not the one who can manage relationships, entrepreneurship is not for you.

Here is my take on entrepreneurship:

Entrepreneurship is not for the faint-hearted. If you think that there will be no failures (or what I prefer to call setbacks) then entrepreneurship is probably not for you.
Have a Plan “B”. While you may be confident about your business plan, the market dynamics change or your customers may respond differently. You must have a plan in place to fall back on and ensure continuity.
Build on your strengths but also develop a team of people who are good at doing things that you are not good at.
Write your goals and continuously review them. This will help you keep aligned to your goals and have your business remain focused.