On ABC’s Shark Tank, billionaire Mark Cuban often refers to the difference between entrepreneurs and “wantrepreneurs,” which are people who want to be an entrepreneur but don’t have what it takes.
So, what exactly does it take to be a true entrepreneur? Here’s what makes real entrepreneurs stand out from the rest:
Entrepreneurs have to remain positive or they will buckle under the pressure of trying to launch a new business. Everyday brings a new obstacle for entrepreneurs, and they have to be ready and willing to face it instead of crawling under the covers and calling it quits. If you don’t have a positive attitude that helps you push through challenging times, you aren’t a real entrepreneur.
Willing to work for it
Wantrepreneurs want to live like the rich and famous, but they don’t want to work to get there. On the other hand, entrepreneurs are willing to make sacrifices now in order to enjoy their success later on. Entrepreneurs won’t have much time to spend with friends and family members. Sleep? Forget about it! Eating dinner out at a nice restaurant? Try microwaving instant macaroni and cheese instead. Entrepreneurs are all-in when it comes to giving up some of the life’s pleasures in order to fully commit to their work.
Don’t pay attention to others’ success
An entrepreneur’s biggest competition is himself, while a wantrepreneur tends to compete with everyone around him. Wantrepreneurs are focused on being more successful and having more material objects than their friends, while entrepreneurs are solely focused on finding new ways to improve their business on a daily basis.
A true entrepreneur understands that he does not know it all. Even after he has achieved a great deal of success, an entrepreneur always strives to learn new skills that he can apply to his business. On the contrary, wantrepreneurs tend to have inflated egos and believe they know better than anyone else once they have found a little bit of success. An entrepreneur’s job is never done, and he knows to continue being successful, he has to continue to learn and grow both personally and professionally.
Don’t let mistakes stop them
Entrepreneurs understand that no one is perfect, so they know they will make some mistakes on their way to the top. But, instead of letting these mistakes cripple their drive, they look at them as learning opportunities.
They welcome competition
Some people in business are trained to look at competitors as the enemy, but not entrepreneurs. Instead, entrepreneurs welcome competitors into the industry because they view them as research subjects as opposed to threats. Entrepreneurs study their competition to learn how they’ve done things, which wholesale distributors they work with, how their customers respond to products, what mistakes they’ve made, and how they’ve managed to acquire and retain customers. Studying the competition can help entrepreneurs improve their own business by learning from the competitors’ successes and mistakes.
What do you think makes a real entrepreneur? Share your thoughts in the comments below!
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Iberdrola and Porsche to deploy premium electric car stations
Iberdrola and Porsche signed an agreement to install 35 fast and ultra-fast charging stations for electric cars. A Porsche Taycan...
77% of the companies in the Confidi network have started fintech projects
The fintech sector becomes more and more strategic for the major Italian network of companies Confidi, shows the latest survey...
Market update for Late November 2020
Looking at gold’s BEV values since October 19th, it has come close to breaking below its BEV -10% line, but...
Why small caps and value stocks appear to be now outperforming
The COVID-19 rampages on. The building constitutional crisis in the U.S. rages on. And the markets continue to “make” what...
The Burkinabe cotton industry is in full development
According to the Minister in charge of Industry, Harouna Kaboré, the fabrics will be available on the market at the...