Angels Den Blog

Last night you had an epiphany – you were all excited that maybe you could be the next Bill Gates, Richard Branson or Warren Buffett – but this morning you’re questioning whether you have what it takes to be a successful entrepreneur. It can sometimes seem like a very big leap from a comfortable (if mind-numbingly boring) desk job to following an entrepreneurial dream, so here is my equivalent of the tests those trashy magazines ask you to complete to see if your girlfriend is truly happy with you (of course, I’m not suggesting for one moment that to be a successful entrepreneur is anywhere near as elusive as an understanding of the inner workings of the female mind), so you can determine whether you have the characteristics that could set you on the path to being a successful entrepreneur:

1. Passion: Take a look at any successful entrepreneur and consider how you would rate their passion for their product, business and life. Successful entrepreneurs have an almost infectious passion for things that drives them forward, inspire them to achieve great things and keep them motivated when others would give up and take the easy route to a pay cheque. Launching your own business is a roller-coaster ride of highs and lows: do you feel that you could brave the ride? If you answer YES then read on.
2. Dedication: Launching your own business is an all-consuming exercise. There never seems to be enough time to do everything that you want to do, and you’re performing several people’s jobs at once, working evenings, weekends and public holidays to make sure that your business thrives or at least survives its first 12 months. Do you have this amount of commitment in you? If you can answer YES then do read on.
3. Self-belief: There will be times in any successful entrepreneur’s career when their belief is tested. People may tell you that it cannot be done, that the idea just will not work, that it is folly to pursue such a dream. A successful entrepreneur is one who is able to wade through the doubters with their belief intact. Do you feel this describes you? YES? Congratulations – read on.
4. Open-mindedness: Everyone has heard of the successful entrepreneur who has been so single-minded that they have ignored everyone else and alone have still achieved great wealth and success, but in the main you’ll find that these are just over-simplifications of an individual’s story. Successful entrepreneurs must be open to new ideas, to be able to develop their business; flexible in their approach to satisfy the needs of the market; and willing to take on board the thoughts and objections of others, to be able to formulate an argument that silences the doubters. Are you open minded? Answer YES and you too could move on to the virtues halfway point.
5. Inspired and inspiring: Having an idea is one thing, but being able to convey your excitement about it to others is imperative to the success of your business. There is little point in having the best idea since the bread slicer if nobody hears about it. A successful entrepreneur is someone who talks about their idea with passion to everyone they meet through their work and social life. You don’t have to do the hard sell on your friends, but getting the word out is all about taking every opportunity to expand the circle of people who have heard of your business and are inspired by its very existence. Can you be that inspiring? YES means that we’re halfway through our list.
6. Can do, will do attitude: You need the motivation to get out of bed each morning and fight to advance your business or to challenge an established but restrictive belief. Successful entrepreneurs see road blocks to their business as simply challenges to overcome. Do you have a rebellious streak? Can you think laterally? If you answer YES then I’ll allow you to read on.
7. Focussed: Life is full of distractions. Family, friends, social activities, television, Sarah Michelle Geller. Successful entrepreneurs are focussed individuals, able to distinguish between work time and home time and not allow these two worlds to blur into each other. Home time may need to accept some compromises in the beginning, but it is important that you take time out occasionally to remind yourself what you are slaving for. Are you focussed enough? I’m hoping you’ll say YES because it’d be a shame if you had to stop reading now.
8. Willing to learn: No one person can know it all. It may sound terribly boring, but the willingness to learn will give you knowledge to understand your product, your promotion, your audience, your marketplace and how to best run your business. Learn something new every week and you’ll be richer for it. Tell me you’re willing to learn – go on, we’re so close to the end of the list.
9. Delegation: You cannot do it all on your own. In the beginning it may be just you running yourself ragged, but as your business grows there comes a point where you have to delegate to others. Not to do so could seriously hinder your chances of becoming a successful entrepreneur, but many people find it difficult to let go of total control at this stage. Are you a control freak? By the way, the correct answer to let you move on this time is NO. I just thought I’d do something different here.
10. Street smarts: Becoming a successful entrepreneur has more to do with street smarts than traditional measures of intelligence. You do not need to be intellectual or have gone to the right schools, and you certainly don’t need a degree to achieve your own business goals. (While it’s an excellent opportunity to round your knowledge and character and have lots of fun, many of the world’s wealthiest people never went to University.) Do you have the street smarts to be inventive, to find all the information you’ll need to succeed and to challenge established norms? If you can say YES, congratulations – you have made it to the end of my list.

Building your own business is hard work, time-consuming and really, really tough. At times you’ll wonder why on earth you took the entrepreneurial road, but get it right and it’s also incredibly satisfying, fun and very lucrative. So if you have a business idea or invention that you think could be the next big thing, go for it.

Image © ktylerconk