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Are You Suited to Entrepreneurship

How to Find the Entrepreneur Within

In the words of well-known philosopher and poet, Ralph Waldo Emerson, “the only person you are destined to become is the person you decide to be”.

Vikesh Roopchand

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Entrepreneur-within

There has been a lot of debate especially in the academic circles regarding entrepreneurship.

Are successful entrepreneurs born, a product of their environment, is it something that can be taught or studied or are they just lucky?

The answer is probably all of the above, depending on which belief system you subscribe to.

Related: 5 Questions Struggling Entrepreneurs Must Ask Before Taking a Job

One thing is certain though, successful entrepreneurs display a number of similar behaviours and traits.  Examples of these traits include being resilient, passionate, decisive, flexible, fearless, self-belief (locus of control) etc.

So logic follows that you can still become a successful entrepreneur by behaving like one, even if you were not born with the traits. In order to be successful in any industry, one would need to know more than just the technicalities of that industry.

You need to follow the behaviours of successful people to achieve success not just in business but also in life.

Locus of control

One very simple but crucial behaviour mentioned above is locus of control.  Simply put, this is the belief of the degree of control that an individual has over the direction of their lives. Human beings generally fall into one of two categories, these being internal or external locus of control.

External locus of control is where one believes that everything that happens to them in life is due to faith, luck or a preordained plan. They believe that external factors control all of their lives.

Internal locus of control is where the individual believes that they are in control of their own destiny and their actions or lack thereof will determine their success or failure.

Successful entrepreneurs have a high internal locus of control and they believe that they are masters of their own destiny.  As much as they persevere for success, they realise that they are also responsible for their shortcomings.  If the circumstances are not in their control, they realise that any resulting success or failure is not a result of their actions.  The positive of having a high internal locus of control is that it drives the individual to achieve success, regardless of external factors.

The enquiring mind

Leaders with a high locus of control tend to demonstrate a participative management style.  This is where entrepreneurs are able to relate their vision and inspire all around them to take an active role in the organization’s decision making process.

These entrepreneurs possess an enquiring mind and constantly need to investigate and learn more about the world around them, these people value information. These individuals adopt the role of linking the organization’s internal networks with external sources of information.  This is also known as boundary spanning.

A healthy dose of positivity

Entrepreneurs with a high internal locus of control are naturally positive thinkers.  They focus on what will yield positive results in their lives.  One needs to have a healthy dose of positive thinking to survive the times when things go wrong, and as most entrepreneurs will tell you, things do and will go wrong very often.

Being very goal orientated and focussed on the task at hand is characteristic of such a person.  However this can become a drawback as they can sometimes appear to be brash and impatient which leaves the people around them feeling bitter or hurt at times.  This internal locus of control is then misconstrued as a sign of arrogance. The positives, however, far outweigh the negatives.

With internal locus of control being such an integral part of developing your entrepreneurial traits, it makes good sense to work on and achieve these characteristics.

To get started, here are four key steps that you can implement in your life today.

  1. Set clear goals.
  2. Increase your self-confidence
  3. Improve your decision making skills
  4. Steer your mind in a positive direction

Setting SMART goals

So how does this all work?  In order to grow, cultivate or improve your locus of control, one would need to set clear goals.  Goal setting is the process of deciding what you want to accomplish in your life and devising a plan to achieve these aspirations. The goals should be SMART i.e.

  • Specific,
  • Measurable,
  • Attainable,
  • Relevant, and
  • Time-Bound.

Achieving these goals will increase your self-confidence and improve your decision making skills as well. Believing in yourself and your abilities will enhance and cement this process.

The enemy of success

Inertia which is the resistance to change is an enemy to your success.  It is easy to naturally think negative thoughts.  You become what you think.  Control your thoughts.  Like any habit, this can be learned.  Always pay attention to your mind and your actions and steer these in a positive direction.

So one can learn to become a successful entrepreneur regardless of your current circumstances and this starts from within.

Related: (Slideshow) 6 Stern Truths You Need to Know Before Becoming an Entrepreneur

Are You Suited to Entrepreneurship

Build Solid Back-Room Basics For Business Success

What do South African entrepreneurs really know about what goes on behind the scenes building of businesses?

Marc Wachsberger

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South Africa has a vibrant start-up culture with great ideas starting out with a bang, but closing down with a whimper because entrepreneurs picture the glory at the destination, but not the nitty gritty of the journey to get there.

Be smart about scale

When I started out, I literally did everything myself. I negotiated and signed leases, I arranged the furnishing for our apartments and managed the interior décor process. When guests started using our apartments, I signed them in at reception, and then carried their bags.

At that stage, there was no money in my business to pay for attorneys, interior designers and decorators and there certainly wasn’t enough money for porters.

However, when we got to 70 apartments, it didn’t make sense for me to be a porter any longer, so I hired someone to do that job, explaining clearly what I expected of him. Before I did that, though, I spent time designing incentives for him so that he would be more affordable for me, and so that he could earn as much money as possible.

Related: Training Is A Two-Way Trick

Know your talents – and your limitations

There are certain things I’m really good at, but I know without a doubt that sales isn’t one of them – and without sales, you don’t have a business. I couldn’t afford a top-flight salesperson, but I knew that I could attract the right talent with the right business model. I set some high targets for Pamela Niemand, but offered her one third of the business if she met them. We both won: she earned a share in a successful, trend-setting business, and my trend-setting business became successful!

Use your skills – but know when to hand over

My background in corporate finance meant that I had all the accounting skills I needed when we first started out, but I knew that the time would come when I would need someone focused on that side of the business full time. Doing it all myself first meant that I could brief my first full-time accountant clearly and with a deep understanding of what would be required – and that I could help that person find and fix any challenges based on my experience.

In summary, my simple advice to anyone starting out would be to bootstrap your business yourself without investors or staff for as long as you can, but don’t over-extend yourself. Know when to delegate tasks away so that you can focus on what you’re really good at – but don’t do it before you have a solid understanding of what’s required. Know what you’ll never be able to do, and bring in that resource from the beginning – but do it based on performance-based incentives, so that your fledgling business doesn’t lose out if your early hires don’t perform.

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Are You Suited to Entrepreneurship

The Myth About The Relationship Between Entrepreneurs And Taking Risks

This is the true relationship between entrepreneurs and the apparent illusion of risk.

Lisa Illingworth

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“I can’t be an entrepreneur or start a business. I don’t have the appetite for risk.” This line is spoken regularly to brave few that leave the perceived safety of a job, take the plunge and venture into the unknown world of being an entrepreneur. However, there is a gross misunderstanding in the appetite for risk that entrepreneurs are believed to have innately inside of them.

The little-known truth is that the majority of entrepreneurs don’t like taking risks and according to Luca Rigotti and Mathew Ryan in their paper that explores a model for quantifying risk and its translation into enterprising action, the results were very interesting.

Risk is explained by these theorists as taking action where the outcomes are unpredictable as well the factors leading to that outcome are unknown. One of the theorists in this area, Saraswati, who coined the term “tolerance for ambiguity” has a more accurate description of what the outside world deems taking a risk.

In simple terms, entrepreneurs don’t go head-first into the shark infested water because they like the idea of danger and potentially being eaten alive; or the thrill of being able to say that they survived whilst others perished in a pool of maimed flesh. They carefully calculate that the sharks have been fed recently, some of the sharks are ragged tooth sharks that whilst looking like they are set to devour a human being, are actually incapable of opening their jaws wide enough to bite. For those sharks that still have space or who smell blood and can’t resist the urge to kill, the entrepreneur has a cage set up that he can retreat into quickly and a knife with which to protect himself.

Related: 5 Infamous Risks Every Entrepreneur Must Face

Tolerance for ambiguity is the careful evaluation of what is known at the moment where a decision must be made and an open-mindedness for what is not known. This, coupled with the agility to change course when new information is presented, has earned the label of high risk appetite. The appetite is not for the risk, but it is the ability to move down a path, when all the information is not known.

I likened it to a person moving around in the dark holding a candle. The candle casts a light that illuminates a limited parameter around the person holding the candle. What is beyond the light that the candle casts, is unknown and potentially a risk. But as the person moves forward, the light reveals what was unknown and in the shadows. As the light reveals new information and new challenges added to what they have already learnt, the person can make better informed decisions. The tolerance is in not knowing what lies in the shadows yet to be illuminated by the candle and then the confidence in his or her own ability to act on what new information is discovered.

None of this behaviour is risky or irresponsible. There is careful consideration for what is known and a tolerance for what is unknown. And once there is more information available, a calculated next step is taken and more information is assimilated into what is now known. This is the true relationship between entrepreneurs and the apparent illusion of risk.

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Are You Suited to Entrepreneurship

7 Skills Every Entrepreneur Needs To Adopt Today

Want to know what skills can help you build confidence and your business? Here are seven…

Nicholas Bell

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For some people, becoming an entrepreneur is as easy as stepping off a bus. They have a big idea, they bring it to life, they hire employees and the next thing they are in a building smothered in branding and living the business dream. For others, the idea and the passion are there but they are unsure as to how they can make these into a sustainable reality. Entrepreneurial spirit isn’t like instant coffee – you don’t add ideas and suddenly get all the skills you need to thrive.

Want to know what skills can help you build confidence and your business? Here are seven…

1. Believable vision

Make sure that your vision is believable and achievable. It has to live in the realms of possibility, not as a blue-sky idea that looks good on paper but wouldn’t work in reality. You need to be able to live this vision so make it realistic and achievable. This will not only keep you on track, but your employees as well.

2. Be inclusive

You need to ensure that every person who works with you feels as if they are part of your vision and understand it. They need to relate to where the business is going and how it plans to get there. Many leaders don’t understand why employees are not engaged with their business and it’s because many of them don’t actually understand what the business does.

Related: 4 Ways To Improve Your Budgeting Skills

3. Communication is critical

If you don’t have fantastic communication skills, then now is the time to hone them. When it comes to building employee morale, commitment and engagement, nothing works as effectively as constant communication. The same applies to client relationships. You need to repeat the vision and ethos of the company at every opportunity and you need to be part of the team that does this communication.

4. Be visible and transparent

You are communicating, now you need to make that communication genuine by being both open and clear. People respond incredibly well to transparency. They feel as if they are part of something that recognises their value and contribution and it fosters a more inclusive company culture. Often toxic cultures come about thanks to a lack of communication and visibility. People know when things are being kept secret and react negatively to it, regardless of whether they’re an employee, a customer or a manager.

5. Be practical

You aren’t going to build an empire in a fortnight so focus on a realistic and practical business strategy that has clear benchmarks and even clearer goals. Communicate these with the company and keep everybody on the same page. Practical and achievable means long-term success.

Related: Crucial Skills You Need To Be An Entrepreneur

6. Build opportunities

As people become immersed in your company and part of its growth they will also need opportunities to grow. You need to tie their careers to the business and create opportunities for them.

7. Be human

It takes people to build a culture, a company and a future. It’s essential that you are human in your interactions and your treatment of others. The impact that a down to earth and authentic attitude can have on a company is extraordinary.

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