Can I Become Entrepreneur?

By | December 18, 2015

It has been a frequently asked question. Can I become an entrepreneur? Or how do you become an entrepreneur? I decided to write an article pertaining to this commonly asked questions and below are some of my suggestions.

To me, the big divide between whether you can become an entrepreneur is to ask yourself – How desperate you want this? First, I need to share the mindset difference, and then you decide whether you want to migrate over to entrepreneurship.

 

Can I become entrepreneur - table

Category One: Afraid of losing or money is the 1st priority

Often I hear people who want to set up business but their immediate question is, “how much can I earn back?” or “Will I lose my entire savings?” If you have these concerns in your mind and it is bothering you then I don’t think you are ready to take on entrepreneurship as yet.

Category two: Apple polisher

Next, I also encounter people who are nurtured to be apple polisher or boot licker. I mean they are really good at apple polishing others as it has become their 2nd nature. So, I asked this group of people this question, “When comes to the crunch, will you be the nasty guy to make tough decisions?” There is a high tendency that this group of people whom I classify as “well liked” by others will not dare to make tough decisions that will rattle or rock the boat. Again, I say to this group of people, it is better for you to stay as executives as they are more suited to be there since they know how to survive in the corporate world.

If you have either category one or category two or both. I sincerely urge you to consider staying put as executives for the time being until your mindset changes else it will make your life miserable as it is an opposite direction from what you possess.

 

How Do I know I Am Ready for Entrepreneurship?

  • Entrepreneur mindset

Are you ready to say to yourself that you will be the last person to receive any leftover from the company’s profit or you need to bear the losses? Going into business is never easy, and the statistics show that over 95% of the business fail within the first 2 – 3 years. If your dream or vision far exceeds money where you believe that this company is here to solve a particular problem that mankind needs OR you believe that your company is here to help the community for a specific cause then I must say YES, you have a strong purpose and will to make this happen. Do visit my main page as I also spend some time explaining this portion as well.

  • Selling skills

Allow me to be candid on this section as I heard many times from some of my friends especially those who are still in the banking or financial institution. Often time, they thought that entrepreneurship is not that tough as they encounter lots of customers during their interactions. They (some of them) believed that setting up business should be alright as long as the product/service has an edge over the competition. I must say they are dead wrong!!! You can have the best product or service in the world, but you will still fail if you don’t know how to sell!!! For example, MacDonalds or Kentucky don’t provide the best quality food, yet they are one of the leading fast food restaurants in the world. Secondly, bankers didn’t realize that entrepreneurs like us need to treat our bankers well as they are our financiers or simply lifeline to our business. If anyone truly wants to become entrepreneur MUST learn how to sell a real product or service. Being able to provide money to clients like us won’t justify that they are good sales people. When you sell a real product or service that requires customers to pay for it, then you are in the real world to compete against competitors.

Note: I apologise for writing this topic specifically addressing to people working in the financial field as I have seen too many people from that industry and went over to set up their business but failed miserably as they don’t understand that selling is extremely vital. It not only apply to people from financial industry, but it applies to everyone of us as well.

 

  • Leadership skills

I do believe leadership skills can be taught over the years, but I have to admit that it is much easier to teach the person when he/she is young. I am fortunate to learn core values from my school and church when I was young so I cherished the values. Also, I made a couple of mistakes when I was leading a team of players, but I managed to correct myself to earn the respect from my players. When I entered into the corporate world and as I slowly progressed to middle management, I borrowed from the skills I learnt during my school days over to my working life. Treat people with respect, be open and transparent with your colleagues. I highly recommend readers to visit this page and consider reading this book if you are serious in wanting to be a great leader.

 

Can I become a leader - school

  • Ability to read financial numbers

Many of us learnt calculus, algebra, geometric and other theories during our school days but we hardly use any of them when we entered into the secular world. It is so amazing that only a handful of us are taught to read financial statements. Mind you, there are various ways of interpreting financial statements if you are experienced. Over the years, I learnt from Robert Kiyosaki, author of Richdad and poor dad who has a simple way of teaching us how to read financial statements. I urged readers spending some time to learn how to read and interpret financial statements from the audit report. It will help you in the long run as you will determine whether the company is in good or bad shape judging from the audit reports. Of course, it is just a portion of the information but knowing this skill helps you in the long run as an entrepreneur.

In conclusion, can I become entrepreneur? I hope this article helps the readers determine which quadrant (employee or employer) they should be in. There are some who are still indecisive. I hope by reading this article will help clear your mind to determine which quadrant you want to be.

For those who want to pursue a dream in wanting to build an online business, I have conducted a review on this online program. Do visit the page.

If anyone has any questions or comments, do feel free to drop in below box and I will respond ASAP.

Good luck,

 

Stanley

 

19 thoughts on “Can I Become Entrepreneur?

  1. Linda

    Hi Stanley
    Thank you for sharing this valuable information on “CAN I BECOME ENTREPRENEUR”.
    It is interesting like you said in your article that you often hear people who want to start a business that their immediate question is, “how much can I earn back?”
    Having done online marketing for years and after being in the Take Away business for 10 years, I know – first you invest money and lose money – then you start making money.
    When we sold the Take Away also, the people’s first question was “what will my salary be?”
    My answer: It depends whether you keep up the high standard and give your clients the best quality service possible or not.
    Like the saying goes: it takes money to make money.
    Thank you for sharing
    Blessings in abundance
    Linda

    Reply
    1. Stanley

      Linda,

      Amen to what you said. So true and that is the main difference between employer and employee mindset. Typically employer mindset will always cater to customers and employees first before he/she can ever get paid and not the other way round.

      Reply
  2. rufat

    In fact, anyone can become an entrepreneur. Compared to a real world, building an online business doesn’t require tons of investments. You just need the right training, tools, website, invest some time and effort AND you need to be patient and give your business some time until it starts making you money. That’s all needed for your online success.

    Reply
    1. Stanley

      Rufat,

      Yes, online biz takes away fair bit of risk factor as compare to real world biz however there are still some elements which need to take into consideration. For e.g.

      1. Persistence and dedication that couples with your passion.

      There are people who want to be successful in online biz but after several trials, they give up due to many reasons. Only those with the desire (pursuing their passion) will cross the hurdle.

      2. Though online takes away a fair bit of real communication but responding back to customer’s queries will be similar. If the owner of the online biz chooses to ignore or slow in responding back to customer’s queries then he/she will eventually suffer in low traffic.

      Ultimately, there are still quite a fair bit of similarities that one must posses (values, desire or passion, right mindset, sales skills) in order to achieve success in entrepreneurship (online or real world).

      Hope this helps,

      Reply
  3. Bryan

    Stanley,

    Thank you for the constructive information on becoming an entrepreneur.
    It is really important that when one starts a business they understand the importance of heard work and patients.
    I like how you put a big emphases on sales. You can have a great business but if you lack the ability to sell, your business will not make it.

    Thank you so much again!

    Bryan-

    Reply
    1. Stanley

      Yup. I have encountered numerous times where I have seen some solid products but the person does not have the sales skills – end result is not desirable as the person failed to realize selling is so important. Agree with you on that. Cheers.

      Reply
  4. Derek Marshall

    great article and comparison made between employee and employer. I believe most people are capable of running their own business some need a bigger push and encouragement that others (risk adverse vs Risk taker).

    I am often perplexed by what my father used to call “fuzzy thinking leftists” people who would be CEO’s of big companies run big businesses for a living but not their own..or teacher, university professors teaching business but .. nit running their own business. Some are stuck in that security blanket of a regular salary.

    Defo need to brush up on the skill set you mention liek leadership and ability to read financial numbers before I progress.

    Reply
    1. Stanley

      Yes you said it. CEOs or top management of MNCs are still employees. They are not entrepreneurs period. There are many top mgmt that I know are looking for ways to keep their jobs as they want to continue to keep their high salary. Take some time to analyze their quarterly or annual report and you will realize that most not all top mgmt will cut expenses or reduce head cut so that the financial numbers will look good in front of shareholders. However, this will only led to low commitment from workers and lost their loyalty towards them. Unless it is taken a last resort then it is understandable but it shouldn’t be taken as 1st approach to cut headcount once market is bad. There are ways to overcome like reducing bonuses from top mgmt instead of cutting headcount. Interesting to note that some MNCs give huge renumeration packages to top mgmt yet middle or workers continue to get low increment or worst still – retrenched or fired.

      Reply
  5. Ilyssa

    This is a great post and right on. I love the section on apple polisher. Sometimes tough decisions have to be made and that is not fun nor what people go into entrepreneurship thinking about. That is not the fun part, but is necessary for success. It is great to recommend someone be ready for that aspect before taking the plunge.

    Reply
    1. Stanley

      Yes, apple polisher cannot survive in entrepreneurship as I have seen with my own eyes where one of my friend dare not make important and tough decision. He is simply too weak and eventually his company collapse due to his soft approach. Running a biz is like fighting a war and we have to be always ready to handle any situations. Sometimes, the decisions can be wrong but so long you are willing to admit your mistakes and rectify the situation is fine. Entrepreneurship has no space for boot lickers. They can’t survive as they are so used to boot licking as i have seen many boot lickers are goo talkers but poor in delivering results.

      Reply
  6. Justin

    Stanley,
    Great article! Often times people think having a business is some cake walk and forget about the hard work that is needed to make things work and the motivation that has to be there day after day.
    I couldn’t agree with you more on the ability to read financials. Being a student of finance I am appalled by the fact that it isn’t taught in the public school system here in the states. This skill is paramount as a company grows. Having your finger on the pulse is easy when it is yourself and two people crammed in an office, but much harder to do when you don’t have your eyes on everything.
    Selling has always been a tough one for me, but is needed in anything in life to succeed, the corporate world included. To get a raise or promotion, somebody had to get sold on an idea.
    After reading this article, I think I’m ready to make the commitment and learn to become a better seller as I go.
    You mentioned Kiyosaki, are their any other authors/books you recommend?
    I look forward to seeing what you have next. Thanks for the great read.

    Reply
    1. Stanley

      Justin,

      First, I want to thank you for taking the time to read this article. Yes, it is paramount the educating students in terms of how to read financial numbers are critical for their future should they get involve in business. Pertaining to selling, I read a number of books but none has come close to real life experience. Most of the books are either too theoretical or their examples are not solid enough to convince me. Once I identify a good book, I will recommend it to you. Kindly PM me your email address.

      If I still cannot find a good book then I may need to write a book on selling based on my personal experiences so that it benefit others. We need to impart our real life practical experiences to others so that they can learn from our mistakes and at the same time, acquire those skills that is applicable to them.

      Once again, thank you for taking the time to read my article. Appreciate it Justin.

      Have a nice day,

      Stanley

      Reply
  7. Lesley

    I agree that not all people are made to be entrepreneurs. You have mentioned some very important points that people have to be aware of before they start on this road.

    I would like to add that entrepreneurs need to be able to work under pressure and also be able to handle stress well. There will be times when things do not go according to plan and you have to know that you can keep going through the tough times.

    Reply
    1. Stanley

      Amen to that. Able to handle stress and under pressure are critical as well.

      Though it is not easy to be entrepreneur but my concern is days of employment is fast becoming a thing of the past and companies will no longer recruit so many employees given the pace of globalisation and automation. I’m afraid to say that it may not be a choice down the road.

      Reply
  8. Nahim

    Many people are afraid of trying to set up their own business just because they don`t know if it will actually work. One of the most important things to take into cosideration is to analyze wether your product or service is something that people need or something they want to buy.
    Try to gather information about the amount of sells your product could have based on other companies that sell the same thing or gather information on how often people require of your service. Remember to take into account things like this.

    Reply
    1. Stanley

      Nahim,

      Thanks for your comments on this article, however, ability to generate sales is important but entrepreneurship comprises not just sales but your leadership skills in keeping the team and encourage them to be motivated. Not forgetting the company’s main mission and values as there is no point in running a company without a mission and values. Do take some time to read my Good Reasons To Become An Entrepreneur

      Reply
  9. Vinnie Prasad

    This article must be read by anyone interested in getting into business for them selves. For me entrepreneurship really means finding a problem and solving it. I find it is best to follow your passion as there will be times everyone and everything will bring you down and you will be left cornered. So prepare for that cause not many people will understand what your vision really is.

    Rich dad poor dad is such an eye opener and your right everyone must read this book. Have you read Cash Flow quadrant?

    Reply
    1. Stanley

      Vinnie,

      Yes, I read Cash Flow quadrant over 10 yrs ago. Pertaining to your vision, my personal opinion would be best to highlight to all your team-mates and ensure it is agreed upon. This is very important as it is main reason why this company exist. I recalled back then, my team-mates were skeptical about this vision but slowly, over the years, they began to see the reason why I set this vision. Be specific and with a purpose to bring your vision with the like minded people. If your team-mates do not agree with your vision then likely they should not be considered inside your team.

      Hope this help,

      Stanley

      Reply
  10. Rob S.

    It’s not easy becoming an entrepreneur. It takes a lot of discipline, passion, and intestinal fortitude. You can’t be afraid of failing and there are some failures to get to the successes. Don’t think that you’re not a salesman because everyone is in one way or another. You have to work hard and always believe that you can do it. Anything you out your mind to is possible.

    Reply

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