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