4 Signs of a True Entrepreneur

This article was originally posted on Inc.com by Mayra Jiminez

People often wonder how the kid who rarely talked or wasn't particularly popular in class went on to become a start-up genius. What was it about that person that helped him or her blossom into an icon of entrepreneurship? And how can you make sure you have what it takes?

It's a combination of factors. Start with these:

Passion
Passion is the fuel that drives the creation of dreams. This is a no-brainer. You have to wake up every day wanting your success. You have to become obsessed with the idea of achieving your goals, with attaining the grand objective that will yield meaning of great personal significance. The trick, of course, is to channel that passion into action. Sometimes the idea is so exciting that it becomes scary to try. And it's scary to fail. Successful entrepreneurs know that failure is part of the journey, and that without failure, there is no success.

Conviction
Passion without conviction is like a shooting star that fizzles before you even fully realize it's there. What keeps your passion alive? Conviction streamlines your passion into a steady flow. After all, most people have innovative ideas at some point in their lives. It's conviction that determines what you do with those ideas. Do you let it die? Or do you go for it?

Lunacy
Let's face it: You have to be a little bit crazy to achieve extreme success. It takes a particular type of lunacy to never want to quit, to believe in something so much that it defines you. It's this lunacy that takes you to a state of euphoria in which you think you can tackle some unachievable goal that others have never attempted to tackle. If you're not defined by what you want to accomplish, you'll impose limits on your efforts. People who change the world would never do such a thing.

Need for approval

Before the "how they did it" question comes the "why". Many experts believe that most entrepreneurs who have made history have been driven by a need for approval. Instead of creating a lack of confidence, this "I'll show 'em" attitude can foster an entrepreneur's conviction. It is the force that makes him or her fight harder. At the end of the day, everyone who told you no deserves some credit: He or she helped you become who you are.

If the list above describes you, congratulations. You're ready to be an entrepreneur. You are equipped with a set of virtues that are built to yield big things. You were born to make a difference. Get on with your idea if you believe you have something special. Challenge the paradigms that bind you, and go change the world.
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Mayra Jimenez and her husband founded The Orchid Boutique, which specializes in designer swimwear made in their native Colombia. Today Orchid Boutique is a multi-million dollar business with both online and brick-and-mortar stores.

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Tips for Young Entrepreneurs

Starting your own business is not for the faint of heart.  You must be willing and able to put in long hours, and fully devote yourself to your new venture.  Because of the nature of this, there are more and more young people creating their own businesses.  Today's stagnant economy may also contribute to this increase in young entrepreneurs.  Many college graduates may find it easier to create a job than to find one.  


Here are a few tips for First-Time Business Owners:

Stay Focused

When you are getting started, it is very tempting to go for any opportunity that comes your way, even if it is outside your field.  When you begin working outside your area of expertise, you can get side tracked very easily.  It is much better to be great at one thing, than to be mediocre in several areas.  Remember the 10,000 hour rule that Malcolm Gladwell wrote about in "Outliers."  When referring to the success of many individuals like Bill Gates for example, Gladwell claims that the key to success is a matter of extensive practice in that field for a total of about 10,000 hours.

Frugal Beginnings

When you are first getting your business started, there is no need to worry about a fancy office, or top-of-the-line equipment.  Of course there are necessary investments to be made depending on your exact business, but it is incredibly important to keep your costs low in the beginning.  Operating efficiently on a shoestring budget gives you a strong understanding of how your business operates so that when your business becomes successful, you will understand where to make any necessary investments.

Surround Yourself with the Right People
It is becoming increasingly important to surround yourself with smart, creative people to keep your business innovative within your industry.  As Ashley Lutz writes in a recent article for BusinessInsider.com: "Being different is more prized than fitting in and black-and-white thinkers are being left behind."  

Depending on your business, this can advice can be applied in several different ways.  If you can afford to hire new people, this is precisely for you.  However, if you are still getting started and cannot add new people yet, it would be beneficial to make contacts with other businesses in your industry that you respect and admire.  Meet with them to discuss new ideas and get inspiration for new methods and innovations.  

To manage your business more efficiently, you can use Inspherio.
Inspherio is an All-in-One business management tool for event industry professionals.  

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