As the name suggests, a wantrepreneur aspires to own their own business and become an entrepreneur.
A wantrepreneur doesn’t hold back in talking about their great business idea. Though the bragging often doesn’t turn into action. And the wantrepreneur can tend keep on talking about their business idea forever!
Traits of a Wantrepreneur
Some of the key traits of a wantrepreneur include:
Talks the Talk but Doesn’t Walk and Walk
Someone might posses the next billion-dollar business idea. But they also must get active pursuing their business idea. And avoid becoming one of those people who do nothing but talk. Otherwise they’ll fall head first into the wantrepreneur category.
Makes Excuses for Not Getting their Business Idea Up and Running
Excuses include not having the time, lacking the funds or waiting until ‘next month’ to start. Wantrepreneurs are full of them. They use them to explain their lack to entrepreneurial action.
Refuses to Perceive Themselves as a ‘Salesman’
Wantrepreneurs also blame their lack of sales skills for holding them back.
True and successful entrepreneurs work hard to overcome all obstacles, including a lack of sales skills.
Has an Eternal Goals List
Wantrepreneurs might have unique and creative ideas, but they are typically hopeless at getting things done. From money goals, to vacation ones, career goals to New Year’s Resolutions, a wantrepreneur’s goals list rarely has anything ticked.
How to Determine if You’re a Wantrepreneur or an Entrepreneur?
If you’re unsure whether you’re an entrepreneur or are stuck in wantrepreneur doldrums, take a look at the following means of determining your businessperson status.
You’re Forever Waiting for those ‘Perfect Conditions’
It might be a recession, personal problems, or an unexpected promotion at work that’s holding you back from taking the plunge and starting your own business. Waiting for those ‘perfect conditions’ that rarely surface, is a tell-take sign that you’re a wantrepreneur.
You’re Opposed to Taking Risks
Not all risks pay off, but entrepreneurs recognise that even failure provides an opportunity to learn. If you’re opposed to taking risks and don’t regard risks in any optimistic light, you could well be a wantrepreneur who aspires to be an entrepreneur rather than an actual entrepreneur.
You Focus Solely on the Money
There’s much more to running a business other than paying cheques into the bank and watching the dollar signs tot up. Running your own business comes with a myriad of rewards other than financial ones.
While it is nice to reap financial rewards, if you’re solely focused on making a ‘quick buck’ and are reluctant to put the blood, sweat and tears to get there, could be a sign that you’re a wantrepreneur not an entrepreneur.
You’re Slow to Adapt
Whatever industry you’re involved in, the business landscape is constantly evolving. Wantrepreneurs tend to be more ‘stuck in the mud’ than entrepreneurs, who are able to adapt to changing environments and demands, always act quickly and strive to innovate within evolving landscapes.
If you’re reluctant to embrace change and are slow to adapt to changing environments, you might be fall into the wantrepreneur path rather than entrepreneur.
You Worry Too Much About Funding
Whereas a successful entrepreneur doesn’t worry about what he or she doesn’t have and goes all guns blaring to get the capital required to get their business venture off the ground, a wantrepreneur worries excessively about funding and not having sufficient funds to pump into their business venture, which can often be used as another excuse for failing to get the business started.
How to Progress from a Wantrepreneur to an Entrepreneur
Prepare yourself to shake off your wantrepreneur shackles. And transform yourself into a thriving and unstoppable entrepreneur. You should consider doing the following:
- Keep your business idea a secret and refrain from shouting about your idea to prevent others from stealing your business plans before you have time to get your venture up and running.
- Get a solid business plan written up ASAP.
- Throw away those negative excuses today and, if you’ve not got time, simply make time!
- Put the work into your business idea by striving to get the funding, sufficiently branding and marketing your business and overcoming obstacles that almost inevitably fall in every business’s way.
- Finish what you started by persevering with your business through a willingness to take sensible risks and putting in some blood, sweat and tears.
Moving from Wantrepreneur to Entrepreneur: Action Steps
Transitioning from a wantrepreneur to a successful entrepreneur involves a shift in mindset and a commitment to action. Here are some actionable steps to help you make this transformation:
Maintain Secrecy: Rather than broadcasting your business idea, protect it until you’re ready to launch. Sharing prematurely can expose your plans to unnecessary risks.
Develop a Solid Business Plan: Invest time in crafting a detailed business plan that outlines your vision, strategy, and execution steps. A well-thought-out plan is your roadmap to success.
Eliminate Excuses: Stop making excuses for not pursuing your business idea. Recognize that excuses are roadblocks that hinder progress. Replace them with determination and a proactive attitude.
Secure Funding: Instead of fixating on the lack of funds, focus on securing the capital you need. Explore various funding options such as loans, investors, or crowdfunding. Don’t let financial concerns be a barrier to your entrepreneurial journey.
Embrace Risk: Understand that entrepreneurship inherently involves risks. Successful entrepreneurs view failures as learning opportunities. Embrace calculated risks and be willing to adapt when challenges arise.
Shift from Money-Centric Focus: While financial success is a valid goal, remember that entrepreneurship offers rewards beyond money. Consider the personal fulfillment, growth, and impact your venture can bring to your life and community.
Adapt and Innovate: Embrace change and stay agile in response to evolving circumstances. Entrepreneurship thrives in dynamic environments. Be open to innovation and continuous improvement.
|Maintain Secrecy||Protect your business idea until it's ready for launch to avoid unnecessary risks.|
|Develop a Solid Business Plan||Craft a detailed plan outlining your vision, strategy, and execution steps as a roadmap to success.|
|Eliminate Excuses||Stop making excuses that hinder your progress and replace them with determination and a proactive attitude.|
|Secure Funding||Focus on securing the necessary capital, exploring various funding options to overcome financial concerns.|
|Embrace Risk||Recognize that entrepreneurship involves risks and view failures as opportunities for learning and growth.|
|Shift from Money-Centric Focus||Consider the broader rewards of entrepreneurship, including personal fulfillment, growth, and community impact.|
|Adapt and Innovate||Embrace change, stay agile, and remain open to innovation and continuous improvement in dynamic entrepreneurial environments.|
Mentorship: The Bridge from Wantrepreneur to Entrepreneur
Mentorship plays a pivotal role in guiding aspiring entrepreneurs away from the wantrepreneurial mindset and toward the path of successful entrepreneurship. Here’s how mentorship can be a transformative force:
- Guidance and Experience: A seasoned mentor can provide invaluable guidance based on their own entrepreneurial journey. They share insights, lessons learned, and strategies for navigating challenges, giving you a head start in your entrepreneurial endeavors.
- Accountability: A mentor holds you accountable for your actions and goals. They help you stay focused, track progress, and overcome procrastination. This accountability prevents you from slipping into the wantrepreneur trap of endless planning without execution.
- Networking: Mentors often open doors to valuable networks, connecting you with potential partners, investors, and collaborators. Networking opportunities can accelerate your entrepreneurial journey and expose you to new perspectives.
- Challenge and Growth: A mentor challenges your assumptions and encourages you to think critically. They push you out of your comfort zone, fostering personal and professional growth. Wantrepreneurs often resist change; a mentor helps you embrace it.
- Inspiration: Interacting with a mentor who has achieved entrepreneurial success can be highly motivating. Their stories of overcoming obstacles and achieving their goals can inspire you to take action and pursue your own dreams.
Finding a mentor can be a transformative step on your entrepreneurial path, bridging the gap between wanting to start a business and actually doing it. Seek out experienced entrepreneurs who are willing to share their knowledge and support your journey. Mentorship can provide the guidance, accountability, and inspiration you need to evolve from a wantrepreneur into a successful entrepreneur.
|Guidance and Experience||Seasoned mentors provide valuable guidance, insights, and strategies based on their entrepreneurial experience.|
|Accountability||Mentors hold you accountable for your goals, helping you stay focused and overcome procrastination.|
|Networking||Mentorship often provides access to valuable networks, connecting you with potential partners, investors, and collaborators.|
|Challenge and Growth||Mentors challenge assumptions and encourage critical thinking, fostering personal and professional growth.|
|Inspiration||Interacting with successful mentors can be highly motivating, inspiring you to take action and pursue your entrepreneurial dreams.|
The distinction between a wantrepreneur and an entrepreneur lies not merely in the aspiration for business ownership but in the transformative actions and mindset that accompany that aspiration. Wantrepreneurs are characterized by their proclivity to talk without action, make excuses, resist risks, and prioritize money over broader rewards. In contrast, entrepreneurs are defined by their commitment to taking calculated risks, adapting to change, embracing challenges, and recognizing that entrepreneurship encompasses more than financial gain.
Understanding this distinction is pivotal for those on the entrepreneurial path. It’s an acknowledgment that the journey to entrepreneurship requires more than just a desire; it necessitates a profound shift in attitude and behavior. The transition from a wantrepreneur to an entrepreneur demands a commitment to proactive planning, risk-taking, resilience, and unwavering dedication.
Ultimately, success in entrepreneurship is not solely measured by financial gains but by the personal growth, impact on others, and fulfillment it brings. By internalizing these principles and taking concrete steps toward entrepreneurship, individuals can transform their aspirations into reality, moving beyond mere talk and into the realm of action and achievement. The journey from wantrepreneurship to entrepreneurship is a transformative one, offering the promise of realizing one’s business dreams and making a lasting mark on the world of innovation and commerce.
This article, "What is a Wantrepreneur and How Can You Avoid Being One?" was first published on Small Business Trends||
By: Gabrielle Pickard-Whitehead
Title: What is a Wantrepreneur and How Can You Avoid Being One?
Sourced From: smallbiztrends.com/2023/09/wantrepreneur.html
Published Date: Mon, 25 Sep 2023 12:00:20 +0000