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With all the digital tools available, anyone can be an entrepreneur. Many people soon discover that entrepreneurship requires passion and drive. According to the U.S. Bureau of Labor Statistics (USBLS), nearly 20% of small businesses fail in the first year, and 50% fail after five years.
How do you know if you are ready to be an entrepreneur?
1. You are always looking for more
My first job was as a paperboy at a 50-home route when I was 11. I was delighted to have my own money, and was eager to find more. I began to think about other products that I could offer to my customers, and I started offering cleaning products to them when I met with them twice per month. Now, looking back, I can see that my entrepreneurial spirit was evident in this drive, even as a young man. Nearly every successful entrepreneur has a hunger for more.
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2. You are a problem solver
A pain point is the best place to start when creating a new product or business. Is there something missing in the industry that you want to work in? Are there any processes that could be simplified or solved by a product/service? After working in the insurance business in the 90s, it was time to think about how I could improve the industry. It is notoriously slow and behind the times. I knew there was a way. The internet and computer access being more easily available, I expected that there would be a way for these technological advances to be combined with the slow-moving insurance industry processes. I created a laptop enrollment system in 1993 to communicate core benefits as well as voluntary benefits. This was 10 years before digital technology was available. You could be a great entrepreneur if you are good at identifying and solving problems.
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3. You are a self-starter
You are the only one who can push you when it comes to starting your own business. Entrepreneurship is not for the faint-hearted. It is hard work. Your business won't succeed if you don't have the drive and motivation to run your company, make difficult decisions, and put in long hours. True entrepreneurs realize that their fate is in control and are motivated to do their best for their company.
I have started several businesses over the past 40 years and I know firsthand the challenges, but I also know the benefits. It's time to unleash your creativity and drive if you are an entrepreneur. It will amaze you at the places it can take.
Related: 10 Personality traits of legendary entrepreneurs
