Do You Have Them?

“It is so important for people to figure out before they even start looking around if they are really right for franchising” — Joel Libava

Many people decide simply on a whim that they want to become entrepreneurs, or go into franchising. What they don’t understand is that it takes skill and intuition to actually become a successful entrepreneur. Not everybody is cut out to deal with this grueling process but there are a few things, certain characteristics that decide whether you have what it takes to excel in the world of human sharks.

Entrepreneurs are the people who start their own businesses, mostly working alone. Having a check of a huge amount of money does not make you a born businessman. There are still a lot of traits that are needed to start up and then continue expanding a successful entrepreneurship. The world of franchising can be very confusing and often daunting. People with strong will power and a clear understanding of what they are about to step into are the ones who survive. Not only are they the ones who survive but they are the ones who really excel. Some things that can help you decide whether you have entrepreneur characteristics are given below:

  • Joel Libava is thought to be the king of franchising, who has written books about the qualities that make a good entrepreneur. According to him the most important thing in an entrepreneur is that he should not have an ego and has the tendency to be flexible depending on what is required. If a franchisee is stubborn, does not play by the rules or is a revolutionary, then he would have a very difficult time in becoming a successful business man. A certain amount of malleability, easy going nature and the ability to stick to rules is required to succeed.
  • What is absolutely essential is the trait to believe in long term planning. A blooming entrepreneurship can only happen if the entrepreneur is willing to sacrifice the short term gains for long term benefits. If you want to become wealthy overnight then entrepreneurship is not your forte! You have to stick by certain steps and then wait for them to blossom into a huge enterprise. There are no quick routes to become a truly flourishing entrepreneur.
  • A true entrepreneur is one who is willing to take risks and who sees opportunity where others only see a hassle. Without risks, nothing works. You have to have the intuition (or develop one really quickly) to know that this is the thing that can give long term gain. And you have to be willing to risk it. Of course, it can go either way, up or down. But the ability to decide what will turn to gold is crucial in profiting entrepreneurs.
  • Problem solving and keeping a clam, clear head in crisis is necessary in an entrepreneur. If you don’t know how to wade out of a problem or how to deal with a situation without suffering an emotional breakdown, then you can’t manage a business for too long. It is a fact that when you step into entrepreneurship, you are stepping into a world of uncertainties. You have to have the guts to deal with them. Only then would you be able to build yourself a booming empire not just a small down business that only your fellow townsmen know about.
  • The entrepreneur must also know what they want, when they want it and how they want it. That goes in all departments of life, whether it is personal or professional. If they are not ready with their ideas then say goodbye to entrepreneurship. Life is not a piece of cake, especially not, if you have decided to become the owner of a huge enterprise. You have to be able to take quick decisions and then stick by them until they yield the result of your choice.
  • If you want to become a successful entrepreneur you have to have the ability to make things happen. If you are the laid back type of person who waits for things to untangle themselves or go along with whatever is happening, then you most certainly can’t deal with the pressures of entrepreneurship. You have to learn to become the person who doesn’t sit around waiting for things to happen, but plans them and then make them happen. The lack of this characteristic is what takes most people down. You should be able to bring about the ideas, facts and figures that are printed on the paper to physical reality.
  • Being tech-savvy is a huge life saver in the entrepreneur business. It is important that you stay up-to-date with the latest technology. It helps expand your enterprise especially when it comes to communication. Only if you understand what the technology is, would you be able to work with it and take its full advantage. Remember, an entrepreneur has to have an upper hand in all matters of his business. Just having a vague knowledge is not enough. Knowing them in depth is what’s required.

It is the right sort of attitude that makes a simple business man, the owner of a huge booming enterprise. Make sure that you know what you are getting involved into, all the ups and downs of entrepreneurship, before you decide that you want to step into the precarious world of the entrepreneurs.

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