“There is no secret to success. It is the result of preparation, hard work, and learning from failure” – Colin Powell
10 Shades of Wannabe Entrepreneurs by Valuetainment
General Colin Powell proclaimed it best to all the wannabe entrepreneurs with the above quote. Success is not a walk in the park. Wannabe entrepreneurs underestimate the journey. Wondering if you are a wannabe? YouTube channel, Valuetainment, listed 10 types of wannabe entrepreneurs so that you can identify yourself. This is not to bash anyone, but to help you realize who you are and to improve yourself. You may not know who you are and that’s where you will fail as an entrepreneur. When you don’t know who you are, you will be unstable in all of your decisions. If you don’t find yourself as one of these types, awesome, you’re on your way to being successful. If you find yourself as one of these types, awesome, you have some work to do on yourself.
You can also show signs of a few of these wannabe entrepreneurs. For example, I would have moments where I was an one-night stand entrepreneur because after I finished a sale, I would never talk to that person again. I understood the lesson well as a cell phone salesman when my manager updated me on a customer I assisted. He explained that when I ordered the customer an iPhone 6S with 64 gigabytes, the iPhone 6S with 16 gigabytes came in instead. The customer sent a complaint to the office which came to my manager. I didn’t face a penalty because he ruled it as a 1 strike rookie mistake. Yet it could have been avoided if I check on my customer a couple of days after the deal.
Know these types of entrepreneurs because they are critical to your success! So lets get started!
1. One-Night Stand Entrepreneur
The person only worries about today’s sales and not about future sales. They don’t consider repeat business, returning customers, or referrals. They forget to check on customers and are done with the customer for good once they “sold” them. These people don’t last because they are always focused on new business. The key for your business to succeed and thrive is repeat business from the same customers. Yes, new customers are great. But even better are returning ones. Wal-mart would be called Was-mart if they relied on new customers because they would go out of business real quick. Put time in your existing customers.
This person over promotes and under delivers. They talk a big game but never dish out the promise. Whenever they do this, credibility for the brand goes down because people will talk about it. People always watch you and your brand. It will take you a boatload of time to build trust but only a fraction of a second to lose it when you fail to take your commitments seriously. If you can’t meet a commitment, then simply let that person know. It is better for you to tell that person, then for them to spread it to others.
These wannabes start off excellent and do everything to succeed. Then little by little they start coming into the office an hour late: 9am one day, 10am the next week, 11am the next and it continues from there. And they leave early: come in at 9am and leave at 5pm, come in at 10am and leave at 3pm. Patrick Bet-David of Valuetainment advises the X + Y = 10 formula to avoid the lazyprenuer mentality. You must put in at least 10 hours a day to succeed. Whether you put in 7am to 5pm or 10am to 8pm, make sure you are productive for 10 hours on your business.
4. Get Rich Quick
Entrepreneurship takes time, patience, hard work, endurance, and adaptability. The get rich quick type like to build their fence quick. A fence quickly built is a fence quickly destroyed. Your business is your baby. You can’t form a baby in a week. They take 9 months of patience and care to form. Enjoy the process, and don’t rush it.
The world of business is not all sunshine and rainbows. You will failure more times than you will succeed. Babyprenuers don’t understand this. They try for awhile, fail, and then cry for sympathy. They look for investors and when nobody is interested, they give up and look for a shoulder to complain on. Something or someone will hit you in the back. This is where you will develop a toughskin and succeed, step by step, through persistence. You will win when you stick with it.
6. The Know It All
These people hit walls in their ignorance. They read 10 books and think they know everything. Don’t forget they you are always being watched. People will find out what you don’t know and pounce on it like a lion on prey. You must improve everyday in some form. Know it alls are easy prey. Bob Dylan said, “If you are not busy being born, then you are busy dying.” Stay hungry and keep learning to succeed. Socrates said, “As for me, all I know is that I know nothing.”
This guy is the most fun and always wants to have fun. But they lose money quick and want money for the wrong reasons. They make money just to feed their partying addictions. Real entrepreneurs want to run a business and change lives. Once you party late, you have no energy in the morning to run your business. You must be sharp to handle your business. You must hang around people who are sharp and focused, not the unfocused who splurge once they have a little money.
8. The One Hit Wonder
This person brags about the past more than living in the present and talking about the future. They say things like, “In 2010, I sold a company for $100,000.” Yet, they haven’t done anything since. They pull out pictures to prove it because no one believes them based on their actions today. Like in music, you hear this awesome song and follow the artist, but never hear anything else from the artist again and you wonder what happened to them. As a real entrepreneur, you have to stay consistent. You are only as great as your last action.
9. The Stingypreneur
They have slow growth because they think they are being frugal. They don’t know the difference. Stingy and frugal are two different meanings. Stingy is not spending, even at the benefit of the business. Not hiring employees, but trying to do it all on their own. So they are stuck doing $10 an hour work instead of focusing on important matters. You should be frugal. Frugal is negotiating or looking for ways to save money: “You want $15 an hour, how about $14?” Real entrepreneurs hire teams in order to invest back into their business. You need essentials for your business? Find them at a good price, don’t just neglect it to save.
10. I Get Around
This last of the wannabe entrepreneurs has no focus. They work on a project for awhile and then a rumor comes around advising them to get into this market or that market. So they follow the rumor and start all over thinking that success will come quicker. They don’t know or forget the Law of Averages, that their hard work and success rate resets every time they go into something new. You must have laser beam focus on the brand you build. Successful businessmen stay in a business for years and even decades before they sell or let go of a business. Warren Buffet says that his favorite holding period for a stock is forever before letting it go.
Today’s question: What are some qualities of a wannabe entrepreneur that you show and how can you put a stop to it?
Tell us in the comments below!
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