The word entrepreneur comes from the Old French word entreprendre, which means to undertake. The American Heritage dictionary defines an entrepreneur as “A person who organizes, operates, and assumes the risk for a business venture.”

The definition gives several clues as to what it takes to be successful. Not only must you be able to organize and operate a business, you must be able to assume the risk of doing so. Many people think that risk-taking is synonymous with recklessness. Nothing could be further than the truth. When you are risking your own time, money and future, you must be extremely careful.

If you are not willing to risk failure – or success – then you are not ready to be an entrepreneur. There is no magic formula that will guarantee your success in business or anything else you do in life. Starting and operating a business is a lifestyle decision that must be approached with the big picture in mind.

As a business owner, there is no one to be accountable to except yourself and your customer. You will have a better chance at being successful if you love what you do, create a business that enables you to achieve your life’s ambitions, have an effective support system, and plan effectively.

Four Indicators of a Successful Entrepreneur:

Open to Self Evaluation - Download PDF

• Identify which entrepreneurial traits are your strengths and which are your weaknesses:
  • Independence, Self Discipline, Creativity, Drive, and Leisure
• Share your findings and ask for feedback from your colleagues, mentors, coaches, and partners.
• Accountability and responsibility— you must be willing to OWN all of it!
• Identify your fears—can you face them?
• Conduct a personal SWOT analysis—look at your Strengths, Weaknesses, Opportunities, and Threats. 

Unrelenting Passion for Business Vision

• As an entrepreneur you must have passion for the vision.
• As an entrepreneur you must have a clear business vision.
  • What does success mean to you?
  • What does success mean for your business?
  • How do you measure success in both areas?
  • Identify how your business vision will lead you to success.

Access to Resources

• Time—Conduct a time analysis.
• Money—Do you have it? Can you get it? Do you have a secondary income?
• Talent—What do you offer?
• Outside Support—Do you have support from mentors, friends, family, professionals, and colleagues?
• Training—Do you invest in professional development?

Conduct Skills Assessment - Download

• Business and technical skills assessment.
  • How did you do?
  • What surprised you?
• As an entrepreneur, identify areas for improvement.
• As an entrepreneur, develop a plan.
• As an entrepreneur, enlist help from available resources.