What does it take to be an entrepreneur?

An entrepreneur is many things – a visionary, a planner, a risk-taker – but at the most fundamental level, it’s someone who starts a business that provides a product or service to a customer base. The main types are:
 

• Traditional entrepreneurs: These business owners tend to make enough profit to support themselves and their families. Often, they manage the day-to-day business themselves and hire employees locally.
  
  
• Opportunistic entrepreneurs: They often work in industries with high growth potential and seek venture capital and expert mentorship to help them quickly scale their businesses and maximize profits.
  
  
• Social entrepreneurs: Focused on creating positive change, these entrepreneurs are primarily looking to tackle global issues, such as climate change, poverty and homelessness. In their case, making a social impact takes precedence over profit.

For businesses, economic uncertainty presents significant challenges, such as supply chain issues and volatile inflation. But it also allows for significant opportunities.
 

• Domestic demand and stronger local markets: As Canada explores non-traditional trading relationships, it’s once again focusing on domestic consumption. Interest in interprovincial trade and hyper-local markets can be synonymous with success for enterprising business owners.
  
  
• Innovation opportunities: Nothing drives transformation like uncertainty. By discovering and developing new ways to attract investors and customers and thrive during a downturn, you’ll build trust, relationships and, ultimately, your business.

Being a successful entrepreneur involves much more than a solid idea, a little elbow grease and a hint of luck. Some of the requirements include:
 

• Vision and strategic thinking: Entrepreneurs must be able to develop a solid business model and plan based on their analysis of the market and their ability to identify opportunities and determine next steps.
  
  
• Resilience and adaptability: The ability to withstand adversity and bounce back is critical to a company’s long-term viability.
  
  
• Financial literacy and resource management: As your business grows, so will your team. But in the beginning, entrepreneurs need to understand how to balance the books and effectively manage the day-to-day inflows and outflows of their business.
  
  
• Time management and delegation: Especially when just starting out, entrepreneurs are required to multitask efficiently, from setting priorities to completing tasks and meeting deadlines. As your business grows, you’ll want to move away from day-to-day operations to focus on big-picture matters, which means effective delegation is essential.
  
  
• Creative problem solving and innovation: Entrepreneurship doesn’t happen in a straight line or on a traditional schedule. Supporting a business means thinking outside the box and finding new and unexpected ways to tackle problems as they arise.
  
  
• Relationship building: Having an appetite for networking and developing your professional relationships is crucial to your success as an entrepreneur. Strategies can include attending events to get your name out there and make connections, engaging with new communities on social media and growing existing relationships.

Running a business can be incredibly satisfying, but it’s also a complex and challenging endeavour that requires a positive mindset and strong soft skills. These include:
 

• Passion and trust: The more passionate you are about your business and learning how to build a business, the more likely it is that potential partners, customers and employees will join you. If you believe in yourself and your business, it’s easier to move forward even when things don’t go as planned. While it’s normal to have doubts, don’t let them hold you back. Instead, let them inspire you to refine your ideas – the stronger they become, the more your confidence will grow.
  
  
• Self-awareness and emotional intelligence: Recognizing and understanding your own emotions and those of others will allow you to effectively manage them and guide their impact. Emotionally intelligent entrepreneurs are better able to communicate with their teams and lead with empathy. They’re also more likely to connect with their customers in an honest and transparent way.
  
  
• The desire to foster a support network: It takes a whole village to create a business. Not only do you need to have talent and determination, but you also need to learn how to find the right people. Building strong relationships over time with your customers, employees, partners and service providers will help you succeed. And if you ever need a hand, you’ll know who to turn to.
   
• The ability to handle failure and learn from setbacks: In every business, setbacks – big and small – will happen. This doesn’t mean that your idea is fundamentally wrong or that you’re not built to succeed. Sometimes all you need to do is dust yourself off and make a few changes. Don’t let a rejection or mistake break your stride: let them strengthen your resolve and propel you to greater heights.
  
  
• Centring your personal values: Is your company in line with your belief system? Think about the things that matter most to you and, if you like, write them down to serve as a visual reminder. Being your own boss means that you can make a difference in the lives of others by building on what’s critically important to you.
   

Entrepreneurship can involve significant risks and considerable rewards. Financial precariousness, impending failure and decision fatigue are all part of the equation – as are the joys of setting your own agenda, dictating your schedule and having the freedom to build what your heart desires.
 

If you’ve always dreamed of starting your own business, check out our Business Start-Up Guide and contact us today. We’re here to answer your questions.