As the name suggests, a wantrepreneur aspires to own their own business and become an entrepreneur.
A wantrepreneur doesn’t hold back in talking about their great business idea. Though the bragging often doesn’t turn into action. And the wantrepreneur can tend keep on talking about their business idea forever!
Traits of a Wantrepreneur
Some of the key traits of a wantrepreneur include:
Talks the Talk but Doesn’t Walk and Walk
Someone might posses the next billion-dollar business idea. But they also must get active pursuing their business idea. And avoid becoming one of those people who do nothing but talk. Otherwise they’ll fall head first into the wantrepreneur category.
Makes Excuses for Not Getting their Business Idea Up and Running
Excuses include not having the time, lacking the funds or waiting until ‘next month’ to start. Wantrepreneurs are full of them. They use them to explain their lack to entrepreneurial action.
Refuses to Perceive Themselves as a ‘Salesman’
Wantrepreneurs also blame their lack of sales skills for holding them back.
True and successful entrepreneurs work hard to overcome all obstacles, including a lack of sales skills.
Has an Eternal Goals List
Wantrepreneurs might have unique and creative ideas, but they are typically hopeless at getting things done. From money goals, to vacation ones, career goals to New Year’s Resolutions, a wantrepreneur’s goals list rarely has anything ticked.
How to Determine if You’re a Wantrepreneur or an Entrepreneur?
If you’re unsure whether you’re an entrepreneur or are stuck in wantrepreneur doldrums, take a look at the following means of determining your businessperson status.
You’re Forever Waiting for those ‘Perfect Conditions’
It might be a recession, personal problems, or an unexpected promotion at work that’s holding you back from taking the plunge and starting your own business. Waiting for those ‘perfect conditions’ that rarely surface, is a tell-take sign that you’re a wantrepreneur.
You’re Opposed to Taking Risks
Not all risks pay off, but entrepreneurs recognise that even failure provides an opportunity to learn. If you’re opposed to taking risks and don’t regard risks in any optimistic light, you could well be a wantrepreneur who aspires to be an entrepreneur rather than an actual entrepreneur.
You Focus Solely on the Money
There’s much more to running a business other than paying cheques into the bank and watching the dollar signs tot up. Running your own business comes with a myriad of rewards other than financial ones.
While it is nice to reap financial rewards, if you’re solely focused on making a ‘quick buck’ and are reluctant to put the blood, sweat and tears to get there, could be a sign that you’re a wantrepreneur not an entrepreneur.
You’re Slow to Adapt
Whatever industry you’re involved in, the business landscape is constantly evolving. Wantrepreneurs tend to be more ‘stuck in the mud’ than entrepreneurs, who are able to adapt to changing environments and demands, always act quickly and strive to innovate within evolving landscapes.
If you’re reluctant to embrace change and are slow to adapt to changing environments, you might be fall into the wantrepreneur path rather than entrepreneur.
You Worry Too Much About Funding
Whereas a successful entrepreneur doesn’t worry about what he or she doesn’t have and goes all guns blaring to get the capital required to get their business venture off the ground, a wantrepreneur worries excessively about funding and not having sufficient funds to pump into their business venture, which can often be used as another excuse for failing to get the business started.
How to Progress from a Wantrepreneur to an Entrepreneur
Prepare yourself to shake off your wantrepreneur shackles. And transform yourself into a thriving and unstoppable entrepreneur. You should consider doing the following:
- Keep your business idea a secret and refrain from shouting about your idea to prevent others from stealing your business plans before you have time to get your venture up and running.
- Get a solid business plan written up ASAP.
- Throw away those negative excuses today and, if you’ve not got time, simply make time!
- Put the work into your business idea by striving to get the funding, sufficiently branding and marketing your business and overcoming obstacles that almost inevitably fall in every business’s way.
- Finish what you started by persevering with your business through a willingness to take sensible risks and putting in some blood, sweat and tears.
This article, “What is a Wantrepreneur and How Can You Avoid Being One?” was first published on Small Business Trends