Entrepreneur or Wantrepreneur – who are you?

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Entrepreneurship has become a very hot buzzword these days. Achieving milestones, Chasing the dreams and building something that may be the next-big-thing of tomorrow, are some of the key highlights of the entrepreneur in the process. But while you feel that people are finding this buzzword a step to chasing glory, most of the time it’s misleading. No doubt, one might feel entrepreneurship is a rising interest to a new professional and commercial height, but there is a critical difference that separates an entrepreneurial aspirant, otherwise known as a wantrepreneur, from an Entrepreneur.

A lot of businesses have started to kick off from coworking spaces. I wrote a piece that explains the coworking culture. Each day brings a lot of fresh and winning ideas into the minds of aspiring entrepreneurs, but the truth of the matter is, very few manage to put it into action by stepping out to nurture the idea into a successful business. So what’s the reality of they being a stalemate at Wantrepreneur?

The difference between wantrepreneur and entrepreneur

The entrepreneurs are driven by their passion, wantrepreneurs are pondering what their passion should be. While most of the entrepreneurs are busy in working on important tasks like validating customer problems, highlighting target market, finding paying customers, Wantrepreneur is busy in highlighting fun tasks like “What should be the logo look like?”, “What the office space should look like?” and many uncharacteristic thought processes. Of course, the branding is important, but what the show if the idea by itself is not viable and you are focusing on all things that don’t really matter at critical points?

If you are 100% committed to your business, it is easier to convince others to believe in you and your work as well. It does take a lot of hard work to mature the idea from initial inception, and passion is what makes you move along despite challenges you face on the go. Withdraw passion from the entrepreneurship journey, it remains merely an idea.

Entrepreneur Business
Image Credit: Joshua Earle

Entrepreneurs will strive to achieve what they say they are going to do while Wantrepreneurs are busy talking to several people about how ‘great’ the idea is but never get started. How can one term the idea great, when one needs to actually test the waters by identifying the problem and what better you to so solve it. Fear is one of the most critical components that separates entrepreneurs from wantrepreneurs. While Wantrepreneurs are busy boasting about the idea, Entrepreneurs are looking at the problems they can solve, differently.

The Failure Story:

You will learn more by executing the idea rather than with planning for a million years. Many aspiring entrepreneurs fall short of starting up just because they obsess about finding the right idea and failing it. You got to be saying to yourself “Launch the damn thing” and hear from the users. You could build it as a prototype or beta and float it across into the hands of the people, customers. Let the actual customers sample it. You will then have feedback which you can improve upon.

If you fear failure, you are never meant to be an entrepreneur because tasting the failure will help you discover the secret ingredient of building a successful venture. Real entrepreneurs embrace and learn from failure, wantrepreneurs are defeated by it.

In fact, to quote an example, Angry Birds, the incredibly popular game, was software maker Rovio’s 52nd attempt. It took them 8 years and nearly went bankrupt before finally creating one of the best mobile games.

There is a difference between growing money vs building money. Even if you manage to get to a point, but it won’t be long-lasting. Money is important, but not more than the solution to the problem you are providing. Of course, when we talk about startup, you will need some capital too. It could be to set up your office, buying infra-needs, building team, paying your startup bills and much more. But where there are problems, you can also challenge to find solutions.

Entrepreneur Business
Image Credits: JEShoots

There are a lot of ways to ways of raising money to build your product. Many choose from resources like savings, friends, family while others are talking to the investors. Some may also go crowdfunded. Work on the proof of concept in the early stage.

Learning in the journey is the key:

Why invest in time in thinking about other people’s success than focusing about your own business? There’s a Goal which entrepreneurs think is achievable. That’s one of the key highlight of the entrepreneur. Entrepreneurship is like a one long university education that you never experienced but yet it calls you to learn, learn harder. It makes you challenge yourself every time in this journey. A real entrepreneur is forever a student while wantrepreneurs are happy with just a few lessons. Like the trend suggests, not all businesses take off, but it all nails down to Persistence, Dedication and Commitment before you call it quit.

When looking at most successful people and organizations, we often interpret their journey to be straight and smooth to the promised land. But what people miss spotting in this journey are the crushing defeats, setbacks, countless learnings, which defines the route’s genre. There’s an old saying, next time you sense sting of failure, think it as a step closer to hitting your target. Who knows, these stings could actually help you be that next “overnight” success story. Keep Thinking-Building-Thinking. Your inner belief will drive you towards your goal.


Looking for advice on your startup or have an idea that you want to discuss, let’s speak. My contact details are here.


Image Credit: Randy Jacob

 

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