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10 Differences Between Entrepreneurs And Wantrepreneurs

10 Differences Between Entrepreneurs And Wantrepreneurs

Nowadays people do not aspire to work for a big company and climb the corporate ladder. They would rather reach for success by having their own business.  But there’s a huge difference between entrepreneurs and wantrepreneurs, i.e. those who want to be entrepreneurs but don’t quite pull it off:

1. Entrepreneurs believe in themselves while wantrepreneurs think it’s all about them

Wantrepreneurs think the business revolves around them. Entrepreneurs believe in themselves, in their team. They know they can’t do it alone, that their team is essential for the growth and success of the business.

2. Entrepreneurs keep moving while wantrepreneurs keep complaining

Guy Kawasaki, founder of AllTop once said, “Ideas are easy. Implementation is hard.”

Entrepreneurs make things happen, no matter how small a step forward it is. Wantrepreneurs are always looking for excuses and complain when it gets hard to get going.

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3. Entrepreneurs don’t let failures stop them while wantrepreneurs easily get discouraged

Entrepreneurs take it from Steve Jobs who once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”

Entrepreneurs carry on, learn from their mistakes and work it off. Thomas Edison kept working on discovering the light bulb after failing 1,000 times. Wantrepreneurs get discouraged and stop altogether.

4. Entrepreneurs aim to be the best while wantrepreneurs aim to be rich

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh, CEO of Zappos

Entrepreneurs work to be the best in their industry, to leave their mark on the world.  They believe in the adage passion before profits. Money to them is just a side benefit, a prize for doing a good job. Wantrepreneurs work only for the money.

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5. Entrepreneurs work hard for the business while wantrepreneurs work hard for their image

According to Thomas Edison, “Genius is 1% inspiration, and 99% perspiration.”

Entrepreneurs work hard to make their business a success. They’re too busy with working to worry about what other people think about them. Wantrepreneurs don’t have the patience to work on the business. They look for shortcuts and prefer to spend their time making people think they are already a success.

6. Entrepreneurs work to get what they need while wantrepreneurs wait for it to be given

“Any time is a good time to start a company” – Ron Conway, Startup Investor, SV Angel

True entrepreneurs do not wait for funding or additional resources to start and keep on going. They find ways to raise capital and work to get additional funds. Wantrepreneurs don’t do anything until they get the capital they think they need to get the business off the ground.

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7. Entrepreneurs adapt to changes quickly while wantrepreneurs call for meetings

When there are changes in the business environment, entrepreneurs are able to act quickly to adapt, and often times finding opportunities in the change, whether it is a better way of doing something or tapping a previously unknown market. Wantrepreneurs are often shaken by change and are too busy discussing every little aspect of a change during meetings to adjust on the changes. Therefore they are often left behind.

8. Entrepreneurs innovate while wantrepreneurs procrastinate

“You just have to pay attention to what people need and what has not been done.” – Russell Simmons, Def Jam founder

Entrepreneurs don’t wait for the perfect idea to come to their mind. They know it doesn’t have to be original or unique to make it successful. Often the best idea is seeing the gap or the need to improve on what already exists. And a lot of successful businesses started with the entrepreneur needing something he/she couldn’t find anywhere.

Wantrepreneurs, on the other hand, obsess about finding the right idea or the next big trend that will get them rich quickly.

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9. Entrepreneurs are risk-takers while wantrepreneurs are risk-averse

Ray Kroc, founder of McDonald’s famously said, “If you’re not a risk taker, you should get the hell out of business.”

The business world is tough and only a handful survive the cutthroat arena. Entrepreneurs are not afraid to risk their funds, image, or business because they believe in their business, their product. They know the risks involved and yet they put out. Wantrepreneurs would rather bet on a sure thing.

10. Entrepreneurs are driven by their passion while wantrepreneurs are driven by someone else’s passion

“Choose a job that you like, and you will never have to work a day in your life.” – Confucius

An entrepreneur is driven by his passion for his business. It is something he loves to do, something he believes in. Wantrepreneurs follow the trend, simply because it has proven successful already.

Featured photo credit: British High Commission, Ottawa/Entrepreneurs are GREAT! via flickr.com

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Lianne Martha Maiquez Laroya

Lianne is a licensed financial advisor, Registered Financial Planner, entrepreneur and book author.

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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