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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 May 20, 2020

What Are Analytical Skills (And How to Strengthen Them For Success)

What Are Analytical Skills (And How to Strengthen Them For Success)

Everybody makes bad decisions. Some people, however, are more capable of making better decisions that inch them closer to success.

These individuals are not ruled by emotions, desires, or hunches. Rather, they depend on their analytical skills to overcome challenges regardless of urgency or complexity.

What Are Analytical Skills?

According to Richards J. Heuer Jr., a former veteran of the CIA,[1]

“Thinking analytically is a skill like carpentry or driving a car. It can be taught, it can be learned, and it can improve with practice. But unlike other skills, it is not learned by sitting in a classroom and being told how to do it. Analysts learn by doing.”

Analytical skills can be considered as one of the critical life skills that are not taught in schools. It comprises of visualization, critical thinking, and abilities for gathering and processing information.

Here’s a closer look at some of these abilities:

Visualization

Also tied to a person’s creativity, visualization is the ability to predict the possible outcomes of strategies and actions. In a professional setting, visualization involves the analysis of data – often through illustrations like charts, graphs, and detailed lists.

Critical Thinking

Simply put, a person’s ability to think critically can be measured by his or her consistency in creating reasonable decisions. It pertains to the ability to evaluate information, siphon what’s useful, and draw conclusions without being swayed by emotions.

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As a critical thinker, you’ll find yourself challenging assertions and finding loopholes in proposed solutions.

Computing

Whether you like it or not, you need to be comfortable with numbers if you want to sharpen your analytical skills. Bear in mind that computing encompasses other skills like cost analysis, budgeting, and performing general calculations.

In business, you need to use computations when weighing the risks and benefits of any given strategy.

Problem-Solving

Remember that analytical skills are used not just to understand problems, but also to develop the most suitable course or courses of action. This relates to your goal-setting skills, which involve breaking down and prioritizing between objectives.

Resource Management

Lastly, analytical skills involve some degree of resource management depending on the task at hand.

For example, professionals with a tight schedule must know how to effectively manage their own time – also known as one of the most important resources in the world.

Business leaders, on the other hand, must know how to manage company resources, including cash and manpower. Take note that the definition of analytical skills may change to match the requirements of a specific situation.

For example, upon hiring a web developer, analytical skills may refer to the ability to determine the needs of online users, understand web analytics for optimization, and identify visual elements that can match a company’s brand.

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The skillset above, however, should be applicable in most if not all scenarios.

Develop Your Analytical Skills for More Growth Opportunities

There’s no question that the right decisions lead to positive results. It doesn’t matter if you’re running a business or simply trying to climb the corporate ladder. By training your analytical skills, you position yourself for more growth opportunities while staying away from negligible actions you will regret.

For example, you plan to launch a new startup in your local community – but struggle to decide the niche you want to enter. Since you’ve been a technophile your whole life, part of you desires to invest in a gadget store. If you’re passionate about your business, success will come – right?

If you have sharp analytical skills, you begin to see your plans in whole new dimensions.

What are the possible outcomes of this venture? Does the local market have a need for a new gadget store? How much do I need to get started – and how much should I sell to make a profit?

Depending on your findings, you can determine the feasibility of your business idea without letting your emotions get in the way.

6 Ways to Strengthen Your Analytical Skills

There are several approaches when it comes to developing an individual’s analytical skills. For instance, psychologists agree that reading fantasy stories as a child can help sharpen critical thinking.[2]

Research also suggests that undergoing traditional education has a positive effect on a person’s IQ and analytical skills.[3]

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But as an adult, such opportunities to hone your analytical skills no longer apply. That’s why you need to devise a more deliberate, active approach yourself.

Below are a few strategies to get you started:

1. Ideate Business Ideas

Developing a profitable business idea, whether you pursue them or not, involves numerous challenges. You need a ton of research, computations, and problem-solving to create a tangible business plan.

You can organize your ideas with a note-taking tool like Microsoft OneNote or Evernote. Doing so will allow you to delve deeper into your analysis, organize your findings, and stay focused on roadblocks as well as how to solve them.

2. Leverage Analytical Tools

Aside from note-taking tools, you can also leverage other software that can help with analytical tasks. A money management app like Mint, for example, makes it easy to track your spending habits as well as manage your budget with visual tools. When it comes to prioritizing goals, you can use simple task management apps like Trello or Wunderlist.

3. Have a Personal Learning Library

Thanks to the internet, there’s a colossal amount of resources you can utilize to learn new skills, expand your vocabulary, and train your visualization muscles.

Social media networks like SlideShare and YouTube, for example, offer mountains of tutorials you can access to your heart’s content.

For a personalized learning library, you can download Instagram videos or GIFs from educational accounts like NASA Goddard and the American Mathematical Society. But if you prefer specific, technical skills, then a good place to start would be online learning platforms like Coursera, edX, and Alison.

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4. Participate in Online Communities

The internet is a great place to share experiences, opinions, and sometimes intellectual discussions with like-minded individuals. Reddit, for example, has a place or “subreddit” dedicated for every topic imaginable – from technology to entrepreneurship.

For structured debates, you can head to websites like Debate.org and let other users choose the winner via votes.

5. Seek Mental Stimulation

To keep your mind sharp, make it a habit to engage in mentally stimulating activities, such as chess, puzzles, and brain training apps. A great resource would be Lumosity, which contains dozens of cognitive games designed by teams of scientists and game designers.

6. Keep a Personal Journal

Finally, keeping a personal journal allows you to take a second look at everything that happened in your day.

Remember that writing about learning experiences lets you focus on the lesson rather than the emotion. It will help you analyze how you made your decisions, why you came to certain conclusions, and what you can do to improve in the future.

Here’s How to Create a Habit of Writing in a Journal.

Bottom Line

As an adult, you are required to face a myriad of challenges on a daily basis. Work, school, business, relationships – the list goes on when it comes to the sources of life’s problems. With analytical skills, you can confront and overcome any obstacle standing between you and your goals.

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Featured photo credit: Campaign Creators via unsplash.com

Reference

[1] M. S. Ramaiah University of Applied Sciences: Analytical Thinking?
[2] KD Novelties: Why You Should Read Classic Tales to Your Children
[3] Economic Inquiry: The Effect of Education on Cognitive Ability

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