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5 Questions To Ask Yourself If You Want To Be An Entrepreneur

5 Questions To Ask Yourself If You Want To Be An Entrepreneur

When people talk about entrepreneurs, they often imagine they are talking about people who are very creative, and who have great vision, and leadership ability. While these traits may be common to many great entrepreneurs, most experts agree that entrepreneurs have five ways of thinking that set them apart from other people. So if you want to know whether you can make it as an entrepreneur, ask yourself the following five questions.

1) Do you relate positively to setbacks?

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

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Setbacks are a reality of every entrepreneur’s life and this is one of the most challenging aspects of entrepreneurship. The truth is that most people aren’t up to these challenges, and when such challenges arise, react to them negatively instead or perservering. While it is true that setbacks can delay your progress, true entrepreneurs see the benefit of them. To them, they are an opportunity for receiving feedback, or for identifying weaknesses in their strategy or in themselves. They then take appropriate steps to make sure these setbacks don’t happen again.

2) Do you value risk?

One of Mark Zuckerberg’s most famous quotes is, “The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” If there is no risk involved in what you’re doing, then chances are there’s not much reward either. The challenge here is to differentiate between risks that you can measure, manage and minimize with whatever resources you have, and risks that are likely to have a detrimental effect on your business. If you see all risk as bad, then you aren’t ready to quit your steady corporate job right now.

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3) Can you break big things down into small pieces?

This relates both to problems and large tasks. Sure, you need to see the big picture. However, the ability to see a large thing as simply the sum of its parts is an invaluable skill. Problems will no longer be insurmountable, as you can break them down into manageable parts. Large tasks will feel more doable and you’ll be less prone to procrastination.

4) Do you make decisions based on your heart or your head?

Because you’re creating something from scratch, you don’t have the luxury of putting off or prolonging decisions. If you take a long time to make decisions, chances are you overthink things. Most entrepreneurs feel their way through things and make quick decisions based on their intuition, rather than their head. Learn the art of quick decision-making. Learn to give yourself a 2-minute deadline in order to prevent over-analysis. Don’t ask advice from too many people, as this will simply lead to information overload. Instead get advice from experts or people who have the same perspective as you.  Blink by Malcolm Gladwell is an excellent source of information on quick decision-making.

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5) Are you willing to accept that you’ll have to change?

As an employee, you know what you have to do every day. There are schedules, meetings and reminders to keep you on task. As an entrepreneur you won’t be tied to a desk. Your business is your life. It’s who you are, and to a large extent, what defines you. The difference between wanting to run your own show and actually running your own show is mindset, so if you’ve been in full-time employment for a while, your mindset will have to change. This may mean undergoing some personal development, such as NLP, or finding a mentor to help you along the way.

There are many rewards that go with being an entrepreneur; being your own boss is something most people dream of. But before you go ahead and quit your day job, make sure you’re up to the task.  

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Featured photo credit: Steven Depolo via flickr.com

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Linda Paull

Linda is a passionate writer who shares lifestyle tips at Lifehack.

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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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