The word “entrepreneur” can be intimidating for a lot of people. And, it’s not usually because of its lengthy spelling. When most people hear the word “entrepreneur,” they think of risk, ingenuity, and maybe, if you’re lucky, success. Of course, starting your own business can be lucrative. People wouldn’t do it if there wasn’t some sort of benefit. However, the first two ideas that pop into peoples’ minds—risk and ingenuity—are what intimidate and, therefore, cause many individuals to shy away from entrepreneurship.
As for soothing your worries about taking risks, well, that’s as much of a personal obstacle as it is a business obstacle. To some degree, any business decision you make—taking on new clients, eliminating others, etc –involves risk. But, as they say: the greater the risk, the greater the reward. Once you’re able to put yourself out there and be willing to fall down, scrape your knees, and get back up, you’ll have the proper mindset to start your own business and position yourself for success.
Whether it’s a natural characteristic or an artificial one, preparing yourself to take the risks is an important part of entrepreneurship. That being said, the willingness to take a risk isn’t all it takes to become a successful entrepreneur, obviously. You need an idea. You need a business plan. However, this should not be as daunting of a task as some make it out to be.
People tend to think they need an ingenious idea in order to launch their business. I mean look at Pat Olivieri who sold thinly sliced steak with onions on a sandwich, catapulting the Philly Cheesesteak phenomenon. Of course, it’s always nice to have an original idea that catches like wildfire, but the fact of the matter is that you don’t need some ingenious, groundbreaking plan to be successful. Sometimes you have everything you need to go into business for yourself.
Now more than ever, individuals find themselves graduating college with a degree and ask, “now what?” With a limited job market, it can be difficult to put that degree to good use. However, sometimes what you need is just under your nose. Take Joe and Kelly Rainer, owners of South Jersey based Rainer Painting Company, for example. Joe received his Masters Degree from Drexel University in Business Administration while Kelly graduated with a Technical Degree in Interior Design from the Art Institute of Philadelphia. By combining their degrees and using contacts in the Philadelphia/South Jersey region, the two opened Rainer Painting Company, which has been successful for over two decades.
Becoming an entrepreneur requires the right state of mind. You need to be willing to take some risks, and you need to be able to sell your idea. However, where most people tend to fall short is they are either scared to take the risk, or they’re intimidated by creating their own business plan. But, it doesn’t need to be that difficult. A business plan doesn’t necessarily have to be ingenious. It can be as practical as starting your own painting company. And, once you feel comfortable with your business plan, it should help eliminate the stress of taking a risk. Acquiring the right mindset is your first step to becoming an entrepreneur.