Do you have what it really takes to be an entrepreneur?
There are not a lot of people which quite understand just how hard it is to build a business and the levels of risk you are taking to start one. Its more difficult than most would think and its not for the faint either. There are so many factors to consider when your trying to build one you should be clear about whether its the right choice for you. Its not only a lifestyle choice but also a career in itself. So do you really have what it takes to be the best and make it in the world of entrepreneurship?
Companies like coinbase, dropbox and airbnb would never have started if people where not willing to take risk. The coinbase CEO talks about the fact that he started building coinbase while he was still working and would not recomend doing it without having some kind of base or jumping into something without having some kind of backup plan.
The traits needed are clear. One needs to be determined, a risk taker, a good salesperson (as Mark Cuban says) and in a way get lucky on top of all of this. I have worked in finance myself, been backed by a top-tier VC for a business as well as sold an online business and I can tell you after leaving finance to try entrepreneurship i was surprised at just how hard it really is. Not only are you fighting off competition, fundraising all the time and trying to keep finances in check you have to worry about falling behind constantly.
“I don’t care what anybody says. Timing matters. For smaller businesses, it’s more effort. And maybe some luck, in terms of, hey, you know somebody, or you learned how to use AI better, or somebody down the street made the exact product that you were looking to sell, that’s luck.
"“When I started Audionet and it turned into Broadcast.com, we went public right at the very exact time"
Cuban also says having the right mindset is critical to success.
Thinking about leaving your job?
Probably dont. Try small things on the side and see if they work and do a lot of reading about the risks you are going to take if you do end up taking the leap.
Below, we talk about accelerators and which ones are worth doing
Vlad Kozul