Entrepreneurship is a big part of the American dream, and most of us have considered starting a business at least once in our lives. If you’re considering putting your big idea into action, maybe it’s time you evaluate yourself to see if you have what it takes to make it in business. Building a startup can be an overwhelming experience, and business leaders must constantly change and adapt to modern landscapes. Not only that, but there is a huge possibility for failure. It is the task of the entrepreneur to keep his vision alive and well despite any difficulties.
In business, there are generally two types of leaders – transactional and transformational leaders. Transactional leaders are good at running already-established companies. They immediately fit into an established system. Transformational leaders are those who shift business paradigms. They are often the startup founders and entrepreneurs of the world. As entrepreneurs, leaders of both types, are forced to deal with incredible obstacles – including doubt, the possibility of bankruptcy, loneliness, fear of failure, and the chance that they may go down with their own ship. On the plus side, transformational leaders get to establish the rules for themselves.
Successful transformational leaders are often very committed to their own ideas, need little sleep, experience elevated moods, and suffer racing thoughts. They’re also often built to weather tough storms. Successful entrepreneurs require the skills – or the ability to hire someone – to develop their own websites and mailing lists, market their company via blog posts, develop and track a sales funnel, utilize Google analytics, train interns, maintain a basic understanding of technical writing, hire good employees and fire bad ones, write well enough to be understood, know enough to fill a book, raise money, and keep excellent track of company finances.
On a personal level, entrepreneurs must be able to lead, follow, hook up with a mentor, work for 36 hours straight, work alone, work together, and use creative problem solving skills.
It may seem that one person couldn’t possibly embody all of these qualities, but successful entrepreneurs abound, including Microsoft’s Bill Gates, Google’s Larry Page, MeetMet’s Catherine Cook, and Apple’s Steve Jobs.
Steve Jobs summed up his entrepreneurial success thusly: “I’m convinced that about half of what separates the successful entrepreneurs from the unsuccessful ones is pure perseverance.”