Do You Have What it Takes to be an Entrepreneur?

Having a good idea doesn’t make you an entrepreneur. Neither does a business degree. Entrepreneurs come from a wide range of backgrounds, challenges and influences.

Unfortunately, many businesses are started and then dissolved, not because they didn’t have a workable idea, but because the entrepreneur lacked certain skills. Often times many hardships must be experienced before this reality can be seen.

Growing up with an entrepreneur as a father we have had countless hours of conversation on the success and failure of small businesses. Many times we would see individuals who were spectacular at their craft, but brutal as a business owner. It was common to see big dreams disappear by their lack of understanding of the intricate details of entrepreneurship.

Just because you can bake the best bread outside of France, doesn’t make you ready to start your own business. As well as being the best graphic designer doesn’t qualify you as a sure bet to successful freelancing.

Here is a basic blueprint of the layers of involved in a successful startup. This can beneficial to anyone thinking about starting his or her own business.

1. A Business Plan
2. Funding
3. Market Research (Who are you customers?)
4. Advertising
5. Marketing
6. Sales
7. Customer Service
8. Accounting
9. Basic Business Laws

While many of these business basics can be outsourced, it’s vital as entrepreneur to have an understanding of each component. Especially, as you map out your business plan. Many entrepreneurs fail, because they under estimate and don’t understand how each level fits within their plan of attack.

Entrepreneurs not only have knowledge of business basics, but also inward fortitude to overcome the challenges that will arise. Here are eight common traits that a small business owner and entrepreneurs possess.

1. Vision
2. Passion
3. Purpose
4. Adaptability
5. Leadership Skills
6. Networking Savvy
7. Determination
8. Positive attitude

As you can see turning your idea into a business involves multiple layers, but if executed with precision it can generate financial success and personal achievement.

If you are an entrepreneur that has seen your idea mature into a successful business, what would you add to this list? What skills did you discover that was needed? What inward strength and skill set did you lean upon?

Written by Jeff Springer

Jeff Spring is the Finance & Markets Editor at He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.