Is it the free time, the attractive lifestyle, or the very thought of not having to answer to anyone? Whatever the reason is, the entrepreneur title has piqued the interest of many people across the world. When you think of reality series such as ABC’s Shark Tank and CNBC’s The Profit they are one of the highest-ranked and viewed shows because of the infatuation with entrepreneurs and startup companies. There is a recipe for success and it involves four key components of entrepreneurship.

With so many success stories on simple ideas generating millions to billions it can only leave you wondering, “Can I make it as an entrepreneur?”. Arriving at this answer will involve evaluations of your strengths and weaknesses, being intentional on your goals, understanding the disciplines, and deep soul-searching. On your path to entrepreneurship, you will learn the above things as you trial and error. However, before getting to that, there are four essential components you should understand before becoming a successful entrepreneur. 

1: Passion 

When you think about a vehicle, motorcycle, or a large ship, you know that before it moves it needs gas. Passion is the gas behind any great idea you have. You do not necessarily have to be passionate about the idea itself, but be passionate about your “WHY” or end goal. Great ideas are abundant, however, they do not take you anywhere. Sharing ideas used to be a scary scenario with the thought of someone running with it.

Now we must understand that most individuals do not have “gas” to get the idea to its proper destination. Your idea will literally go nowhere until a passionate individual pours their heart, soul, and energy into it. Have you ever felt like screaming into a pillow when you or a friend thought of an idea but saw someone else come forward with it before you could? To be successful in entrepreneurship you must have more than just good ideas, you need to believe in your idea so much that it keeps you up late and wakes you up early. 

2: Vision

In basketball, a point guard or floor general is the most valuable position on the floor. This is because they control the floor on offense and to be a great point guard they must have a vision. Vision allows for them to make the right play decision from either the practiced playbook or a quick decision made due to a miscalculation. Vision is a very essential component of entrepreneurs as they can see their steps to success.

Successful entrepreneurs vet their ideas, perform market research and order their steps to build their company. Some may misunderstand when you hear how some entrepreneurs took a leap of faith and amassed a fortune. The leap of faith that they are talking about is pursuing your dreams. Before any successful entrepreneur took this leap they did their homework. Successful entrepreneurs have vision, that is what sets them apart from others.

3: Tenacity 

As an innovator of a new product, you have to be persistent in convincing consumers to leave a product they have known their whole life. In entrepreneurship, you will hear the answer “no” quite often, lose money, and overall experience failure. These are just short listings of what you will experience to prove your idea and build it. Your limits and faith will be tested but you must not give up. Self-motivation will be something you need to develop to carry you through your journey or it will be very difficult for you to succeed. There is really no such thing as an overnight success, only a tenacious team of individuals who work relentlessly to bring their idea to life.

4: Humility 

Humility would not necessarily be associated with entrepreneurs however, most successful entrepreneurs who create groundbreaking startups are very humble. Ego is only a component of humility, and many associate it solely with a boisterous attitude.

Would you believe me if I told you that Floyd Mayweather and Connor Mcgregor are two of the most humble athletes? Insane as that sounds, they are boisterous and arrogant in the media, however they are even more humble when it comes to practicing their craft. It takes an extremely humble individual to acknowledge what he or she does not know and ask for help. You can only get so far on ego so it is always best to have humility, otherwise, the universe always has its way of doing it for you.

Other Components of Entrepreneurship

If you’ve been toying with the idea of becoming your own boss, there are many more components of entrepreneurship to explore. If you’re ready to take your career to next level, visit The Wealth Connect to get started.