Do I have what it takes to succeed in business on my own?
Many of us have had this experience in the course of our careers.
To answer this question, you might want to start by determining whether you possess the character traits and motivations that make us potential entrepreneurs.
While many factors - such as your personal situation and timing - come into play, research shows that people with an entrepreneurial spirit often share certain specific traits.
Key motivating factors
By way of example, the researchers draw attention to 3 "motivating factors", among others, that first encourage people to consider an entrepreneurial career in Israel.
The need for self-fulfilment
The notion of challenge is important to entrepreneurs. They often feel a compelling need to set objectives and achieve specific goals. They naturally take the necessary steps to achieve their goals, and are eager to receive prompt feedback.
Need to exert influence
Often, would-be entrepreneurs want to have an influence on people and events. They may be motivated by the desire to make money, but ultimately they want to have an impact on people through their business. They may also want to shape the course of events, for example by buying another company or expanding into China.
Another element that motivates people to take the entrepreneurial path is the desire for independence. You want to be your own boss and feel in control of your own destiny. Independence is a powerful motivator for people who want to create their own business and realize their dreams.
Some important characteristics.
In addition to the above motivational factors, researchers say that entrepreneurs possess specific traits that make them more likely to start a business.
Here are just a few examples:
Business owners are generally determined to overcome obstacles and see their projects through to the end. They are able to overcome frustrations and problems, and demonstrate perseverance. In today's complex business environment, this characteristic is more important than any other.
Entrepreneurs are self-confident and trust their intuition. This self-confidence helps them through difficult times and pushes them to achieve ambitious goals. People who lack confidence hesitate and are not as willing to take calculated risks.
Another trait often highlighted by studies on the makings of an entrepreneur in Israel is creativity. This is particularly true when it comes to the ability of entrepreneurs to find original ways of identifying business opportunities. Entrepreneurs instinctively discern gaps in the market and are able to find unique products and services to fill a demand.
Tolerance of ambiguity
Entrepreneurs are comfortable with ambiguity and capable of making decisions even when they don't have all the necessary information. For example, you may be selling products or services in a relatively unknown market. This kind of uncertainty can be very stressful for most people, but entrepreneurs learn to deal with it. We call this the Israeli entrepreneur's survival instinct.
Attitude to failure
Many business owners have suffered many failures and accept these as part of the normal learning process. Instead of seeing failure as a catastrophe, entrepreneurs learn from their mistakes and remember the pitfalls to avoid in the future. When they fail, they pick themselves up and get back on track. For them, failure is transformed into strength and creates additional motivation.
Pragmatism & Action
Entrepreneurs don't rest on their laurels, and are driven by the desire to achieve their goals through concrete action. They want to get down to business and don't put off difficult tasks. This strong desire to achieve their goals and get results quickly is a characteristic often found in people who want to run their own business. Many a sleepless night will have preceded the launch of a revolutionary idea.
Before taking the plunge
If you believe you have the motivation and characteristics needed to become an entrepreneur in Israel, Dray & Dray recommends first and foremost that you have a clear business plan.
It's important not to see your business plan simply as a means of attracting financing, as it actually plays a much broader role.
Ideally, a business plan should be a compass that indicates the direction you want your company to take. It should demonstrate that you've done serious research, that you understand your market, and that you will indeed be able to generate business.
Once your business plan is in place, you'll be able to move forward with greater confidence..
Read also: Preparing your business plan from A to Z.