How to discover the entrepreneur within

AN entrepreneur is a business person who not only conceives and organises ventures but also frequently takes risks in doing so.

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Not all independent business people are true entrepreneurs and not all entrepreneurs are created equal. There are five different types or levels of entrepreneurial mindsets, patterns of thinking and belief systems.

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Level one: The self-employed mindset

Those employees who want a greater sense of responsibility and control over their lives and have the confidence to experiment often rise up from the level of employee status to the first level of entrepreneurship. They do this by becoming self-employed.

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What they frequently miss, however, is that a business that works for its owner — rather than the owner working for it all the time — is vital for becoming a real entrepreneur versus becoming simply the most important (and only) employee.

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Level two: The managerial perspective

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Those with a managerial outlook are often in a great position to succeed as entrepreneurs. However, many managers believe that if a business is not working, the solution lies in hiring more employees and growing the enterprise rather than the profit.

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The second common misstep is that the entrepreneur wants to be the boss, even if that means sacrificing the talent or potential of employees. To give orders requires no great skill or aptitude. To be a leader is a rare quality.

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Many managerial entrepreneurs go into bankruptcy thanks to such vigorous growth and inadequate people skills but they never know why. Those focussing on leadership and profit growth are closer to the real definition of an entrepreneur.

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Level three: The owner/leader attitude

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The entrepreneur who attains the level of an owner/leader enjoys remarkable benefits by knowing how to step aside and let the business operate as a profit centre not reliant upon the owner’s constant hands-on participation.

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Level four: The entrepreneurial investor

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With a business that generates profits, the entrepreneur who has succeeded this far can begin to accept another challenge, that of managing money so that it works to produce more money. Investing for maximum returns involves smart leverage of assets and the entrepreneurial investor will often leverage the success of the first business to create a second or third company based on the same model or system.

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Level five: The true entrepreneur

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Having learned new things every step of the way and evolved through various stages of entrepreneurial accomplishment and insight, it is possible to reach the ultimate goal and realise one’s dreams in a really life-changing way.

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The true entrepreneur is a dreamer whose dreams come true and whose income is passive. The money made does all the work for the entrepreneur to create more money with a snowballing effect. These people are the true entrepreneurs.

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For more details contact Peter Robinson, licensed business coach and mentor, on (01491) 641103.-Henleystandard