Last month, I got the chance to enjoy my first mixer as a member of the Edmonton Chamber of Commerce. This mixer was unique due to the fact that it was hosted at Speeders, a local go cart company. In between watching a few races and getting some food to eat, I got a chance to meet some of Edmonton’s most energized entrepreneurs.
As I was having a conversation with two new connections, one of them mentioned that they had an associate that was closing up their business. I asked about their line of business and how long they had operated for.
In the end, the business was only in operation for 3 months. The business owner was working minimal hours because they were of the understanding that business owners did that. They were of the understanding that if you owned a business, it was a license to print money and live the high life. At this point, I mentioned that the person was a ‘Wantpreneur’. They want to be an entrepreneur, but don’t know what is involved.
We all hear of the success stories of various entrepreneurs. But for every success story that we hear, there are over 100 failures that follow suit. How do you identify someone as an entrepreneur vs whatpreneur? Myself, I have three simple things that I look for.
Passion: Does the person have passion for what their business is? Are they excited to wake up every morning to solve another problem? Do they sleep in, take their time getting out of bed, and maybe spend a few hours working on their business?
Resolve: When things are going bad, how do they react? Do they get off the mat when knocked down or sit and complain about their situation? Are they committed to the company? Does the first negative thing that happens take them off track?
Understanding: An entrepreneur has a realistic understanding of the twist and turns that are involved in making a business. Landing one customer doesn’t make an entrepreneur, in my opinion, it makes a contractor.
Have you ever met someone that you would consider a wantrepreneur? What made you think about that with the person?
Have an awesome week.
Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.
Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.
For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867