Entrepreneurs versus wantrepreneurs

Every entrepreneur believes that they have the next big idea or plan, but for the majority, their dreams will never take flight. Here’s why.

1. Fear of failure

It often takes many attempts before an idea takes shape or begins to pick up steam. In the world of startups and business building, failures are an unfortunate reality. Entrepreneurs overcome these bumps by never giving up, and consistently thinking of better ways to execute their plan.

Business failure can teach you a great deal about what to do differently, so it’s best to think of failure as learning experiences, rather than reasons to throw in the towel; as wantrepreneurs do.

2. Prone to procrastination

Procrastination is something that all people do from time to time, but in the world of business, wantrepreneurs let their ideas sit around for far too long.

Maybe this procrastination comes from fear of failure, or maybe something else. The reality is, with billions of people in the world, it’s not rare for two individuals to come up with the same great idea. The wantrepreneur takes their time while the entrepreneur takes action. And succeeds.

3. Goal setting

While every business goal is to make money, this won’t happen if it’s the only goal. Entrepreneurs set inspiring and smaller reachable goals to give them motivation to achieve bigger goals. Wantrepreneurs set one big financial goal and are easily discouraged when they don’t reach it fast enough.

4. Attitude toward capital

There are many great ways to raise money to get an idea off the ground, and using a lack of capital as an excuse is a sure way to forever be a wantrepreneur.

Have your ‘proof of concept’ ready and present it to investors or customers, and gather other resources as you go along to ensure your ideas come to fruition.

5. Stressing about ideas rather than solutions

Too many wantrepreneurs worry about finding the next big idea, but what they should be worrying about is finding the next big solution. Ideas are great, but solutions are what drive people to use products and services – entrepreneurs know this.

As you can see, entrepreneurs take risks and move toward solution-driven, achievable goals with a positive attitude. It’s why they soar. Wantrepreneurs have great ideas and big financial goals, but their procrastination and fear keep them regularly (if not constantly) grounded.

What are some other traits of entrepreneurs and Wantrepreneurs?