How Do You Know If You Have What It Takes To Succeed as an Entrepreneur

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Both Mario and Luigi want to start a business:

Both of them know that the first step in getting started is to determine if their idea is really worth pursuing.

  • Luigi goes home to surf the web.
  • Mario calls a few friends to meet them and ask for opinions.

Both know it’s a good idea to have a plan of action.

  • Luigi goes home to surf the web for business plans.
  • Mario gets a notebook and starts getting his ideas together.

Both know they need to validate their ideas.

  • Luigi goes home to surf the web to find sales strategies.
  • Mario goes to his target customers, and offer them a prototype product at a super-special discount.

Both know they need some legal advice.

  • Luigi goes home to surf the web for legal strategies.
  • Mario goes to friend who is an attorney to ask for advice.

Both know they must come up with some branding strategy.

  • Luigi goes home to surf the web for branding ideas.
  • Mario finds an available domain name and makes a decision.
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Both know they need to incorporate their business.

  • Luigi goes home to surf the web to get incorporating information.
  • Mario goes to a friend and asks him how he did it and gets it done.

Both know they need a workplace.

  • Luigi goes home to surf the web to find an office.
  • Mario goes to apply to his local accelerator program to get started.

Both know they need to prove their business model.

  • Luigi goes home to surf the web to study about business models.
  • Mario goes to his betacustomers to prove his value proposition.

Both know they will need to scale the business.

  • Luigi goes home to surf the web for examples to scale a business.
  • Mario starts designing operational strategies.

Both know they may need to raise some capital.

  • Luigi goes home to surf the web to study how to talk to VC’s.
  • Mario goes to his friends and family members and shares his vision.
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To answer the question, how do you know if you have what it takes to succeed as an entrepreneur,

TEN characteristics of successful entrepreneurs:

  1. WARNING: A good entrepreneur is NOT someone who NEVER fails — ALL entrepreneurs fail!
  2. A good entrepreneur is NOT a dreamer, but a doer.
  3. A good entrepreneur is someone who tackles one problem at a time WHILE making progress.
  4. A good entrepreneur is full of FAITH, hard work and disciplined dedication.
  5. A good entrepreneur is FLEXIBLE and adaptable.
  6. A good entrepreneur is moved by an unshakable PASSION which is the source of his/her motivation and relentless tenacity.
  7. A good entrepreneur is CUSTOMER-centric.
  8. A good entrepreneur has CONSERVATIVE money management skills.
  9. A good entrepreneur knows they can’t do it alone and always ASKS for help.
  10. A good entrepreneur is a great TEAM player.

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