How to go from being a wantrepreneur to an entrepreneur

In recent years, there’s been a growing trend for people to turn their dreams of being self-made into something of a reality.

Gone are the days when people took a job for life. Instead, it’s the rise of the entrepreneur that is taking our economy by storm. If you see yourself as an entrepreneur, but are currently stuck in the wantrepreneur doldrums, here are our top tips to help you navigate the waters and set sail for entrepreneurial success.

Work smarter, not harder

There’s been a long-held misconception that in order to be successful you need to work long hours on little to no sleep. Of course, there’s no denying that hard work is a cornerstone for succeeding as an entrepreneur, but working every waking minute of the day won’t automatically make you successful.

Overworking leads to fatigue and, ultimately, mistakes. Similarly, whilst you may have many skills you excel in, there may be some that you’re distinctly average in. Accepting you are average means you can either work on getting better or employ someone who can help – saving you time and, in the long-run, money.

Once you know how to be more efficient, you’ll end up with more time and better results.

If you can’t do something, someone else can

Simply put – hire people to do things you’re not good at. This frees up time for you to focus on the areas of your business that you are great in. Not good at accounts? Hire an accountant instead of agonising over tax returns and making potentially costly mistakes.

Great entrepreneurs understand the importance of delegation. Thanks to ever-improving technology, you can find people around the world to help you with tasks such as marketing, copywriting, and website design.

Don’t be afraid to fail, because you will

No business is guaranteed to be a success – even if you put in the hard work and hire experts. Ultimately you must be realistic and accept that not every business succeeds.

Sometimes the concept misses the mark, or the competition is tougher than expected. Other times it could be unforeseeable situations like a supplier issue or economic crisis. Failure is part and parcel of being an entrepreneur, but it’s through failure that you learn, grow, and get better.

You’ll never have enough money, but that’s ok

Once you’ve decided to take the leap from wantrepreneur to entrepreneur, it’s time to start sorting your money to make sure you’re prepared for your business venture.

It may sound daunting, but it needn’t be. Firstly, research your costs. If you’re selling a service your costs could be considerably lower than if you are selling a product. If you’re making something, remember to factor in the time it takes you to produce the item, not just how much it physically costs to make.

Next, you’ll need to work out how much you need to live off each month, plus a buffer. This figure will help inform how much you need to charge.

Being a wantrepreneur is easy. Becoming an entrepreneur, on the other hand, is one of the hardest things you can do – and yet is totally worth it. And as more and more people make the leap, there are even more experts out there that can help you with your dreams, in the same way you can help them.