Definition: Wantrepreneur is the person who strives to become an entrepreneur, but neither has an idea nor has any practical grounds of achieving his aspirations. They lack a clear vision and the commitment required to accomplish that vision. They are more often the daydreamers.
Such people can be seen chasing their wants of becoming successful or earning money without having any productive idea for realising their dreams.
- Signs of Being a Wantrepreneur
- Reasons for Remaining a Wantrepreneur Throughout
- How to Become a Successful Entrepreneur
Signs of Being a Wantrepreneur
It is always believed that “actions speak louder than words” as a mantra of success. But the wantrepreneurs do just the opposite of this statement.
Following are some of the signs that show a person is a wantrepreneur instead of an entrepreneur:
Lack of Idea: Wantrepreneurs usually lack a practical and workable idea. Some of them are the dreamers who have vague and unrealistic ideas at times.
Fear of Failure: A person learns from his failures, overcoming the weaknesses is the only way to success. But wantrepreneurs have fear in trying something new thinking of the chances to fail.
Monetary Aims: Their primary objective to start a business is to earn money rather than self-actualisation. Such goals lack passion and drive to succeed.
Procrastination: It is said that “the best time to start is now”, so goes for starting a successful business. The wantrepreneur have a habit of putting things on tomorrow; this leads to the letting go of opportunities to others.
Worrying about Capital: Wantrepreneurs are always concerned about seed capital. They do not put efforts into finding out other ways like attracting investors, outsourcing the work, taking loans, etc.
Following the Passion of Others: They prefer following the ideas and passion of others seeking a secured venture, instead of developing something which they like themselves.
Complaining Attitude: Such people always find excuses for not doing anything meaningful. They more often have excuses related to capital, labour, competition, etc.
Waiting for the Right Time to Start: Wantrepreneurs never finds it to be a suitable time to start. They keep on waiting for the right time to start a business.
Reasons for Remaining a Wantrepreneur Throughout
A wantrepreneur is not happy working for others, i.e. pursuing a job since he always aspires of owning a business. He is imaginative but indecisive at times. This indecisiveness can be due to various reasons. These reasons do not let a wantrepreneur to become an entrepreneur.
Let us know about the various obstacles which a wantrepreneur face:
- A person wants to start a business for the sake of doing so and not out of passion. He will inevitably fail with such an attitude.
- He wants to do business because he is not preoccupied with something but lacks a goal, plan and energy landing him nowhere.
- He has money but does not have access to it or lacks a revenue model, leading to an impractical approach.
- His contacts are unworthy or demoralizing in some or the other way, discouraging him from being innovative and informative.
The reasons mentioned above demotivate a person for starting up anyhow, provoking him to remain a wantrepreneur always.
How to Become a Successful Entrepreneur?
Entrepreneurship is all about grabbing the right opportunity at the right time with the right attitude to succeed. There is nothing called luck when we talk about entrepreneurship; instead, it involves a lot of hard work and determination.
To learn more, you can go through the ‘Case Study on Entrepreneurship‘.
Given below are some of the tips for the new entrepreneurs and the wantrepreneurs to become successful entrepreneurs:
Know About Yourself Well
Self-analysis is essential before we aspire to become an entrepreneur. A straightforward technique of knowing about yourself is using the SWOT analysis. It determines your strengths and weaknesses. Further, it seeks new opportunities and prepares for threats which can be encountered by you.
Align Your Business Idea to Your Passion
A successful venture grows out of passion. If a person earns out of something he enjoys doing, it brings in satisfaction too. Desire creates inspiration and motivates the entrepreneur to attain his vision.
Develop Something Saleable
An idea alone won’t work. It must be unique and practically possible. Moreover, the prospective product or service must be such that it can attract customers and create demand in the market.
Identify the Loop Holes and Blind Spots and Take Corrective Actions
An entrepreneur aims at continuous improvement by converting good into better and better into best. Therefore, he focuses on the problem areas in the business and utilises their resources to find solutions.
Take Risk and Accept Failures
Risk is that element in a business which cannot be eliminated but can be managed. A risk well calculated and analysed can generate enormous profit and growth opportunities in the business. Failure occurs when we try. It provides us with the shortcomings and areas of improvement, which is indeed a plus point for the entrepreneurs.
Embrace Learning and Curiosity
The eagerness to know about something leads to learning. Learning is an ongoing process which brings in perfection and adds to the knowledge. An entrepreneur is a sincere learner as well a keen observer always seeking improvements in the business.
Stay Committed to Your Idea and Start-Up
No matter what, stick to your business idea and make it a successful venture. Although it is essential to make changes in the existing model as per the market requirements and demand, the core of the business must remain the same. Commitment and hard work result in fruitful outcomes.
Stick to Your Values and Ethics
A person is known by his values and ethics. An entrepreneur must never leave his values and learnings to earn more profit through unethical or false business practices.
Wantrepreneur can become entrepreneurs only if they change their attitude and develops a practical approach toward their aspirations.
M T Cosca says
We very much appreciate your commitment to motivating entrepreneurs to land concepts on solid grounds for concrete action, planning projects, organizing people and start working their plans towards achieving goals.