Entrepreneur or WannaBe? 8 Key Differences

Give me one hour of conversation, and I can tell you if you are an entrepreneur or just a Wannabe! Yes, that’s all it takes for me these days to identify real entrepreneurs from those who just dream.

As an entrepreneur and business coach, I have met entrepreneurs from all over the world and also talked to many people who aspire to be entrepreneurs. While it is true that anyone can start a business these days, not everyone has what it takes to be a long-term successful entrepreneur. I have noticed that there are several key differences between the solid, long-term entrepreneurs (who are badass!) and the ever wanted to be entrepreneurs, still working as an employee somewhere and trying to do “Wannabes”.

I am trying to summarise them in the following 8 key differences.

1. Action-Oriented vs. All Talk, No Action

Entrepreneurs act on their ideas, while wannabes only talk about them. Wannabes tend to spend more time discussing their business ideas with friends and family than taking action. Entrepreneurs, on the other hand, make things happen. They take the first step, even if it’s a small one, and keep moving forward until they reach their goal. They show evidence of what they did so far and then they pitch to others why this must be taken forward.

2. Clear Vision vs. Dreaming Without Clarity

Entrepreneurs have a clear vision of their future, while wannabes dream without clarity. Entrepreneurs know exactly what they want to achieve and how they plan to get there. They have a roadmap that guides them along the way. Wannabes, on the other hand, have a general idea of what they want to accomplish, but they lack a clear plan of action. Their dreams are mostly about their own personal / career success like buying a car or a house, whereas entrepreneurs most often talk about how their business /all stakeholders will grow in the future and how they can change the world with their idea.

3. Prioritising Passions vs. Making Excuses

Entrepreneurs prioritize their work and also make time for their passions, while wannabes make excuses. They are willing to make sacrifices to pursue their dreams. Wannabes, on the other hand, make excuses for why they can’t do something. They often cite reasons like lack of time, money, or resources, but the truth is that they lack the drive and commitment to make things happen.

4. Meeting Deadlines vs. Dreading Them

Entrepreneurs set deadlines and work hard to meet them, while wannabes dread deadlines and feel pressure. Entrepreneurs know that deadlines are important, and they set realistic goals for themselves. They work hard to meet those deadlines and hold themselves accountable for their progress. Wannabes, on the other hand, tend to avoid deadlines because they fear the pressure of failing to meet them.

5. Calculated Risk-Taking vs. Risk-Aversion

Entrepreneurs take calculated risks and are willing to invest time and money into something they know will bring future returns, while wannabes are risk-averse and often miss out on opportunities. Entrepreneurs are willing to take risks because they have a clear understanding of the potential rewards. They carefully weigh the risks and benefits and make informed decisions. Wannabes, on the other hand, tend to take risks only when they are 100% sure. In many cases, wannabes quit when they realize that the risk of failing /success is on their shoulders.

6. Enjoying the Process vs. Losing Interest

Entrepreneurs enjoy the process of starting up a new project or idea, while wannabes get excited initially but slowly lose interest. Entrepreneurs embrace the journey of starting a new business venture. They find joy in every step, even the challenging ones. Wannabes, on the other hand, tend to lose interest when they realize that starting a business is harder than they thought. They lack the passion and drive that entrepreneurs possess.

7. Collaboration vs. Protecting Their Idea

Entrepreneurs collaborate with capable people and are focused on getting the results done, while wannabes try not to collaborate because they are afraid of “losing their idea.” Entrepreneurs understand the value of working with others to achieve their goals. They seek out capable people who can help them achieve their vision. Wannabes, on the other hand, tend to hoard their ideas thinking that someone will steal them.

8. Persistence vs Quitting Entrepreneurs understand that success doesn’t come overnight and are willing to put in the work to achieve their goals. They are persistent and don’t give up easily, even when faced with obstacles. Wannabes, on the other hand, quit easily when faced with challenges and obstacles. They even consider one failure as the ultimate failure and shut down their business.

Bonus Point: Entrepreneurs are also highly prompt and professional in all their dealings with people. They take quick decisions and move forward. They do not keep other people waiting for decisions. Whereas Wannabes keep thinking and postponing decisions.

The above listing is based on my personal observations and interactions with various kinds of people. And by entrepreneur, I also include some entrepreneurial leaders within an organization who have these qualities.

Many years back, entrepreneurship or startup was not much encouraged or even considered a viable career. But now many people have started considering entrepreneurship as a career. Yet, not many people can continue the business they started. If you look at the above listing, you might get some clue on why that is so.

Until next time,

Universal Love and Abundance

#DrCeeVee