6 Key Signs You Could Be Destined To Be an Entrepreneur
Written by
Nicole Spector
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Let’s say you’re presented with two choices: You can work for yourself or you can work for someone else. You’d probably opt for the former. A recent Shopify-Gallup Entrepreneurship study found that most Americans want to be their own bosses; just 35% of Americans would prefer not to.
Pursuing entrepreneurship can be profitable, but it’s far from a guarantee. Not only is the economic climate ever-challenging for emerging businesses, but some people just aren’t cut out to be entrepreneurs. How do you know if you have what it takes? Consider six key signs, provided by entrepreneurs, that you’re a fit for entrepreneurship.
You’re in Good Financial Shape and Have Financial Discipline
This may come as an unfortunate surprise: On the financial front, becoming an entrepreneur isn’t just about making money, raising money or investing money. It’s also about leveraging financial discipline and being in good financial shape. You also need to have very little debt attached to yourself.
“An important indicator is having little to no high-interest debt — especially credit card debt,” said Jason Hishmeh, co-founder of Varyence, who added that at the start of his entrepreneurial journey, paying off debt provided both the stability and assurance to pursue measured risks.
“If you can handle your finances effectively, you will be more equipped to deal with the highs and lows of launching a business,” he said.
You’re an Innate Problem Solver
One thing Damien Zouaoui, the co-founder of Oakwell Beer Spa, sees in himself that he sees in other entrepreneurs is an inherent ability and drive to solve problems. A business should not exist unless it solves a problem and it must solve this problem in ways that are distinct and unique.
“Entrepreneurs thrive on creating solutions to unmet needs,” Zouaoui said. “If you often find yourself saying, ‘There has to be a better way,’ and feel excited about what you could create, that’s an entrepreneurial mindset at work.”
You Thrives in Times of Uncertainty, Challenge or Change
Thanks to the nature of our lizard brains, which are primed to see unpredictable environments as potential threats, times of profound uncertainty or big changes can drive you to panic or, at the very least, just not be your best self. If this is you, that’s a sign you’re likely destined to not be a successful entrepreneur.
“Founders excel in navigating change and uncertainty,” said Anthony Rose, CEO and co-founder at SeedLegals. “Where others see challenges, entrepreneurs see opportunities. Changes in laws, tariffs or market conditions can open doors for innovation. Being able to pivot quickly and adapt to evolving circumstances is a hallmark of a great entrepreneur.”
You Take Ownership and Responsibility Seriously
Perhaps the most compelling sign that you’re destined to be an entrepreneur is your outstanding commitment to taking ownership and being responsible for not only yourself but for those who work with or for you.
“Entrepreneurship means shouldering responsibility, not just for your business but also for your team and their lives,” said Eli Goodman, CEO and co-founder at Datos, a Semrush company. “When the war in Ukraine began, we had team members in areas affected by the conflict. That situation wasn’t something we could have predicted, but we felt a responsibility for their safety. An entrepreneur tends to feel deeply accountable for the people they’re leading, not just financially but from a wellbeing perspective.”
You Have a Lifelong Learning Mentality
A distinct and telltale trait of entrepreneurs is their willingness to keep learning throughout their careers and lives. They’re always doing their homework and being inquisitive.
“Markets shift, industries evolve and staying curious can help you adapt and keep growing with your business,” said Matt Black, franchise owner of Benjamin Franklin Plumbing of Port St. Lucie, Florida. “Before becoming a franchise owner, I started as a warehouse worker for a plumbing company managing purchasing and change orders. Even though I had no direct plumbing experience, I quickly earned a reputation for creating systems the plumbers relied on. Within 90 days, I was promoted to service manager. My dedication to learning and adapting allowed me to fast-track my career and prepared me to one day own my own plumbing business.”
You’re Extremely Passionate and Ready To Work Hard
Ultimately, it doesn’t matter what product or service you’re passionate about creating. What matters is that you have the passion. Consider this — and your dedication to hard work — your guiding lights.
“My ardor for sustainability and recycling has led me to create a business enterprise that makes a difference,” said Mark Whitley, CEO of Whits Corporation. “The journey is not easy, however it is one of the most profitable paths you could take.”
More From GOBankingRates
