As more people consider opening new businesses, there are many wantrepreneurs out there. For clarity, a wantrepreneur is someone that wants to be an entrepreneur. Joel Devidal, SMEJapan.com CEO, considers the fundamental differences between the two, so you can ensure you are a true entrepreneur.
- Personal glory vs. team effort
A wantrepreneur is often looking for some form of personal glory, and that’s their motivation for starting a business. Everything revolves around them, and there can be a lack of flexibility in considering ideas from others. This stubborn approach is a significant factor in many new start-ups failing.
In contrast, an entrepreneur is much more flexible with their approach to the business. They have a profound understanding that any success the company enjoys is down to the team’s collective efforts. This means that everyone involved in the company feels valued and that they are making a tangible contribution.
- Sure thing vs. risk-taking
With years of entrepreneurial experience, Joel Devidal states, “entrepreneurs realize that it will take some work to make their business work”. As mentioned, they trust in their team to make the right decisions. They also know that they will have to take some risks along the way. This means trying various ideas and investing funds in strategies to push things forward. Not all these things will work, but it is this mindset that will ultimately lead to a successful business.
Wantrepreneurs’ approach is entirely different because they won’t want to take risks themselves, and they may expect others to take risks instead. They take the view that their business is sure to succeed, and they often have a highly inflated idea of it.
- Discouraged vs. motivated
When it comes to starting a new business, there’s always going to be difficulties. Entrepreneurs don’t let these setbacks affect them too much. In contrast, though, wantrepreneurs are easily discouraged and may call their business into question. A lot of this is down to the quality of the foundations.
Before an entrepreneur is setting up their business, it’s likely they have done a lot of research and groundwork. This means they are already confident of success and are taking inspiration from various other businesses that started from modest beginnings. Wantrepreneurs though often start a business on a whim without much thought. This means they aren’t so invested and may try something new if they encounter problems in the early stages.
- Hard work vs. personal image
When an individual starts a business, it seems obvious that they should put in maximum effort to make it work. This indeed tends to be the case for real entrepreneurs, and it’s a red flag if they aren’t putting the effort in. Wantrepreneurs generally don’t work hard as they are more concerned about their image.
Simply put, wantrepreneurs are concerned about how they are perceived. The reality though is that anyone that starts a new business will face their share of critics. Honestly, if this is going to have a significant influence on you, then you might be better off not starting a new business. It’s necessary to work hard and not waste time or energy on what people think.
- Success vs. money
An entrepreneur usually goes into business because they see an opportunity to do something better. It’s that success that drives them and any money made is merely a side product. Wantrepreneurs are different though; they are purely motivated by money. You can see how that different motivation ties into some of the other points in this article.
If success motivates you, then you will keep working to make progress and not become too disheartened if the financial rewards take time. However, if money is your only motivation, then it’s easy to become discouraged when the success is not immediate. Many of today’s most successful companies started without the intention of making money.
It’s a popular modern trend to want to go into business for yourself. However, it’s crucial that you are doing it for the right reasons. As this article has demonstrated, there are several differences between entrepreneurs and wantrepreneurs, and it’s essential to appreciate the difference. Some things you need to consider are personal glory vs. team effort, sure thing vs. risk-taking, discouraged vs. motivated, hard work vs. personal image, and success vs. money.
About Joel Devidal:
Joel Devidal is a veteran in the business world; as a founder and CEO, he has a knack for finding investors, launching companies, and keeping steady growth post-launch. Beyond business, Joel is an active part of his community supporting local organizations and helping young entrepreneurs get their start.
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