Most people earn money the same way their parents did. If your parents worked for someone else in a 9-to-5 job, there’s a pretty good chance you do, too. But that doesn’t mean you’re confined to that path in life. By learning a few new skills, you can start your own business and change the way you think about what it means to earn a living.
Forbes contributor Mary Mazzio, a chronicler of business innovators’ success stories, believes that entrepreneurship can be taught from a young age. Whether it’s through a lemonade stand or a teenage tech venture, earning money gives kids a sense of autonomy. According to Mazzio, this empowerment can be particularly helpful for at-risk youth.
It doesn’t matter if you had a troubled childhood or if you were born with a silver spoon in your mouth; owning your own business can be a positive experience. It gives you the independence to create your own hours, make your own decisions, and choose the people you want to work with. It’s also a great way to earn extra cash. And if your company takes off, it could become your sole source of income.
That’s not to say, however, that being an entrepreneur is a get-rich-quick scheme. It requires hard work and patience, but it also allows you to pursue your passions and do what you love — something nearly everyone wants out of life.
3 Key Entrepreneurial Traits
“There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees (these are called nonemployers). Approximately 543,000 new businesses get started each month.” (Source: Forbes) Countless people start their own businesses each year.
Here are three traits successful entrepreneurs generally develop:
Building a business isn’t a 9-to-5 undertaking. The “entrepreneurial job” will stay with you from sunrise to sunset, so you must be willing to put in the necessary time. Strong time-management skills are also paramount. You need to manage your time wisely and prioritize tasks that bring in customers and sales.
Coss Marte grew up surrounded by drug dealers and violence. By age 13, he began dealing. While serving a five-year prison sentence for drug charges, he was told he was dangerously overweight and only had five years to live. Rather than succumb to this reality, Marte used the doctor’s words to fuel a life transformation.
While working a day job at a nonprofit community organization, Marte formed Coss Athletics, a personal training business. He started with three nights a week of “prison style” boot camp classes in January and earned more than $11,000 in revenue and $7,000 in profit in five months.
Entrepreneurs don’t shy away from rejection and failure. To be successful, be prepared to bounce back from failure. When one solution doesn’t work, find another. A great entrepreneur can define problems and create new solutions simultaneously.