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You'll Never Survive - Or Will You? The X Factor Entrepreneur

Jun 9, 2008
When you look at entrepreneurialism purely from the standpoint of statistics it's easy to come to the conclusion that becoming an entrepreneur may not be for you.

For instance the Small Business Administration reports, "The lack of business experience and expertise is the cause of 95% of business failures."

So if you lack experience does that automatically disqualify you from pursuing a dream of owning your own business? Rick Lobosco is quoted as saying; "Your chance of lasting in business for two years is less than 50%."

It would seem the only way to pursue business ownership is to be born in a family that has already established themselves as entrepreneurs. Bernard F. Lentz and David N. Laband write, "Roughly 50 percent of self-employed proprietors are second-generation proprietors. These individuals acquire informal business experience while growing up in the context of a family business."

You have a choice; you can sacrifice your dreams on the altar of a failed business, lament your lack of business experience or seek therapy for being born in a family with little business experience. Then again, maybe there's more to being in business than simple statistics.

The X factor in any business startup rests squarely with the driving force behind it. The business developer must honestly review their ability to not only manage the business, but also tend to manage several stumbling blocks they are likely to encounter.

If you are not a 'people person' your chances for business success decrease. You will be developing business and personal contacts with those from whom you are seeking business. If they perceive you to be standoffish they will likely be disinclined to see you as a valuable partner.

If you lack confidence in your abilities it will translate to indecisiveness. Clients and business associates what to believe in your ability. If they perceive that you are not confident in your own capabilities they are likely to keep looking.

If you find it hard to be motivated you will have difficulty establishing the business. You will also likely find that others may not view you as trustworthy when you miss deadlines.

If you have trouble leading, your business is likely to fail or be taken over due to the fact that someone needs to be in charge or there develops an incredible void in business development.

Ultimately the X factor in a business startup is in knowing yourself. Richard Grant once said, "The value of identity of course is that so often with it comes purpose." When you understand yourself and your personal purpose you find the odds of success heavily tipping in your favor.
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