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Do your notebooks brim with brilliant business plans and ideas? Do you spend hours discussing them with loved ones, picturing yourself as an entrepreneur?
Here’s a reality check – having great ideas doesn’t automatically make you an entrepreneur. I’ve had countless business ideas. I started my first online business over 12 years ago; I had no idea how to make it all happen. I was a wantrepreneur until I wasn’t. The only path from wantrepreneur to entrepreneur is through imperfect action, consistently.
As a “wantrepreneur,” you may have an entrepreneurial spirit brimming with dreams and potential but lack the crucial steps to starting a business. Maybe you want to start an online store or learn how to start a blog business. It’s up to you to learn those steps and turn those dreams into reality. It’s where the “what ifs” and “someday I’ll…” ideas linger indefinitely, untouched by the fire of entrepreneurial action.
Here’s the harsh reality – just having a great business idea is not enough. Every successful entrepreneur you admire and every thriving business you see started with an idea like yours. But what set them apart? They took action. They transformed their dreams into concrete plans, faced their fears, and took on a challenging yet rewarding journey of building something real.
There is a lot of excitement that comes with a new idea, channel it into calculated risks, and harness that energy to start your business. It won’t be easy, there will be challenges, but the potential rewards – fulfilling your dreams, building something you’re passionate about, making money and becoming the successful entrepreneur you envision – are absolutely worth it.
Remember – you have the potential to be more than just a wantrepreneur. Take the first step today, and let your journey as a business owner and true entrepreneur begin.
What is a Wantrepreneur?
A wantrepreneur is someone who aspires to be an entrepreneur but hasn’t taken the necessary steps to launch their own business. They dream about starting their own venture, talk about their ideas, and may even gather information or do some planning, but they struggle to translate that desire into action.
Here are some key characteristics of a wantrepreneur:
- They talk about starting a business but don’t do anything about it. They often discuss their business ideas with friends, family, or online communities but rarely take concrete steps like validating their idea, developing a business plan, or securing funding.
- Makes excuses for not taking action – They may blame fear, lack of resources, or external factors for their inaction. While these challenges are real, successful entrepreneurs find ways to overcome them.
- Focuses on the glamorized aspects of entrepreneurship – They may be attracted to the idea of being their own boss, making their own hours, and achieving financial freedom, but overlook the hard work, dedication, and sacrifices involved.
- Lacks a clear plan or direction – Their ideas may be vague or constantly changing, leading to confusion and difficulty taking the first steps. Don’t get stuck in over-researching. Invest in research but know when to move on.
- Has a fear of failure – The possibility of failure can be paralyzing, leading them to overthink and delay taking action.
From Dreamer to Doer
The entrepreneurial spirit burns bright in many – we all have those moments when a brilliant business idea ignites our minds, filling us with the thrill of possibility. But for many, this dream remains just that – a dream.
So, what separates the dreamer from the doer? It all comes down to mindset. Wantrepreneurs often fall prey to common challenges that impede their progress:
1. Fear of failure
The paralyzing fear of not being good enough, the risk of making mistakes, and facing potential losses can hold them back from even starting.
The constant questioning of their abilities and the nagging voice of insecurity can whisper discouraging thoughts like “Who am I to start a business?”
3. Feeling overwhelmed
The enormity of launching small businesses can feel like an insurmountable mountain, leading to procrastination and inaction. There may never be the “right time.”
But here’s the good news – these challenges are not impossible hurdles but rather bumps on the road to success. By shifting your mindset and embracing a growth-oriented approach, you can transform from a wantrepreneur into a true entrepreneur.
Successful entrepreneurs weren’t born with an innate “doer” mentality. They nurtured it through resilience, grit, and a willingness to learn and adapt. Seek inspiration from their stories and our self-made series of successful entrepreneurs. Read about wantrepreneurs who overcame similar challenges and achieved success. Their journeys will serve as a powerful reminder that you, too, have the potential to turn your dream into reality. If you are, stop making excuses and start taking concrete steps.
Actionable Steps for Wantrepreneurs
Here is a roadmap to transform your business ideas into a concrete action-fueled plan.
A. Validate Your Idea
- Market Research – Don’t just dream it, research it! Conduct online surveys, interview potential customers, and even run small-scale experiments to see if your idea resonates. Remember, your target market is your lifeline, so understanding their needs and pain points is crucial.
- Feedback Loops – Don’t be afraid to share your idea! Get feedback from trusted friends, family, and even online communities. Build low-fidelity prototypes and conduct focus groups to gather valuable insights. Remember, feedback is a gift that helps you refine your idea and avoid costly mistakes later.
- Be Ready to Pivot – Your initial idea might be amazing, but the market can be unpredictable. Be prepared to adapt and pivot based on the feedback and data you gather. Remember, flexibility is key for any successful entrepreneur.
B. Build a Strong Foundation
- Create a Simple Business Plan – It doesn’t have to be a novel, just a clear roadmap. Outline your goals, target market, unique selling proposition, and financial projections. This plan will be your guiding light and help you stay focused. After you write a business plan you should read this post about What Must an Entrepreneur Do After Creating a Business Plan.
- Choose the Right Business Structure – Sole proprietorship, LLC, or corporation? Each has its own advantages and disadvantages. Do your research, consult with experts if needed, and choose the structure that best suits your business needs and goals.
- Embrace Free Resources – You don’t need a million-dollar budget to start. Utilize all-in-one online tools like Go High Level for website building, marketing, and project management. Remember, resourcefulness is a superpower for any aspiring entrepreneur.
C. Take Action
- Break Down Big Goals – Feeling overwhelmed by the enormity of your dream? Break it down into small, achievable steps. Focus on one task at a time and celebrate each completed step instead of just focusing on your end goal. Remember, progress, not perfection, is key.
- Celebrate Wins, Big and Small – Launching your website? Getting your first customer? Every milestone deserves a celebration! Acknowledge your achievements to stay motivated and fuel your forward momentum.
- Find Your Tribe – Connect with other wantrepreneurs and successful entrepreneurs. Share your journey, seek advice, and learn from their experiences. Remember, community is your support system on this exciting journey.
- Educational resources – Take online courses, attend workshops, and read books to equip yourself with the knowledge and skills you need.
Remember, becoming a successful entrepreneur is a marathon, not a sprint. Embrace the challenges and never stop learning and growing. You can transform your dream business venture into a thriving reality with a growth mindset, actionable steps, and a supportive community.
Overcoming Common Wantrepreneur Challenges
Even the most passionate wantrepreneurs encounter roadblocks on their journey. But remember, these challenges are conquerable! Here’s how to navigate some common hurdles:
Lack of Funding
- Start Small, Dream Big – You don’t need millions to get started. Most people bootstrap with personal savings, offer a limited product or service initially, and reinvest profits into growth and generate revenue. Remember, even successful businesses like Apple began in a garage.
- Get Creative with Funding – Research grants, crowdfunding platforms, angel investors, and small business loans. Highlight your passion, market potential, and future plans to attract investors.
- Embrace Bootstrapping – Leverage free resources, barter for services, and negotiate deals to keep costs low. Remember, resourcefulness and creativity are key strengths of any entrepreneur.
- Funding resources – Explore grants, crowdfunding platforms, and other options to support your venture.
Balancing Side Hustle and Life
- Time Management – Plan your day efficiently, prioritize tasks, and delegate whenever possible. Utilize productivity tools and techniques like “timeboxing” to maximize your precious hours.
- Prioritize Commitments – Communicate openly with loved ones about your entrepreneurial journey and seek their support. Set boundaries and learn to say “no” to non-essential commitments.
- Embrace Sacrifice – There will be times when work demands extra effort. But remember, temporary sacrifices pave the way for long-term success and fulfillment.
Imposter Syndrome and Self-Doubt
- Reframe Challenges – View setbacks as learning opportunities, not failures. Analyze mistakes, adapt your approach, and keep moving forward. Remember, every successful entrepreneur has faced moments of doubt.
- Build Confidence – Focus on your strengths, celebrate your achievements, and surround yourself with supportive people who believe in you. Track your progress to see how far you’ve come, boosting your confidence and motivation.
- Seek Inspiration – Read stories of successful entrepreneurs who overcame similar self-doubt. Connect with mentors who can offer guidance and encouragement. Remember, you are capable and worthy of achieving your dreams.
- Reconnect with Your Passion. Remember what ignited your fire in the first place. Revisit your initial vision, connect with customers, and let the excitement inspire your journey.
- Focus on progress, not perfection. Don’t be paralyzed by the need for everything to be perfect. Consistent progress, even in small increments, is key.
- Find Your Support System. Surround yourself with positive, like-minded individuals who believe in you. Join online communities, connect with mentors, and share your journey with those who inspire you.
- Embrace the learning journey. View setbacks not as failures but as valuable learning experiences that propel you forward.
Remember, the entrepreneurial journey is not without its challenges. But by embracing these hurdles as opportunities for growth, utilizing strategic approaches, and staying connected to your passion and support system, you can transform from a wantrepreneur into a thriving entrepreneur. Believe in yourself, take action, and watch your dreams turn into reality!
Remember, the power to turn your dream into reality lies within you. Stop waiting for the perfect moment, the ideal funding, or the complete absence of fear. Start taking actionable steps today, no matter how small. Each completed task, each learned lesson, and each positive interaction is a brick laid on the path to your success.
Here are some additional resources and support to help you: