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The 5 Major Differences Between an Entrepreneur and Wantrepreneur

by Kylie Ora Lobell
money & life

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Many have dreams of starting their own businesses.

However, not everyone has what it takes to succeed. That’s just the reality of it.

Wantrepreneurs want to rise to the top, but aren’t willing to sacrifice anything, in order to make this dream come true.

If you really want to become a successful entrepreneur, you need an unrelenting devotion to your goals, as well as the ability to push past your own fears and self-doubts. It’s about completely changing your life, to focus on ensuring your business has every possible opportunity to hit it big.

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There are some very stark differences between entrepreneurs and wantrepreneurs. Here are five major ones that if you can avoid, will help you quit playing pretend, and take you down the path of justifiably calling yourself a true entrepreneur.

1. Entrepreneurs Are Prepared to Give Up Their Personal Lives (At Least at First).

Wantrepreneurs aren’t.

When presented with the opportunity to stay out late with friends five days a week, a wantrepreneur isn’t going to hesitate to have more fun at the expense of not working on growing their fledgling side business that they hope will one day support them financially.

According to Inc, most entrepreneurs work at least 60 hours per week. At the beginning stages in the lifecycle of your business, you have to be prepared to dedicate almost all of your time, energy, and resources to getting it off the ground.

This means forgoing parties and social activities, and focusing your attention on work. It’s important to acknowledge that in the grand scheme of your life, this decision is merely a short-term sacrifice that needs to be made, since you’ll eventually be able to hire partners or employees who can share the workload once you’ve built a platform to grow upon.

As for now, you need to create a routine that works for you, and stick to it. Carve out times to check your email, instead of leaving it open all day. Plan times to spend with your family and friends. Consider using productivity apps like a pomodoro timer app, that’ll show you how long it takes to complete certain tasks. That way, you can modify your schedule as you see fit.

2. Entrepreneurs Create the Environment They Need to Succeed.

Wantrepreneurs don’t.

They allow themselves to become victims of their environments, rather than making the positive change they need, in order to achieve their goals.

You may live in a town that lacks other businesses in your industry, investors who might be interested in funding your ventures, or even access to basics like readily available computers. If this is the case, you have to consider making a move to a physical location that can give you more opportunities to pursue your dreams.

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For instance, some of the best places to launch a tech startup in the United States are Silicon Valley, Cambridge, Seattle, Denver, and San Francisco, according to Entrepreneur.

The top five states that are friendly to small businesses include Texas, New Hampshire, Utah, Louisiana, and Colorado, respectively. In these places, it’s less complicated to start a business and the costs are likely lower than doing so elsewhere. If your heart is set on a big city, New York City may be pricey, but you can operate tax-free there for 10 years.

Your success as an entrepreneur will be defined by how well you play the cards you’re dealt. Don’t allow yourself to make excuses, just start making things happen the best way you can.

3. Entrepreneurs Take Themselves Seriously.

Wantrepreneurs don’t.

The old adage “fake it ‘til you make it” applies all too well to entrepreneurs.

How you present yourself outwardly matters immensely, for a number of reasons. You’re going to be taken more seriously by others if you invest in a decent outfit, and you’re going to feel better about yourself as well. Building your own confidence will cause you to doubt yourself less, and thus, your business will benefit.

It may seem appealing to run your business from home in your pajamas, but for the vast majority of people, it’s not going to get you very far in the long run.

4. Entrepreneurs Care About Their Workspace.

Wantrepreneurs don’t.

This goes along with the last point we covered. Most entrepreneurs get ahead in business by being social, to some degree. After all, most of the time, it’s not about what you know, but whom you know.

If your business necessitates it, having an office space where you can invite clients and investors without needing to step over your dirty laundry is key. Not only that, but it’s easy to underestimate the power of having a dedicated workspace where your body can be trained to recognize that it’s time to get down to business.

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Even if that workspace rotates through coffee shops around the world, abstaining from working while lying in bed in your pajamas, is a major mental win for your productivity levels.

If you can’t afford expensive office space in your city, consider renting space in a coworking office. Coworking companies rent to many businesses in one space, guaranteeing that you’ll be able to interact with other entrepreneurs. Plus, you can easily collaborate with these business owners because you see them on a daily basis. Frequently, these companies also offer classes and networking events for their members.

WeWork is an international coworking company, while Soho House is for creative types and has outlets in North America and Europe. You can find local coworking spaces in just about any major city.

5. Entrepreneurs Take Action.

Wantrepreneurs don’t.

Talk is cheap. There is no reward without risk, but you already knew that. Otherwise, you wouldn’t consider starting your own business in the first place.

Even though it’s daunting, the prize for sacrificing your personal life, relocating, investing in yourself, and paying for office space can be huge.

You may accomplish your biggest life goals and launch into a self-employed career that’s more meaningful than anything you’ve ever dreamed of.

For much more on how to start and grow your business, check out Make Money and Grow Your Business with Ramit Sethi.

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Kylie Ora Lobell

Kylie Ora Lobell writes for brands, blogs, and print publications. She covers content marketing, digital marketing, and runs Kylie's Tips for Writers, a blog about writing.