It is difficult to determine with accuracy who would become an entrepreneur and wouldn’t. As entrepreneurship and taking the plunge depends on many factors. But some patterns emerge, patterns linked to personality traits and social circumstances.
So without further ado here is a list of…
Who is more likely to become an entrepreneur ?
1- Can’t have a boss:
The too independent and stubborn to have a boss type of people. This type of individuals often can not keep a job, due to having conflicts with the boss over work or not work related issues. They are more likely to become entrepreneurs, especially after realizing that they are bad at dealing with a boss, or that they can not take orders. Many would probably become sole traders. (No, not all stubborn people fit in this category).
2- Too creative:
Someone with a lot of ideas is bound to try to execute at least one of these ideas. A lot of creative people are appreciated in their jobs, but when they are not, they might decide to take a risk on their own ideas. Regardless of how pleased with their current job, creative people might stumble on an idea, and chase it.
3- Too ambitious:
If you are working in a big corporation, ambition can help you go up the corporate ladder. If however you are ambitious and you are working in a small or medium company, you would find a ceiling to your ambitions, and you might end up launching your own competing firm. Also, some people have ambitious dreams, and they will work hard to earn enough money to achieve their dreams. Ambitious people usually are not satisfied with a salary, thus is is difficult to keep them on one.
4- Easily bored:
Working in a company usually means you specialize in one or few tasks and you them repeatedly. This can get very boring, especially for the kind of people that get bored easily. Launching a business and becoming an entrepreneur is a lot of challenges, thus much less boring than working in a 9 to 5 job. The downside is that this kind of people could eventually get bored of their own company. If not successful, they might decide to move on, launching another business or simply finding something else.
5- Nothing to lose:
Becoming an entrepreneur needs the character of being a risk taker. Someone with nothing to lose is much more likely to take a risk than someone with a good steady income and a comfortable existence. Many entrepreneurs have their backs to the wall because it is the only way for them to succeed in life.
For example, a guy who lost his job, is more likely to start a business than a guy with a comfortable job.
6- Looking for freedom:
Some people are fed up with their jobs due to time restrictions, and are looking for freedom. Being an entrepreneur gives this kind of freedom schedule wise, time wise. Waking up at 7:00 AM working till 17:00, repeating this 5 days a week is described as a rat race. You have few hours every day to do what you want, and few days a year to travel or take vacations. It is really not possible to be free when working for someone other than yourself. Entrepreneurs can take a time off whenever they need, they can plan vacations whenever they want.
Related: Don’t work 8 hours a day for someone else’s company then go home and not work on your own goals… – Dwayne Johnson
Immigrants often struggle to find adequate jobs in the host countries. They often accept jobs way below their education and their skills level. That’s why, many immigrants choose to be entrepreneurs. They mostly focus on business sectors where the language is not such an important barrier. Example: restaurants, delis, small grocery stores, etc…
Also immigrants usually are hard working individuals, who migrated to build a better life, they are ready to make sacrifices, put money aside, to launch their dream project.
8- Sons and daughters of entrepreneurs:
Having an entrepreneur as a parent, motivates many kids to become like their parent, the example, (or at least adopt an similar entrepreneurial lifestyle) . In addition to the role model element, these sons and daughters of entrepreneurs might even consider themselves too good for certain jobs. And last let’s not forget that the parents often help with experience (mentorship) and capital (funding).
Related: How to Find Business Mentors
Related: Are entrepreneurs rich kids playing with family money
A perfectionist will always find issues with the work others do. Especially if the work done by others is subpar the standard. That’s why perfectionists tend to want to launch their own business. Even-though in business having everything perfect is very difficult. Perfectionists often fail to scale their business, because growing and scaling can get messy and is difficult to do with a perfection execution in mind.
Psychopaths are extremely smart individuals. Smart individuals tend to understand the social rat race. Being smart also allows them to identify profitable business models they can adopt. These individuals are often labeled as toxic, but they represent a big percentage of successful businessmen.
11- Rich Kids:
I wrote a lot about the role of money in entrepreneurship. But to sum it up, rich kids get money from parents to launch a business, because obviously they would not work for a miserable wage. Especially that rich kids often (not always) tend to be less skilled, less intelligent, less hard working and less academically successful than normal kids. Depending on the level of preparation and mentorship these kids get from their parents, they end up being successful or not. Either way, they often taking over the family business.
12- Men in their 40s:
I think when we get older, we get these questions that starts haunting us. Why are we still stuck in the rat race? What have we achieved in our life so far? What is our reason for our existence … Basically, we realize after years, that the system is working against us, a system similar to enslavement, where the average Joe/ Jane, work to pay bills, mortgages, credits, entertainment and not needed products. This most often happen to men in their 40s, simply because women in their 40s usually have found a reason for existence by being mothers, while for men the fatherhood bond is not as deep as the motherhood. Thus these men in their 40s, having their mid-life crisis, and having usually put some money aside, take the plunge, in hope of creating a better future than the one they have.