1. You are passionate about finding business opportunities
High impact entrepreneurs are always in search of business ideas with the intention of building profitable businesses around them. They look at this process as a way of creating wealth for themselves and employment for others, eventually making an impact to the economy through job creation.
2. You have a long-term view of business.
High impact entrepreneurs view business as a journey of growth. They see the starting point, the growth phase and the maturity phase. They can visualize the business increasing gradually in revenue and activity. According to the Global Entrepreneurship monitor, a firm that tracks entrepreneurship globally, high impact businesses have a growth rate of about 20 percent per year and is able to employ up to 30 people by the tenth year.
3. Your desire to start a business is not primarily driven by necessity.
Starting a business can be driven by immediate financial needs. This type of entrepreneurship is categorized as necessity based. The survival of this type of businesses is often shaky because the owners can abandon them once a better option such as employment or identification of a different type of business. On the contrary, high impact entrepreneurs are passionate about a business idea and are often willing to put in the hard work and dedication required to bring the solution to life. They also often opt for entrepreneurship even when they have other sources of income such as employment.
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4. You are willing to pursue your business idea even when there are probable risks.
Execution of business ideas always involves varying degrees of risk, basically because of the uncertainty involved in the process as is often the case with startups. Steve Blank, known as the father of modern entrepreneurship, defines a startup as “a temporary organization in search of a scalable business model” It is during this search process that costly mistakes can be made leading to loss of resources. However, high impact entrepreneurship involves cycles of tests leading to necessary changes in the business. The good news is that this process can be managed in our way that minimizes losses and mitigates risk.
5. You view starting and running a business as a process.
High impact entrepreneurship involves a clear plan of action that involves identifying a problem, designing a solution, generating a business model around it and designing strategies to bring the solution to life in a way that creates value for the customer and generates revenue for the business founder. This journey is clearly a process that has several smaller tasks and activities with a clear start, end, and links to each other. High impact entrepreneurs appreciate this process and are ready to work methodically and progressively towards their vision.
6. You are flexible enough to adjust your business model to align with customer behavior.
In order to arrive at a working business model, high impact entrepreneurs take their business through cycles of testing while adjusting their models in response to the lessons learnt. Some of the experiences go against things that the business founder strongly believed in. Change can be difficult even for the business owner. Some of these changes will mean that some aspects of the business have failed, but high impact entrepreneurs are willing to appreciate the lessons learned and are able to apply the lessons to the next testing cycle.
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7. You are willing to recruit a team to compliment areas where you have no capacity.
High impact entrepreneurs understand that they are building a large company, even though they have started with a small organization. They appreciate that this process may involve some technical aspects for which they may not have adequate expertise. For this reason, they are willing to enter into working arrangements with others to form a strong team that will meet the threshold on product development, planning, strategy, marketing and other key areas that the organization will require.
8. You are a creative person.
Entrepreneurs create wealth for themselves and for others through finding new ways of solving problems, some which may already be existing while other are created by changes in technology or otherwise. Developing new solutions requires a creative and analytical approach able to look at past circumstances and see why existing solutions are not working. Innovation itself hardly involves introduction of something totally know, but rather an improvement of what is already existing.
