Who wants to be a millionaire?

Everybody wants to be an entrepreneur, be a ‘businessman', and become a millionaire, or at least become rich with all the trappings that go with it. But how many have the skills, qualities and resilience to be successful in what may look easy, but can be a genuine ‘dog-eat-dog’, 24/7, environment?

First, let’s define entrepreneurship, a long, almost intimidating word, in Arabic ‘raid amal', an organiser. Its origins lie in the French verb ‘entrependre’ which means ‘to undertake', and by extension denotes someone who is constantly ready to ‘carpe diem', or seize the day, seize the opportunity. Why? Because opportunity is so often a fleeting, fickle thing that rarely waits for us... and if you don’t grab that opportunity, someone else will. It means you must be something of a risk-taker, seeking opportunities, either creating wealth from those opportunities or having sufficient wisdom to evade the traps that lesser opportunists would fall into.

Management consultant Peter Drucker says it is “neither a science, nor an art form, but is born of practice.” So, any would-be entrepreneur would need to be creative, as, even if they are not actually designing or inventing, it’s often about improving something so you can maximise its potential, and consequently, your profit. They don’t just look, but search avidly for what they can change, and how they can make money from change.

They must be risk-takers, because many opportunities exist within a very short window. Virgin Airlines Richard Branson says, “If you are offered an amazing opportunity, but you aren’t sure whether you can do it, say yes! Then learn how to do it!” In fact, most of what Branson ever says to aspiring entrepreneurs is time-bound, as his key phrase is the old, established, “time is money", essential to business and commerce, whether entrepreneurial by nature, or logistical.

Determination and resilience are essential, as not every opportunity works, or makes money, and if you aren’t making money, you aren’t a very good entrepreneur, are you? In fact, Steve Jobs, the Apple Inc supremo, once said he was convinced that only perseverance separates successful entrepreneurs from those less successful. Both he and Branson have frequently commented along the lines that even working hard, putting everything into it, ‘fighting tooth and nail', you may not succeed, but that most success stories are a result of true entrepreneurs who have picked themselves up, brushed themselves off, and started all over again.

It has been said that an entrepreneur lives several years of their life in a way that most people would never choose, to later live in a manner that most people cannot! Think about the single-mindedness required for the lifestyle you want. Are you prepared to do the ‘hard yards?’ I guess the hallmark therefore, of most entrepreneurs then, is confidence, and the ability to be able to juggle challenges, job roles, responsibilities, staff, resources, and above all else, finance. There’s no room for one-trick-ponies!

Naveen K Jain knows all about the ups and downs of entrepreneurship, as he was once one of the richest men in the world during the 1990’s, as the CEO of InfoSpace the American Internet provider. But Jain very much fell from grace during the ‘dot com crash', of 2000, and lost, personally, and with his investors, an estimated $282 million. He has bounced back since, and with the establishment of Intelius in 2003 and its sale in 2015, TalentWise (2005) sold in 2013, Moon Express established in 2010, and Blue Dot established in 2013, he has again accumulated significant wealth, being credited with now being a bona fide billionaire, widely recognised in society for his philanthropy and charitable works.

Jain says, “Great entrepreneurs focus intently on opportunities where others see no prospects, and that level of focus and intensity helps eliminate wasted effort and distractions.” He has also been adamant that many ventures fail due to trying to do too much at one time, rather than focusing on their key areas of strength and doing those things well. So, being a ‘businessman', or an entrepreneur, or more impressively, a millionaire, is a lot more than owning a barbershop or a food stand, having a nice car and business cards. It's about being aware, and awake, respectful and confident, yet prepared to be humble, 60/24/7/52/life.

Then at least, you will give yourself a chance.