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via dpg (472) · I've launched several products. I've worked in Venture Capital. I'm passionate about helping others build successfully. 15645 views · 0 comments

You've met wantrepreneurs. They have an idea they’re dying to tell you about. They probably have a mockup of the idea on their iPhone that looks strangely like another popular app on the market. You see them a few months later, and the prototype pretty much looks the same. They never seem to get around to producing anything at all.

None of us want to become these people, but they seem to be everywhere. So what separates entrepreneurs from wantrepreneurs?



1. Perseverance

2. Founder-product fit

3. Domain knowledge

4. Resources/network

5. Branding



1. Perseverance

If you’re not willing to give up everything for your dream, you’re not dedicated enough or your dream isn’t big enough. You’ll probably give up after you launch your app and nobody uses it. You might continue until you run out of runway and then go back to consulting. You might give up because your significant other is tired of you spending too much time away from the relationship. You probably have a back-up plan in the back of your mind of going back to doing X or working for Y company. If you’re thinking any of those thoughts, stop what you’re doing and go do that other stuff. Things will get harder before they get any easier, and entrepreneurship isn’t for the faint of heart.

Tenacity is the single most important trait of successful entrepreneurs. There will be times when no one else will understand, people will ask you to give up or take an easier route, but you have to stick it out. You have to believe in yourself before anyone else can. That makes a true entrepreneur.

2. Founder-product fit

If you’re building a product that doesn’t meld well with your personal story or past experiences, you will have a good deal of trouble selling the idea to others. You should really be your first user. If you’re not dog-fooding your product, it will be hard to understand your users’ needs. It must make sense as to why you are the only one who can break into this industry and own it. If the fit isn’t right, you’ll look like a rookie.

3. Domain knowledge

What secret do you know about how others are doing things wrong or how they can be done more efficiently? Do you have years of knowledge in this industry that will help make it easier to sell the product and idea to people? This gets you pretty far because it adds to building your narrative around why this product is good for you. It’ll help when you look for funding too.

Trust me, the world doesn’t need another, simpler to-do app, especially if you have zero expertise in that area.

4. Resources/Network

Do you go to EVERY MEETUP EVER? You’re probably wasting your time. You probably feel like you’re building your network, but you’re not building your product while you’re out meeting people just like you. I’ve been to a ton of meetups and found out a lot of those people were just building side projects. I guess they were just there for the pizza and beer.

If you do want to turn these meetups into something worthwhile, actually extend those relationships into something material. Forge partnerships, secure beta testers, get feedback, meet someone with different experience who can give a unique perspective, or ask others who they know who can give a helping hand.

5. Branding

As an entrepreneur, your best brand asset is a successful product. Your next asset is just being able to build a product (that’s what separates the wantrepreneurs from entrepreneurs), third is being able to build a team, fourth is being a part of a successful team, fifth is being a part of a team that can at least launch, everything else is a joke.

If you are now worried that you’re seen as a wantrepreneur, there is always one solution that benefits everyone: Be a part of the community and give back. Always ask how you can help others. Lend a hand, hustle all the time, and keep building. You’ll eventually earn your entrepreneurship badge.

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