Entrepreneurship is in your blood

Is entrepreneurship hereditary? Does it run in your family? Business experts often debate what makes a good entrepreneur. Is it a personality trait, or something learned from family members or mentors?

Regardless of its origins, I believe that being surrounded by entrepreneurs can be incredibly influential. Whether they are family members or part of your business network, their entrepreneurial spirit can be contagious. Some people are naturally drawn to this kind of work environment. The typical entrepreneur is driven to succeed, possesses a high tolerance for risk, is constantly aiming for substantial rewards, and is willing to work tirelessly to achieve their goals.

My father was an entrepreneur, unfortunately it was never successful, but I could absorb that work ethic. From a young age, I was accustomed to the "work hard" mentality, the "high risk, high reward" environment, and the "do it yourself" approach.

Some experts argue that entrepreneurship is also a matter of attitude. While some may inherit entrepreneurial tendencies, many develop them through their positive attitude, optimism, and unending enthusiasm. It's a blend of nature and nurture. Entrepreneurs can emerge from any background, at any stage of life, and exhibit a wide range of personalities. What they all share is a strong sense of dedication, passion, and commitment to their ventures.

I personally use a simple method to determine if entrepreneurship is in your blood, and it is based on answering a simple question: As a kid, did you trade or sell products or services? If you’ve got a lemonade stand or sold any kind of product or service in exchange for money, then I guarantee it’s in your blood.

But having entrepreneurship in your blood is no guarantee of being successful, for that you need more things, and I believe this are the five more important things:

1. Vision: Entrepreneurs possess the ability to see opportunities where others don’t. They envision a world of possibilities and effectively communicate this vision to others. This foresight allows them to chart new paths and create innovative solutions.
2. Strategic Planning: Having a vision is one thing, but setting a clear path to achieve it is another. Entrepreneurs need a solid strategy to navigate challenges, competition, and obstacles. A well-thought-out plan provides the necessary roadmap to reach their objectives.
3. Passion: This is the fuel that drives entrepreneurs. They are motivated by a deep enthusiasm to solve problems and improve lives. This passion fuels their creativity and commitment to making a meaningful impact in the world.
4. Focus: Passion alone is insufficient without focus. Entrepreneurs must channel their vision and passion into a concentrated effort to achieve their goals. This unwavering focus enables them to stay on track and make deliberate progress toward their objectives.
5. Drive to Achieve: An insatiable hunger to achieve their dreams pushes entrepreneurs to go the extra mile. This drive propels them through difficulties and fuels their determination to reach their goals.

While some traits might seem inherent, it is ultimately one's attitude and approach that make a successful entrepreneur. It’s not just about having entrepreneurship in your blood; it’s about cultivating the right mindset and skills.

This article is part of The Oil Venture, a newsletter where I tell the story of how I built an oil company from scratch. If you are interested in knowing how I did it, subscribe ????