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While doing research for my wife, my daughter found the term wantrepreneur. This word made me think about the many questions I received from clients over my 32 years in the financial services industry. "I am about to retire, must I buy a franchise with my lump sum?”

There is in essence nothing wrong with the question. The counter question that I would normally ask is, why do you want to do that? The answer on this question will determine the outcome and success or failure of their venture.

I truly believe that once someone has made up his or her mind to do something, everything will start to take shape to make it possible. It is as though the whole universe will work together to make it possible.

I found that the word wantrepreneur have been around since 2011. There are some debate on who actually first coined the word. Some writers ascribe the word to Noah Kagan the founder AppSumo. Others say that it was Neville Medhora and Noah Kagan.

There is a definition for wantrepreneur:

·         Someone who “is going” start a business.

·         Someone who “will find the right idea some day”.

·         Someone who wants to “act” like an entrepreneur.

·         Someone who “thinks about starting a business” all the time.

Kylie Ora Lobell have written an article about the 5 major differences between an entrepreneur and a wantrepreneur. She describes wantrepreneurs as individuals who wants to rise to the top, but they are not willing to sacrifice anything, to make this dream come true.

To become a successful entrepreneur you need an unrelenting devotion to fulfil the goals you have set yourselves. You must have the ability to get past your fears. Self-doubt and feeling like an imposter is your biggest battle to make a reality of your dream to have your own business.

Lobell listed the five things that will guide the wantrepreneur to a justifiable calling and an entrepreneurial success. If you can monitor the five major differences between wantrepreneurs and entrepreneurs, you can implement the necessary changes and achieve success.

1.      “Entrepreneurs are prepared and willing to give up their personal lives at first, where wantrepreneurs are not. “
You need to choose between having fun or study and reskill yourself and work on your business. Most entrepreneurs put in at least 60 plus hours a week at the beginning of their business life cycle. In the long run this should be merely a short term sacrifice that needs to be made. However, it is important that you plan your time with your family and friends.

Read more: The Maze of Doing Business: Wantrepreneur or Entrepreneur?

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