7 Signs You Might Be a Wantrepreneur

The term “wantrepreneur” is often used to describe someone who aspires to be an entrepreneur but hasn’t yet achieved that goal, often because they are stuck in the planning or dreaming stage.

For example, a wantrepreneur might spend a lot of time attending networking events, reading business books, or discussing their ideas, but may hesitate to take risks, or take the practical steps required to start a business. You might hear them use phrases like “if only” or “I’ve had this idea for a while”.

Unlike entrepreneurs, who take action towards bringing their business ideas to life, wantrepreneurs often engage in activities that make them feel like they are making progress but don’t actually move them any closer to launching a business.

Here are the seven signs that you might be a Wantrepreneur.

1. All Talk, No Action: A wantrepreneur often talks about their great business ideas but doesn’t take concrete steps to implement them. They might be seen frequently at networking events, discussing their ideas with anyone who will listen, but not actually doing anything to make those ideas a reality.
2. Fear of Failure: Wantrepreneurs often have a significant fear of failure that prevents them from taking risks. This fear can paralyze them, keeping them in the planning or dreaming stage indefinitely.
3. Lack of Commitment: While they may be passionate about their idea in a superficial way, wantrepreneurs often lack the commitment needed to overcome obstacles and put in the hard work required to start and grow a business.
4. Procrastination: They have a tendency to put off important tasks that are critical to business development, often getting caught up in less important activities that give the illusion of progress.
5. No Real Investment: Wantrepreneurs are often reluctant to invest their own money, time, or resources into making their idea a reality, looking instead for others to take the risk.
6. Chases Trends: Rather than being genuinely passionate about a business idea or identifying a real problem to solve, wantrepreneurs often chase what’s currently trendy in the hopes of making quick money.
7. Seeks Validation Over Customers: Wantrepreneurs may be more interested in gaining social validation for their ideas than in actually finding customers who are willing to pay for their product or service. They might focus more on likes or shares on social media rather than customer acquisition and revenue.

If any or all of these describe you, there’s good news. Many successful entrepreneurs start out as wantrepreneurs. The transition from being a wantrepreneur to an entrepreneur usually involves taking action, accepting risk, and moving beyond the planning phase to actually start and operate a business.

And what’s even better is I have helped many people move beyond the wantreprenuer phase and go on to build successful enterprises. If you are ready to take the next step, take this quiz to determine in which category you fall. Then let’s have a conversation about how we can help you get started on your true entrepreneurship journey.