Wantrepreneurs are big on ideas, not on action

If you’ve read the headline, you’ve probably already guessed that this week’s Bizspeak term isn’t a kindly one. In the same vein as a wannabe — someone who acts like something they want to be but aren’t — a wantrepreneur is someone who aspires to start a company, launch a product, be their own boss, but just … hasn’t yet. And probably won’t.

The wantrepreneur is often full of good ideas, but lacks the drive and confidence to go all in. Besides, it’s definitely easier to work for someone else and collect a guaranteed paycheque, right?

But the term, which was purportedly coined in 2011 by Appsumo creator and serial entrepreneur Noah Kagan, has mixed reviews. It may seem like a benign enough expression, but some business experts feel it has the potential to kill a person’s entrepreneurial spirit.

It takes chutzpah to start a company (not to mention resources), and just because it can take a while for someone to work up the courage doesn’t mean they lack the ability. It also unfairly targets people who aspire to start a company, when the same kind of “will they or won’t they” can be applied to many other scenarios, from athletic and educational endeavours, to finance, travel and more.

On the flip side, there are some classic hallmarks of a true wantrepreneur, someone who talks the talk, but has no real intention of walking the walk. How can you tell for sure? It’s all about action, impetus and risk appetite. Here are four surefire ways to spot one.

❚ A wantrepreneur loves the entrepreneurial culture. You want podcast recommendations about starting a business? They’ve got 25 suggestions. Do you need inspiring stories about the origins of wildly accomplished companies? Their party trick is regurgitating CEO success stories (yes, yes, we all know Walt Disney filed for bankruptcy before Mickey Mouse paved the way to fame and fortune). The hiccup happens when that research needs to translate into action. An entrepreneur will take what they’ve learned and use it; a wantrepreneur talks about action, but can’t quite apply the take-aways.

❚ Wantrepreneurs have trouble landing on a product or service on which to build a business. They’re champion spitballers and will brainstorm business concepts for days. They just never seem able to pick one and run with it.

❚ Wantrepreneurs fantasize about selling their business before they’ve even created it. Any successful entrepreneur will tell you that you need to have passion for the work you’re doing. It’s the only way to handle the sacrifices you’ll have to make as a business owner. If your only goal is to profit from an eventual sale, that will very likely translate to your company, and everything from customer perception to eventual worth will take a hit.

❚ A wantrepreneur isn’t willing to endure loss. Being an entrepreneur is a huge leap of faith, and it often involves a setback or two (or three or four …). Wantrepreneurs typically don’t have the stomach for failure, while entrepreneurs understand that there is value in things not going according to plan.

If you see a little more of yourself in the wantrepreneur description than you’d like, fear not. Many a wantrepreneur has eventually crossed the floor to the entrepreneur camp. What’s the trick to making it happen? Just pick a place and start.

IT TAKES CHUTZPAH TO START A COMPANY (NOT TO MENTION RESOURCES.)