Entrepreneurship is the new rock ‘n’ roll. Everyone wants to do it. Even the government wants more entrepreneurs and is rolling out summer schools later this year to nurture a new generation.

But it’s not an easy path. Roughly 80% of new companies will fold within 18 months of creation. Most are making profits but run out of cash. Some have cash but they have lost the will of the person who set up the company to continue in business.

So before you give up the day job, it's worth asking if you've got what it takes to be the next Bill Gates or James Dyson. Three experts told Mansized the telltale signs.

 

Do you use the right language?

Mike Duckett, managing director, Coaching for Success says:

Listen to words that you use and it will give you a strong clue. Entrepreneurs and procedural thinkers sit at either end of a scale that ranges from innovation to execution.

So if you use words like ‘options’, ‘opportunity’ and ‘choice’ and constantly think forward, chances are that you have the mindset to be an entrepreneur.

If your language is peppered with the word ‘how’ and you tend to think about ‘the next step’ your default is procedure. An entrepreneur will need you for a successful venture, as one of their weaknesses is that they can’t close a deal before moving onto the next, exciting idea.
 

Have you got star qualities?

Dr Rob Yeung, a business psychologist from Talentspace says:

As well as having the right mindset, you need certain qualities to see it through and turn an idea into a successful venture.

Number one is drive. Entrepreneurs work for reasons other than money. Bill Gates has billions stashed in the bank, but his doesn’t rest on his laurels because has an innate need to succeed.

You also need emotional resilience. You have to be able to take the knocks. Only a certain kind of person can keep getting up and keep knocking on doors

Are you a non conformist? Entrepreneurs do not follow the usual avenues through life. A scorn for the bandwagon will probably show from a young age.

Passion's all important. Passion for an idea will give the venture life and you the energy to see it though.
 

Have you got the dosh?

Sarah Berry, author of Thank God it’s Monday says:

Having the personality to innovate is fine and dandy but you need hard resources behind you too. And this includes the support of your family as well as the support of you bank manager. Ideally you need a couple of people willing to invest in your ideas too – it’s possible to do it without, but it’s harder.

One, last thing to bear in mind. It’s often as hard to run a company that sells nothing as one that sells millions.