Who is an Entrepreneur and Becoming An Entrepreneur Of Your Own
Who is an Entrepreneur and Becoming an Entrepreneur of your own.
An entrepreneurial work is not an easy to say task to be sincere but there are a lot of benefits when it comes to owning your own business and setting up your own rules and regulations. Here you will see who is an entrepreneur and becoming an entrepreneur of your own which is a great decision for someone who loves business.
A lot of people want to be their own boss and many hate to be controlled but the truth is, many have beautiful and outstanding projects but don’t have the chance and opportunity to realize it.
Who is an Entrepreneur?
I am an entrepreneur, you are an entrepreneur. A person who owns a business is an entrepreneur. He controls and executes plans.
Now the real question is not who is an entrepreneur but what is an entrepreneur.
What is an Entrepreneur and what is entrepreneurship really all about?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
But is an independent freelancer an entrepreneur? What about a full-time Uber driver? Someone who runs a stall at a fish market? Where do we draw the line, if there is one to draw?
This wide range of interpretations, coupled with all the new ways for people to make money on their own terms, begs the question: What exactly is an “entrepreneur” today?
Insights of an Entrepreneur
- A person who undertakes the risk of starting a new business venture is called and entrepreneur.
- An entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or services for profit.
- Entrepreneurship is an important driver of economic growth and innovation.
- Entrepreneurship is high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and innovation.
In general, An entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Two things all entrepreneurs have in common
The word “entrepreneur” comes from the French word, entreprendre: to undertake. And despite how entrepreneurship has changed over the years, that part still seems very much intact.
However you or anyone else chooses to define what it means to be an entrepreneur, it almost goes without saying that an entrepreneur can’t become one if he or she has to wait for that validation.
Because there are at least two things every entrepreneur has in common for sure:
- They have ambition.
- They start.
TYPES OF ENTREPRENEURS
The major types of entrepreneurs include; social entrepreneurs, serial entrepreneurs, and lifestyle entrepreneurs.
A Social Entrepreneur is an individual who pursues innovative solutions to social problems. A social entrepreneur adopts a style of which he/she can use to create and sustain social values. Most social entrepreneurs engage in non-profit activities and are overwhelmed by social responsibilities and conscience.
They are primarily motivated to improve socio-economic well being, educational, health, fundamental, environmental and health conditions of others.
This is an individual who ”CONTINUOUSLY” comes up with new ideas, creates business plans, kicks off businesses and often times sell to investors or shareholders. Serial entrepreneurs start-up several businesses with little intention to operate any of them for a long time.
They are high risk-takers with lots of unique ideas and are not always interested in a career with a particular business/company.
This is an individual who creates profit from personal passion. He/she put their lifestyle ahead of every opportunity. While most entrepreneurs are motivated to build a business to a certain stage and sell to shareholders or investors, the lifestyle entrepreneur chooses to do businesses they are passionate about and grow the business into a long term, residual income that is sustainable.
Most lifestyle entrepreneurs are completely self-employed; this is to allow them time to set up their projects. In a nutshell, a lifestyle entrepreneur is an addict of whatever they find themselves doing, they do it so well, commit their time, resources and energy to see their project completed.
There is a lot of fear from people when it comes to investing their money. They fear even to start a business without anything from scratch.
A recent survey in 2015 from inc.com readers prove the fear of entrepreneurs.
- “I don’t think I can raise enough money.” (48%)
- “I don’t have an idea.” (40%)
- “I’m discouraged by the high failure rate of businesses.” (22%)
- “I don’t have the right skills.” (21%)
- “I worry about balancing business and family life.” (18%)
- “I’m worried about taxes and regulations.” (17%)
- “The competitive barriers are too high.” (13%)
- “I don’t think I could hire people with the skills I need.” (7%)
Business Leaders is lead by a group of entrepreneurs with an outstanding view. You may like to book a talk or call with any of our project annalist or marketing expert for counselling. Contact us
How technology has enabled entrepreneurs:
- Quickbooks made accounting more accessible for small businesses.
- Alibaba made finding a supplier easier for products you could sell.
- Shopify made it easier to start and run a business selling anything online without knowing how to code.
- Dropbox enabled file sharing for better, more secure collaboration.
- Kickstarter made crowdfunding your ideas a mainstream concept, reducing the financial barrier for execution.
- Buffer streamlined the way you schedule social media content across multiple profiles.
- Fiverr offered a marketplace for finding affordable talent and human resources.
- Zapier made integrating technology possible without a developer in order to automate workflows.
- Canva made it possible for anyone to design the visual assets they need without hiring help.
- Kit built a “virtual employee” to take on some of the burden of running a business.
How to be a successful entrepreneur
Build a business around your craft.
The maker applies a specific craft they’ve honed in order to create physical products. Usually a hobby or a past time, they’ve learned how to unearth niche audiences with an interest in owning what they create—whether necklaces, hand-crafted furniture, or scented candles.
This often starts out as a hobby before you find your first customers and decide to become an entrepreneur.
What do I gain in becoming an entrepreneur?
What are the benefit?
Do entrepreneurs really make money?
Having all these doubts? Read through this awesome 11 benefits an entrepreneur and grow your business today.
Build a business around social responsibility.
Some entrepreneurs use business as a means of creating a sustainable living that improves the quality of lives through social enterprise. Outside of profit, the value they seek to create is for those in need.
QUALITIES OF AN ENTREPRENEUR
To be an Entrepreneur, you must possess most of these qualities;
- Be open-minded
- Problem identifier and solver
- Confident and disciplined
- A constant flow of ideas
- Determination (Strong-willed)
FUNCTIONS OF AN ENTREPRENEUR
- Risk Taker: An Entrepreneur bears any risk in starting up and sustaining his/her business(es). S/he assumes every responsibility that might come up in the course of his business which might be caused by either change in time or quality. He is always ready for emergencies and should competitors emerge, thinks of strategies to outshine them. Mike Gafka said, “To be successful you must accept all challenges that come your way. You can’t accept the ones you like.”
- A Leader: One challenge of being an entrepreneur is that you have to be in charge. You must be at the forefront of your business at least during startup. You should note that one cannot make it alone as an entrepreneur. Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish – Sam Walton. To be a successful entrepreneur, you must possess the ability to attract smart people and build a great business team.
- Identifies and Solves Problem: An entrepreneur is quick to identify any problem facing his/her business and immediately seeks a solution. It is said that he that wears the shoes knows where it pains. S/he knows that if any challenge is not resolved as soon as they come, they are bound to face setbacks in the near future.
- Goal Getter: Entrepreneurs do not only set goals but also thrive so much to achieve their goals. Robert Kiyosaki says, Most people know how to set goals, few people know how to achieve them, that is how to identify an entrepreneur. Entrepreneurs set big goals, so exhilarating that it is scary to an ordinary man.
- Decision Maker: Entrepreneurs determine the objectives of their business and they should know what is suitable per time. He decides and maintains the potential investors or financiers of the enterprise and also manages the funds available. He makes sure that his business venture is in good relationship with pubic authorities and society. He also decides the market for his product or services.
- Sales Person: An Entrepreneur must be a good salesman. If one cannot sell as an entrepreneur, one cannot succeed. S/he is responsible for marketing and advertising his products or services. I assert that there is no magic about making money; it is essentially a medium of exchange of goods and services. So if you are not providing goods and services, you are not qualified to enjoy financial fortune.
Thank you for reading till the end, will like to hear from you in the comment box below. and if you would like to get our latest business topics subscribe.
Business Leaders will leave you with a few question to ask yourself.
A Few Questions to Ask Yourself:
- Do I have the personality, temperament, and mindset of taking on the world on my own terms?
- Do I have the required ambiance and resources to devote all my time to my venture?
- Do I have an exit plan ready with a clearly defined timeline in case my venture does not work?
- Do I have a concrete plan for next “x” number of months or will I face challenges midway due to family, financial or other commitments? Do I have a mitigation plan for those challenges?
- Do I have the required network to seek help and advice as needed?
- Have I identified and built bridges with experienced mentors to learn from their expertise?
- Have I prepared the rough draft of a complete risk assessment, including dependencies on external factors?
- Have I realistically assessed the potential of my offering and how it will figure in the existing market?
- If my offering is going to replace an existing product in the market, how will my competitors react?
- To keep my offering secure, will it make sense to get a patent? Do I have the capacity to wait that long?
- Have I identified my target customer base for the initial phase? Do I have scalability plans ready for larger markets?
- Have I identified sales and distribution channels?
Questions That Delve into External Factors:
- Does my entrepreneurial venture meet local regulations and laws? If not feasible locally, can I and should I relocate to another region?
- How long does it take to get the necessary license or permissions from concerned authorities? Can I survive that long?
- Do I have a plan about getting the necessary resources and skilled employees, and have I made cost considerations for the same?
- What are the tentative timelines for bringing the first prototype to market or for services to be operational?
- Who are my primary customers?
- Who are the funding sources I may need to approach to make this big? Is my venture good enough to convince potential stakeholders?
- What technical infrastructure do I need?
- Once the business is established, will I have sufficient funds to get resources and take it to the next level? Will other big firms copy my model and kill my operation?
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