- Business and Employment
What is an Entrepreneur?
The dictionary describes entrepreneurs as "a person who starts a business. ", " a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so." or " a person who starts a business and is willing to risk loss in order to make money" Notice that the most common word used in these meanings is "Business" and "risk". Does it mean that taking risks and having a business is all that is required to be an entrepreneur? Let’s see.
A Quick Question
Do you agree that failing leads us to success?
-Tolerance for risk taking
Risk taking is a necessary attribute for entrepreneurs. You can think of risk taking as pursuing of something, even if they know they will fail or will result in a negative outcome.
Starting a business is risky, and even more so when you are using your own money straight from your pocket. But what you can do is you can spread the risk. You can do that by making an entrepreneurial team or by having investors fund your start-up business, by doing so you will use your own money, but not all because investors will help you fund your company or business. The same as having an entrepreneurial team, you'll be able to leverage skills and talents, spreading the risk, therefore, decreasing the chance of failure.
Being an entrepreneur requires the ability to risk. An entrepreneur is not afraid of failures. They must think of failures as a way to learn instead of something to fear. Because with failure, the more you fail, the more you become smart, if you fail on something just get rid of the things that don't work and keep doing what is working. In time, you will succeed.
Think about entrepreneurs who bring innovative products in the market that change the way we live. They can bring an entirely new product or service in the market, like the android phone, mp3 players, computers and much more than I could ever hope to cover. They can also drastically improve a product by making them better.
Steve Jobs is one great example, he improves cellular phone so much that it can do what computers do, and it is called an iPhone. He also improves mp3 players or Walkmans in a dramatic way by making the iPod or iTunes for downloading music.
Being creative is one of the key characteristics of being an entrepreneur. They have to think outside the box. See what's the market gap is. What people want and need.
They are empathetically motivated. When they see a problem that a sufficient number of people have, they try to fix that and solve that problem. In that way, they are creative and result in inventing or drastically improving new things.
Being an entrepreneur is being initiative. You have to do, what you have to do. Sure people helping you is good, asking people to help you is better but if the people around you have to push you to do things, then think again if the path you are taking is right. Being an entrepreneur is to lead. You have to lead people, you have to command them. Not you being commanded, No one has to convince you to do, you just have to act yourself.
Independence is the very important attribute for entrepreneurs. Nobody has to hold you; nobody has to command you. You are independent. Being independent is you can do it on your own. But the thing is you can't do it on your own. You need people to help you. You can't build a company just by yourself, In order for a company to be a company, is you have to have people, a group of people that are chasing and achieving the same goal, that's why it is called a company. But in order for you to start a company, you have to do it yourself. At first, you will have to do things alone, then by the time you get the momentum, you get people to join you, the people with similar goal or dream will help you through the journey of your entrepreneurial life.
Have you ever heard of the law of attraction? It is when you constantly think that you are for example a millionaire or the greatest ping-pong player in the world, that you speak it, you think about it every day is that it will influence your subconscious mind and eventually lead you to that dream of yours. It is true, why? Because who will succeed when all you ever think is that you failed, or you are not smart, or you will never succeed. I'm sure that 99.99% of people who think that way will surely fail. But in reverse if you're optimistic, all you ever think is that you are successful, it will influence you to be successful.
-Up for any challenge
For other people, they call it a problem, but for entrepreneurs, they call it challenge. That's why most entrepreneurs are great in solving problems because they don't see it as a problem or a hurdle, they see it as something they have to do or to get over with, they see it as a challenge. This kind of thinking get them to do all of their best in order to pass that challenge, they do whatever it takes to finish it, if you see it as a problem then most likely you will just ignore it, because who likes problem? But if you think differently, things will change.
-Strive for excellence
Entrepreneurs strive for excellence, but it's not what you think it is. Entrepreneurs achieve excellence by failure; you have to fail in order to achieve excellence. Because in failure you learn the things that don't work, when you know the things that don't work you know the things that work. And that results in achieving excellence. They strive to fail many times and that experience will eventually lead them to success.
-They keep on learning
Entrepreneurs always have to keep on learning; learning is an essential habit of an entrepreneur. It will keep you ahead of your competitors and your knowledge will be used when you are solving critical problems that your business faces.
Entrepreneurs are like a gambler. Like any gambler, their chances of winning increase if they have the right cards. But what are the cards? It is the characteristics and skills that help them succeed. That’s why learning is so important because what you know is partly based whether you will succeed or not.
According to economist Joseph Schumpeter, "entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement for success". It is true for the fact that entrepreneurs help people. They try their best to create, invent or build things that are intangible or tangible to help people better their lives, that's why for them money is not that important. Sure, it is important for a business, but that's on the business side. In order for your business to survive, you have to have a cash-flow; it is the life line of your business. But like Schumpeter said, money alone is not the motivation of entrepreneurs to act.
Being an entrepreneur means you care for your people. That you are in the front line and you show people the way. Entrepreneurs don't stop for many breaks or watch people around do unless they are learning or comparing things. Entrepreneurs are like marines; they are last in and last out. They don't watch time, they stop when they are finished.
Being an entrepreneur is not just because you liked to, but because you have to. Start out by solving problems. In order for you to solve, you have to create a product or a service that satisfies that problem. Being an entrepreneur requires continues learning. You have to learn marketing, financing, accounting, and even tax law because that four essential skill is required in order for you to survive a business world.
Watch this inspirational video about entrepreneurs
© 2017 Gabriel Deleon