The Real Definition of Entrepreneur and What it Takes to Become One 95

The Real Definition of Entrepreneur and What it Takes to Become One

Entrepreneur. Such a beautiful, energizing word and one we love to throw around, put in titles, covers and on motivational images. In the business world, it’s one of the hottest terms ever invented. But what does it really mean? What’s the definition of entrepreneur and how can we become one?

In general, an entrepreneur is a person who creates and operates a business, while there’s risk and uncertainty involved. It’s often suggested that he uses his own capital (although that changed when startups became the new thing and investors are a common solution now) and takes initiative.

An entrepreneur is a businessman, a tycoon and a magnate, when talking about managing an enterprise. But it’s also every architect, inventor, author and anyone else who creates stuff, because a true entrepreneur is a maker (compared to the average person who’s a consumer).

The Definition of Entrepreneur Goes Together with Some Personal Qualities

The definition of entrepreneur can’t be finished without talking about the kind of person it takes to be to become one. The skills aren’t the main difference between a regular guy and an entrepreneur, there are qualities and traits involved too.

Here are the main ones:

Contribution

A true entrepreneur makes a difference with the product/service he creates and offers.

He finds out who his ideal customer is, a pain he has in his life and thinks of something he can produce that will alleviate it. Once he gets it done, such a client would gladly pay for the right solution for his struggles in life.

That’s when business and integrity go hand in hand.

Innovation

Although the French word entrepreneur dates back to 1723, it’s more popular than ever today and when talking about such people, we usually mean the innovators and leaders of today.

They are always looking for the next big business idea out there or combine ordinary things from daily life in an unusual way to create something useful and absolutely fascinating.

Or they just let their creative juices flow and hustle hard enough to make something out of nothing and explain to people why they need to buy it (the so-called unique selling proposition).

Vision

Entrepreneurs are visionaries.

They know what they want and have already achieved their goals in their mind, before they pursue them in real life. They dream big, aim high and get fantastic results if they persevere long enough.

Trial and Error

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You can’t get it right from the very beginning. Many people quit after a failure or a few. Others, stay around a bit longer but eventually lose hope, have invested too much in all this but don’t see it going anywhere, or lose confidence in their abilities. That’s why it’s so lonely at the top. But that’s why greatness, the ideal lifestyle and the big money are there too.

Resourcefulness

Entrepreneurs work with what they have to build stuff, but they also make the most of their connections, creativity, productivity and environment, while forming new relationships, thinking of new ways to do things and finding new solutions to existing problems.

Opportunities

Entrepreneurs are opportunists.

The average person, however, doesn’t keep his eyes open so that when opportunities come he can grab them and make the most of them. Instead, he blames life for not giving him enough chances.

Value

Entrepreneurship is about creating value, offering more than others expect and that’s exactly why the people who do it receive more in return (in terms of financial rewards, praise, satisfaction in life).

Networking

That’s an important skill in the entrepreneurial world these days.

If you’re running digital businesses, or have created a lifestyle business, that shouldn’t stop you from reaching out to influencers, personally contacting your users/clients to ask for feedback, making friends in your field, seeking guidance from those who are 1 step ahead, etc.

But once you become a real entrepreneur, you’ll start traveling for work too. You’ll go to conferences – just to attend, and after some time maybe even speak – and meet with people in person, you’ll get interviewed and go to special events. But it’s about people.

Entrepreneurs are these great communicators, most of whom started from nothing, but were motivated enough to put themselves out there (even if it means knocking on a few doors in your neighborhood asking people whether your potential product is something they’d pay for).

What it Takes to Be an Entrepreneur?

If you’re still wondering who is an entrepreneur today and how you can become one, make sure you follow that formula for success.

You don’t start with wanting, you start with wondering how you can help people and even identifying a problem they never realized they had.

The entrepreneur isn’t the one whose concern is whether the glass is half full or half empty. Instead, he gets out there and sells the glass.

Also, you don’t just stay at home and complain about not having the things you want, or not seeing enough money coming in, or not living like others you look up to are.

In the mind of an entrepreneur there’s no blame, comparison or wishes. He’s the risk taker who takes action every single day, long before he sees any result.

You define a problem and create a solution. Then, you get it in the hands of the right people, ask them what they like and don’t like about it, and make the necessary changes so that it can better answer their needs. Then, you go out and market it so that you can put it in the hands of more people like these.

The definition of entrepreneur is something you’ll see in the mirror once you’ve done part of the hard work. The hustle is what will turn you into a successful one, who’s ready to do bigger things and enter a world of freedom and opportunities, where anything is possible.

What about you? What’s your definition of entrepreneur? What does it mean to you and what else does one need to become such an innovator and leader?

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Becoming Your Own Boss: Tips on Getting a Business Off The Ground 7

How Writing a Blog Can Help You Live the Life You Dream About

Becoming your own boss is a complicated process, and not everyone does it the same way.

I got lucky. I was still working when I got my business off the ground, so I had a source of income while I was working the kinks out of my business. I did most of my work for the new business when I got home or on the weekends. I asked for a change in job responsibilities at the office so that I didn’t have as much on my plate.

This all gave me a chance to start earning money without going into debt. When it was feasible, I stopped working my regular job and transitioned into working for myself full time. It took about a year and a half.

Establish clear boundaries.

 

Sometimes people don’t take you seriously when you tell them that you work for yourself. They think you are always available to chat or have lunch.

I had a number of friends that would call me at all hours, assuming I was available because they wanted to talk. Granted, it was nice to have that freedom at first. But, I soon realized that if I was going to be successful, I couldn’t let those kinds of distractions interrupt my workday.

Save before you start working for yourself full time.

I was in pretty good shape when I made the transition, but looking back, a few more months with a paycheck would have been wonderful.

When you start your own business, money can be very tight. You never know what you are going to make month to month.

I had one customer that initially made up most of my revenue. That customer only paid on a quarterly basis, which meant that times were tough in between payments.

I had to spend money to build the business, which meant there wasn’t a lot left over. If I didn’t get a payment right on time, it was very difficult to deal with.

There were times when I had to ask for a loan from family members simply to pay my bills.

Reach out and build a support network.

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It can be really difficult to adjust at first. You have great days and you have terrible days. You meet goals some months, while other months you are left wondering where you went wrong.

If you make a mistake, you alone are responsible for it and your business and reputation can suffer. It is easy to feel depressed at times. You may even start to feel like you can’t handle running a business and that you made a big mistake when you left your office job.

Remember that you are not alone. All entrepreneurs have these moments, which is why it is so important to connect with others in the field.

Take time for yourself.

I had a honeymoon period of about half a year. It was really exciting to see the business get bigger. Each milestone that I met was a reason to celebrate.

However, heading into the second year, it was more difficult. I was tired. Things weren’t as exciting because they weren’t new anymore. And then, year three came along. I was done with working such long hours.

I was done with having no time off. Burnout is certainly an issue in this business, so you have to figure out how to balance your personal and your professional needs.

It took me a long time to get where I am today. I had to do a lot of research. I had to educate myself on business. I had to find an SEO expert. I had to figure out who my main competitors were and keep an eye on them. I also had to stay current with what was happening in the field so that I didn’t fall behind.

No matter how hard I worked, it seemed like I could never get caught up. Running a business is a big responsibility.

If you are interested in starting your own business, you want to set yourself up for success. Try to cut back on your living expenses. Make sure you have substantial savings. Set up an area in your home where you can work, free from distractions.

If you are married, get your spouse on board. He or she can help pay bills while you are getting your business off the ground.

Your business is only as good as you are.

Make sure you have a support system of other business professionals. These people can help you acknowledge your weaknesses, encourage you to keep moving forward and advise you on common mistakes.

You can try and go it alone, but it will be very difficult for you. As with anything else in life, your support network has a lot to do with your success. You are probably strongly invested in your business; after all, it is something that you created. Make sure you have people that you trust to help you along the way.

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Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.