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

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 an Online Merchant: 4 Tips to Find the Perfect Product to Sell

Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

E-commerce is a booming industry and will only continue to grow in the coming years. That’s why it’s not so surprising that there are plenty of people who want even just a small slice of the proverbial pie.

But whether or not you are looking to establish a full-blown online store or would simply want to supplement your income by buying and selling items on the side, you have to pick a product to sell that would, well, sell.

With the right marketing strategy, one can argue that anything and everything can be sold online. However, the real challenge is finding a product that is conducive to success. How do you find that product? Here are a few pointers.

Finding The Ideal Product to Sell

1. Target Hobbyists and Collectors

You’ll be surprised by just how much money hobbyists and collectors are willing to spend to fuel their passions.

If you have a knack for finding rare items, you’ll be a big hit with collectors. Whether they’re interested in action figures and toys, lapel pins, first edition books, stickers, sports cards, or even antique dinnerware. Just make sure that everything is legitimate.

Meanwhile, there is no shortage of hobbies on which people willingly invest their time and money.

Some of the more popular ones include biking, fishing, knitting and crocheting, calligraphy, model building (including radio-controlled vehicles), and handicrafts. Look for a leisure pursuit where you can act as the product-based solution and you’ll easily enamor yourself to these customers.

2. Something Hard to Find or Can’t be Bought Locally

There are some things that can be easily found in a local grocery store or a specialty shop — say gardening or baking supplies. But what about specialty foods, magician’s accessories, eco-friendly products, and fandom items?

Most likely, people will go online to find these. You can enlist the help of Google Trends and Google Keyword Tool to get a glimpse of what kinds of products people are searching for online and use the results as a guide to pick a niche product to sell.

You can also try to sell products that can’t be bought or difficult to procure locally, like Japanese Kitkats, the “three-story” alfajor Oreos, or Asian beauty products. The latter, in particular, is a good place to start since a lot of products are only available in select countries or regions but are available through wholesale Asian cosmetics websites. Do the hard work of sourcing these products (and offer them at reasonable prices) and see just how much your customers will love you.

3. Star with The Accessories Before The Big-Ticket Items

When people buy big-ticket items such as 4K TVs, high-end smartphones, and gaming laptops, they buy them only once. Their next purchase of these kinds of products will probably be in the next two to three years.

These are big investments, after all, and people are much more reluctant to spend huge amounts so often. However, accessories are much more common purchases and people are relatively more agreeable to spending more often on these items. Especially when they’re meant to increase the performance or ensure the longer life of the bigger product.

Think about HDMI cables and switchers for TVs, charging cables and power banks as well as cases and protectors for smartphones, and gaming accessories like a mouse, a keyboard, and a good pair of headphones.

If you already sell the big-ticket items, then it’s a wise decision to add the accessories to your online catalog. If you’ve yet to choose what to sell on your online shop and/or you have a limited capital, you should consider selling these kinds of accessories first.

4. Consumables Mean Customers That Keep Coming Back

Consumables mean that you will have a steady customer base and a rather reliable revenue stream. What’s more, when people need to order products from you regularly, it’s much easier to build a loyal customer base.

Think about specialty cooking ingredients (Himalayan pink salt, anyone?), supplies for arts and crafts, and even cosmetics. Just make sure you’re able to deliver each and every time, since you don’t know when your customers will run out of their stock or order in bulk in advance.

Of course, choosing which product to sell is just one part of a thriving online business, since you should also take into consideration the demand, potential competition, and reliable suppliers, among others. However, it’s also undeniable that finding a saleable item is a huge contributor to your business success. Good luck on your journey as an online entrepreneur!

If you're into ecommerce, you might be wondering what product to sell on your online store. Here are 4 great ideas that are sure to make you money and bring you loyal customers: #ecommerce #onlinestore #makemoneyonline #sidehustle