In simple word, an entrepreneur is someone who introduces, designs, launches, and starts a new business.
Meanwhile, in the broader sense, entrepreneurs are those who have the capacity and willingness to organize, manage and develop a business venture to make the profit. On the other hand, entrepreneurs are the risk taker.
Who Is Entrepreneurship Person?
Let’s see what entrepreneurship in the field of economics is. According to economics, an entrepreneur is an entity who can find as well as act upon opportunities to interpret invention and technology into new products. Thus, the main crucial thing is to organize the talent, capital, and other resources which turn the invention into a commercial innovation.
What is an entrepreneur?
Read the entrepreneurship vision and mission carefully; you will realize you predict so accurate. Not only a starter entrepreneur, he is much more than that.
An entrepreneur is a self-starter: An entrepreneur is a challenger and initiator. In a word, he is someone who creates something new, either a company or a form, or just an initiative. Hence, he or she is the beginner of a new venture, activity or project. But let me clear one thing, he might not be an ideator, undoubtedly the one who turns the idea into reality.
An entrepreneur is a captain: The entrepreneur is the person in leading and in charge. Hence, he or she is the main driver that inspires the team and pushes everyone to do something great. In summary, he is the captain in the ship. He turns the compass, changes direction, slows down, accelerates or even stops a venture.
An entrepreneur is responsible and accountable: All the responsibility of the venture ultimately goes to the entrepreneur. He is the one who has the highest stakes at the project, the ultimate responsibility and destiny depend on him.
Passion Is the Main Fuel
The things that drive the entrepreneurs to bear all the risk is passion. Hence, he possesses the stamina and fuel that drives the action. In the meantime, the superior energy to handle and overtake the different challenges comes from the love and passion. It’s all about the attitude which looks like one man show.
Entrepreneur Characteristics: Skills of an Entrepreneur
Have a look on various qualities of an entrepreneur.
- Organized, Process-oriented
Types of Entrepreneurs
Breaking down the entrepreneur definition, we find out there are so many types of entrepreneurs and self-employed businesses. So let see some of them with entrepreneur examples.
The small business consists all the local business or mom and pop shops. However, it can be sole proprietors, partnership as well as LLC. In plain word, it could be any business with less than 500 employees.
To consider the inventor as an entrepreneur, he has to go beyond his idea stage. That means he needs to turn his idea into a product and then get it to market. Meanwhile, shark tank is a perfect example of inventor-entrepreneurs.
To consider as a serial entrepreneur, one has to start and build up business. In the meantime, he has to launch several businesses, earning multiple streams of income. Most of the cases, we see entrepreneurs build up a business and then sell the idea. Still, they will be considered as entrepreneurs as they take the risk and operate the business for the time they own it.
A home based business is also in the category of small business. The factor is they run the business from home, instead of an office or fixed location. Meanwhile, they run their business from home; it doesn’t indicate that it won’t be a large business.
Most of the large corporation had started at home. Disney and Apple is a good example of such a business.
Online business is now the hot favorite. Thus, they are small and convenient. Hence, it could be either home-based or large corporations. The difference is their entire process operated primarily online. Some of the examples are Amazon, eBay, Alibaba. Meanwhile, Amazon earns trillion dollars, so it could be tremendous.
The concept of Lifestyle entrepreneur is quite new. But with the rise of the internet, technology and the global economy; it gains popularity. Likewise, a lifestyle entrepreneur builds his business from passion and interest. They do what they love actually. And the business will just support their chosen lifestyle.
Becoming an Entrepreneur
The most successful and richest people are entrepreneurs. Let see the steps to becoming an entrepreneur:
- Ensure Financial Stability
- Take a Stand for Yourself
- Build a Diverse Skill Set
- Identify the Right Business for You
- Set a Business Planning
- Find out target customers
- Identify a Problem to Solve
- Solve That Problem
- Consume Content across Multiple Channels
- Build a Support Network
- Get the Word Out
When you see the list of entrepreneurs and study a bit, you will realize they are a hard worker and passionate about their work. So let’s talk a little bit about some influential entrepreneurs from the list of successful entrepreneurs.
1. Jeff Bezos
American business magnate, Jeff Bezos is the richest man with a net worth of approximately $159.6 billion. Meanwhile, he is the founder of Amazon, today’s biggest marketplace and a trillion dollar company.
2. Bill Gates
Talented philanthropist, computer programmer, investor, and inventor and most importantly business magnate bill gates are the second richest person in the world. Founder of Microsoft, his net worth is approximately $90 billion.
3. Larry Ellison
A full-time philanthropist, Larry Ellison is one of the richest people with a net worth over $58.5 billion. Founder of Oracle, “Larry” is an American programmer, adventurer, internet entrepreneur, and philanthropist.
4. Steve Jobs
The list of famous entrepreneurs will not be complete without mentioning the name of Steve Jobs. Moreover, He is called the “The Grandfather of the Digital Revolution,”
5. Henry Ford
The captain of the industry, ford is the business magnate. Thus, He is the founder of the famous Ford motor company. Meanwhile, he is one of the top influential entrepreneurs of all time.