Many people have a conception that an Entrepreneur is one whose aim is to create a company or a business in order to make a profit. An entrepreneur is someone who makes a new venture, taking most of all the risks, enjoying most of the benefits, and making the best use of his/her talent, skills, and experience. Therefore, an entrepreneur is often seen as a creator, innovator, source of new products, services, ideas, etc. However, it should be kept in mind that there are many things that differentiate an entrepreneur from a businessman and a contractor.
The first point that characterizes the two is that an entrepreneur doesn’t have a fixed office where he/she works. Rather, he/she is an ‘outsider’ looking out for opportunities, trying to find a solution to a problem, developing new strategies, reading about the market, asking questions, coming up with a new idea, making up his own mind, etc. To make an impact on the market, an entrepreneur must have the ability to think outside the box. This is what characterizes entrepreneurial thinking – a constant need to improve on existing ideas, creativity, originality, courage to try something new, risk-taking and the willingness to take a risk in the face of uncertainty.
It’s a well known fact that entrepreneurship needs money. As a small business owner, you will have to make the investment either in equipment, land, in human capital, or in finance. You may also have to spend some funds on advertising. All these things need careful management, or else, you may end up with a failed enterprise.
One of the biggest difficulties of being an entrepreneur, or rather of any small business owner, is that you always feel like starting a new idea. It’s almost as if you’re always looking for a way to improve your existing product or maybe add another feature. And if you happen to be successful, the rewards are overwhelming, leaving you broke at the end of every year. It’s almost as if you have to find new ways to make money!
The ability to define a vision for the future is perhaps the most important quality that defines true entrepreneurial spirit. Being able to envision a world where certain market segments exist thanks to the efforts of a company or an entrepreneur fuels your enthusiasm to achieve success quickly. Entrepreneurs make money from their imagination, so if you want to be part of this list, you need to focus on becoming an imaginative entrepreneur. Creativity doesn’t only mean coming up with new ideas for products and services, but it also means finding new ways to sell those products and services.
Lastly, entrepreneurship is about risk. Entrepreneurs are constantly faced with the risk of loss. When they make an investment in a venture, they are usually required to give up some of their assets to finance the enterprise. However, they should also take full advantage of that opportunity because that capital allows them to work on bringing that project to life. Most entrepreneurs will give everything they have to the cause of making their visions a reality, even if they have to give up their day jobs. That sort of boldness is what sets these entrepreneurs apart from everyone else.
