Entrepreneur… What? Who? When? How?
Economists have never had a consistent definition of “entrepreneur” or “entrepreneurship” (the word “entrepreneur” comes from the French verb entreprendre, meaning “to undertake”). Here are some points which attributed to entrepreneur:
- Creating jobs
- Creating wealth
- Daring to risk
- Creating Value
- Making the future
- Predicting Future
- Creative
- Pioneer
Let’s have a look at Richard the person who is called as an inventory of this term and at the definition of Howard which declare as best answer by INC Magazine:
Richard Cantillon, He is known as the first who used term entrepreneurship back in the 1700s before by anyone. He is Irish-French economist from 17th and 18th century. He defines as “The one who manages the business and accepts the risk. Hoping to take advantage of this risk.
Howard H. Stevenson is the Sarofim-Rock Baker Foundation Professor Emeritus at Harvard University. Forbes magazine called him as Harvard Business School’s “lion of entrepreneurship” in his article written in back 2011. He defines entrepreneurship as “the pursuit of opportunity beyond the resources you currently control.” INC Magazine declared this definition as “the Best Answer Ever”.
Entrepreneur
An entrepreneur is one who comes up with a new idea and establishes a new venture with risk entitled to it, he is a person who is creative, innovative, exploring and looking for a new opportunity and not limiting himself to the available resources. They are a doer, take action and think about acting and doing.
An entrepreneur is an individual who builds a new path in the economy and plays a key role by using his creativity and skills innovate a new idea considering the needs of people and bring it to the market which not only helps people but also enhance the economy. If they succeeded then they have everything money, fame and new opportunities but if they failed, they are going to suffer.
Difference between Businessman and Entrepreneurs
The difference between entrepreneur and businessman is businessman operates the already existing idea in the market while the entrepreneur is the initiator of a new idea and build a new way in the market.
The businessman has to take place in the already existing market but they are going to face a high competition as they are new to this market but the entrepreneur creates a new market and client and the risk factor is on peak but the good thing is the competition is low or you can say that there is no competition at all as they are the initiator of the idea.
What does an entrepreneur do?
An entrepreneur explores the need or the problems that no existing model of business addresses and he came up with his innovative idea to offer a solution to their needs and problems. They develop their idea and market them in such a way people consider this as a miracle or blessing.
An entrepreneur is not the person who sits comfortably they are the one who innovates new ideas and path in an economy regularly new idea. They launch one if the idea successfully and smoothly starts running they go for the new creative idea and if it didn’t work, they point out the drawbacks and launch it again and again until they don’t achieve their goal.
If you have an idea that can create a new market or build a new path in the economy and want to be an entrepreneur but you don’t have enough money to launch it. There are many examples of entrepreneurs who seek the initial funding from external sources like govt, bank and other institutes who supports entrepreneurs to achieve their goals.
Examples of successful entrepreneurs
· Steve Jobs, the late tech leader who started Apple in a garage and grew it to the dominant tablet, smartphone and computer company it is today.
· Bill Gates, the Microsoft creator and founder who has often been listed as the world’s wealthiest individual and has become a global leader on pandemics and how to handle them.
What encourages entrepreneurs to dive in the opposite direction while others going with the flow of water? Though everyone motivation is different and unique, some of the common and important persuading factors:
- Independence: Entrepreneurs want to be free birds not to follow other instruction, set their own goals and want to achieve it and not to go after other goals. Recognition is there of fail and success still take it as freedom, not a burden.
- Determination: They are determinate, full of purpose and clear in a vision where to go and what they are going to accomplish so they work day and night on their service, skills or on any products to make things happen for them.
- Flexibility: Everyone owns different qualities and nature some can be fit in in traditional corporate culture and some take it as a cage. Entrepreneurs free themselves from these boundaries, hunting of a better work-life balance or work and time of their choice. This doesn’t mean they are working fewer hours — often, especially in the early stages of growing a business, they work longer and harder — but, rather, they’re working in a way that is instinctual for them.
- Financial success: Entrepreneurs do realize it is not an overnight game and they aren’t going to be overnight billionaires, but once the startup started and they successfully created their market than they have financial safety for themselves and for family.
- Legacy: Entrepreneurs are often wanting to leave long-lasting impacts on society. A brand that has longevity or an idea that brings a change in the system or innovation which improves masses life so people remember them in future.
How to Become an Entrepreneur
Before starting anything do focus on these things.
Think about idea, research on the opportunity, cost and funding, testing go and ask people about your product and idea and, planning- create an action plan, doing- sales it and do marketing and improve it upon people criticism and suggestion always leave room for the improvement.
You should know your strength and weakness and have full command on the skill, service or any new product you are launching then it must have the capacity to fulfil the needs of people. Take the baby steps it’s not an overnight thing you should work hard, learn from others and don’t repeat their mistakes.
It’s not as easy but one thing is sure is rewarding, when you are doing what you love, works will take on a whole new meaning
