What is an Entrepreneur?

by Cary Martin Helping Entrepreneurs Become Great

So you have just completed your degree or diploma course and you are out there looking for a job! Or perhaps you won a lottery jackpot and you have plenty of money to invest in a business. More often than not, a fresh graduate in most parts of the world experience difficult times getting a well-paying job. This explains why in many forums, you will hear such youths being advised to venture into other ways of earning revenue, and one of them is becoming an entrepreneur.

That sounds great, but interestingly enough, there has been a huge debate in many online forums over the actual definition of the term ‘entrepreneur’. Some industry experts have a somewhat wide definition that includes everyone who earns a living by working him/herself. Others argue that an entrepreneur does not actually work independently but also, his/her business venture involves leadership and innovation. So, what is an entrepreneur?

Entrepreneur defined
An entrepreneur is typically any person who, instead of working as an employee is a certain office, he/she launches and runs his/her business (however small it is). These persons assume all the rewards and risks of the said venture. They are often seen as an innovator who takes a simple idea and develops a business venture around it.

It is essential to note that these innovators, the latter referred to entrepreneurs, plays a vital role in any given economy. They are indeed the group of individuals who have the initiative and skills required to anticipate the current and even the future needs of the market. As earlier explained, entrepreneurs who demonstrate to be successful in undertaking the risks of starting business ventures are rewarded with fame, profits, and sustained growth opportunities. On the other hand, however, those who fail to end up suffering massive losses and even face the risk of shutting down their resources in the market.

Categories of entrepreneurs
One of the many reasons as to why there is no unanimous agreement on the definition of an entrepreneur is because there are many different categories of self-employed business owners. In light of this, therefore, here below are some of the common categories:

• Online business
Online (or internet) based business can be home-based, small, or big corporations. The bottom line with this type of entrepreneurship is operating a business online.

• Small business
It includes pop and mom shops as well as local business owners. It also includes LLCs, sole proprietors, and partnerships. Typically, any business venture with no more than 500 works may be considered as a small business.

• Inventors
An inventor is considered as an entrepreneur if he/she goes beyond the stage of coming up with an idea. It, therefore, implies that he/she must build a product that will eventually get into the market.

What do you need to have to become an entrepreneur?
One of the most attractive aspects of becoming an entrepreneur is that everyone can do it. While it is not hard to become one, you need to have passion about offering something to the market, optimism, independent thinking, self-confidence, vision-minded, focused, action-oriented, resourceful, tenacity, and problem solver.

Conclusion
Now you know who is an entrepreneur! If you think you have any of the stated qualities, then perhaps you may have been sitting on your opportunities. Wake up, gather that small idea, and develop it into a product that will be popular and the market will derive some value from it. That way, you are already a successful entrepreneur!

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