Many people wonder what being an entrepreneur is about, especially when they consider starting a business of their own. They want to become business owners and consider their next step forward, and they need answers as to what potential they have, from an earning perspective but also from a lifestyle standpoint. The answers are not so obvious, however, so we wrote this page to shed some light on what you should expect.
In the end, every case is special and different but a major starting point is whether or not you have the right entrepreneurial spirit. An entrepreneur is someone who sees challenges and insufficiencies around them and decides to act in order to come up with a solution deemed desirable, technically feasible, and economically viable.
Beyond this rather technical definition, though, being an entrepreneur is also a question of lifestyle, a question of mindset, a question of attitude, and a question of risk management. Does that sound like you?
If you are an aspiring entrepreneur, this page was written to answer your questions. Keep reading!
What is an Entrepreneur?
So, let us start with the first and most burning question: what is an entrepreneur?
Simply put, an entrepreneur is a person who spots a market or society insufficiency and decides to act to solve it, by creating a solution made viable by a sustainable economic model.
There are many types of entrepreneurs out there, however, and despite common misconceptions, an entrepreneur is not just someone who starts a new business on a whim. Furthermore, not all successful entrepreneurs have to become Facebook Founder Mark Zuckerberg either – which leaves room for everyone to start their own adventure.
Of course, the entrepreneurs people hear about are usually backed by venture capital firms who can invest heavily to provoke rocketing economic growth, yet a vast majority runs small businesses.
Some entrepreneurs see profit as a target, but others rather believe in social entrepreneurship and act for the greater good.
In the end, you can come up with many definitions and each and every one of them is likely to be correct. The common point is this one, however: all entrepreneurs share a passion for creating new businesses based on new business ideas and, to them, creating a new product or service is an entrepreneurial activity, not a job.
Key characteristics of an entrepreneur, in short:
- Ability to spot market and society insufficiencies
- Willingness to act to solve those inefficiencies
- Ability to create solutions that are desirable, feasible, and viable
- Access to some resources, not just funding
- Focus on profit or the greater good (it depends)
- Passion for creating solutions, as an entrepreneurial activity rather than a job
Okay, but what does entrepreneur mean, for real?
So, what does it mean to be an entrepreneur? Being an entrepreneur means that – beyond creating and running your own company – you take your own professional, financial, and personal destiny into your own hands, whilst solving a problem that affects people and needs to be solved.
From a professional standpoint, being an entrepreneur means that you start relying on yourself to build and drive the projects that matter to you, and that you deliberately decide to set your own dreams as your GPS.
Instead of waiting for someone else to decide, you take the lead.
Instead of waiting for someone to solve the problems you face, you get things done your way.
And, instead of complaining about things not changing around you, you get your hands dirty so that the world becomes a better place.
From a financial perspective, being an entrepreneur means that you decide to stop relying on someone else to provide for your needs. You make the decisions to take control of your own future. And you take responsibility for making it happen.
Instead of working hard to please the boss who holds your pay inside their hands, you build up.
Instead of hopping for a raise, you shake the world to generate the income you need.
And, instead of hoping that nothing bad happens to you in your environment, you do whatever it takes to make things happen – again – your way.
From a personal perspective, the word entrepreneur matches someone who is always ready to solve problems, who is passionate about what they do, and who makes their dreams happen. They know that something needs to be changed out there, and they are on a mission to make a difference. Money is a factor, but the mission is important too!
Being an entrepreneur means that:
- You take your own destiny into your own hands
- You rely on yourself, not on others
- You take the lead instead of waiting for a decision
- You solve problems and get things done your way
- You act instead of complaining
- You make your dreams happen
An entrepreneur is someone who solves problems and changes the world.
On a daily basis, and from a spirit standpoint, an entrepreneur is someone who solves problems and changes the world. They see a deficiency out there, they identified a glass (or concrete) ceiling, and they decide to act upon it to make the world a better world.
Some do it by providing their clients with quality accessories and consumptions goods they’ll be able to use day after day in their life. Others use their engineering skills to design complex machinery equipment that sends people to space, or super-efficient textiles that make yoga pants so comfortable.
Some use business models to solve a pain – physical, social, environmental. Some focus on helping others, by being a consultant or a coach. The panel of opportunities is broad!
Whatever their motivation and mode of action, entrepreneurs undertake a project – and undertake happens to be the literal translation of the French word “entreprendre”, from which the word “entrepreneur” comes from. Makes sense, right?
Is Being an Entrepreneur risky?
Is being an entrepreneur risky? Yes, and no. Yes, because they take your own destiny into their own hands and that entails risk. No, because they mitigate risks instead of being impulsive.
Look, you’ve got to be honest here.
Of course, building your own business is a bit like going rogue. You don’t have the safety net provided by your boss and you have to be careful with the resources you engage in everything you do. You can’t hide behind the lazy people that surround you at work. You’re definitely not going to get paid just because you’ve spent time chit-chatting at the coffee machine.
So, yes, to that extent, being an entrepreneur is risky, but you can’t try and build a definition of “what an entrepreneur is” without adding a massive dose of risk mitigation into the equation.
Entrepreneurs don’t just take risks – they take acceptable risks. They assess the risk they are facing; they decide what losses they are willing to take, and they team up with others to spread that risk as much as they can.
In the end, entrepreneurship is not just a bet. The stake for you is to define your degree of risk aversion.
If you can’t take risks, and if you feel like taking control over your life and dream is too overwhelming, then you might want to consider another option.
But if you come to the conclusion that you can manage by being careful and proportionate, then you also have your answer!
What are the advantages of being an entrepreneur?
In case you are wondering what the advantages of being an entrepreneur are, think in terms of freedom and personal empowerment.
The main advantage of being an entrepreneur is that by taking your own destiny into your own hands, you unleash your own entrepreneurial potential and create business opportunities for yourself (and others) that you’d never have with a boss.
You also gain an opportunity to build on your own new ideas, and you get to create new solutions that can change the world, beyond simply creating a new business venture for the sake of money.
Let’s be honest – most people start their business because they have a very personal idea in their mind.
Some decide to be their own boss because they dream of firing their current boss (sounds fair, right?). Others decide to follow their dream. Some see an untapped opportunity to make money, others see a unique chance to save the world from a problem nobody was able to solve before them.
The primary motivations differ, but in the end, the main advantage of being an entrepreneur is freedom. That’s what they all want. How about you?
Some advantages of being an entrepreneur:
- You can unleash your entrepreneurial potential
- You can create business opportunities for yourself
- You skip the “boss” part and focus on your own ideals
- You get to create unique ways to change the world
I Want to be an Entrepreneur: should I?
“I Want to be an Entrepreneur: should I?” is one of those questions many people keep asking, and the answer is usually easy to find. It’s there already, deep in you.
Obviously, it depends on you, on your ability to manage risk, on your ability to gather people around you, on your ability to drive your project and lead. And of course, it also depends on how badly you want to feel free to act as you want.
Usually, however, the answer is already there, deep inside you. You already know if you want to be an entrepreneur or not, and you already know if, right now, you can handle the risk.
The difficult part is not to decide whether you should be an entrepreneur. It’s to figure out when you are ready to take action, because nothing blocks you from trying, or because everything pushes you to try.
4 reasons why you should be an entrepreneur:
- You want to solve a problem and change the world
- You want to gather people around you
- You feel like you can handle risk
- You are capable of running a project and lead
Any tips for an aspiring entrepreneur?
If you are an aspiring entrepreneur wondering what is an entrepreneur and how to make the most of your skills, the best tip we can give you is to make sure that you are surrounded by the right people, because an entrepreneur needs a team.
Running your own business is a challenge and there isn’t any real education available on the matter out there. Worse, it’s a very lonely challenge. You are easily on your own because finding the right partner takes time – and we’re not even talking about finding the right partnerS!
If you want to be an entrepreneur, you also want to make sure that you don’t just start on a whim. Just because you think there is a market doesn’t mean there is one!
Before you start, make sure that there is a problem to solve, that this problem creates a demand, that people are willing to pay, and that the whole adventure is viable. Then decide and take action!
Keep in mind, finally, that small business administration is a skill that you will have to master. Running a successful business implies that you can run a business with a plan, rather than just focus on writing a business plan (see our resources on business plans in the main menu).
You will definitely have to build and structure, learn management skills, learn marketing (and content marketing), and other strategic skills you won’t be able to live without, even if this is not the sexiest aspect of the work. But worry not, we are there to help you with that!
3 tips for aspiring entrepreneurs:
- Find a real problem to solve, with a real client and a viable project
- Only start if you are confident about your ability to make a difference
- Surround yourself, never try to do things on your own
Takeaway: What is an entrepreneur? A challenge-taker my friend!
To wrap up, the question “what is an entrepreneur” calls for a very straightforward and honest answer. It’s a challenge, my friend.
Entrepreneurs have the luxury of freedom, but because of that they also take (calculated) risks and need to be able to handle a feeling of loneliness many people have difficulties dealing with.
The challenge is an exciting and rewarding one, however, and we are definitely here to help you with your journey!
Boost your earning potential with the Entrepreneurship 101 Course!
The Entrepreneurship 101 Module gives you over three hours of self-coaching videos (by a business coach) and THE workbook you need to get your business to the next level, whether you are starting a business or scaling one!
- Week #1. Reality Check: What Being an Entrepreneur is (Really) Like
- Week #2. Playing the Smart Way
- Week #3. Mindset is Key (And You’re Probably Missing It So Far)
- Week #4. Vision: Are You Seriously Driving Blind?!
- Week #5. Positioning Traps to Avoid
- Week #6: Creating value Beyond Pricing!
- Week #7: Building on Your Strengths (And Wrapping Up!)
The only thing it takes is a decision to move on, what are you waiting for? Secure your Entrepreneurship 101 Module access now!
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