Last Updated on Apr 7, 2020 by James W
Throughout time, there has been increasing interest into the area of entrepreneurship and business. Due to the continuous technology development, new branches have started to appear in many areas – making entrepreneurship easier to obtain and put into practice. One of the best and most common example of being an entrepreneur might start just from a fabulous iOS or android application which is nowadays found in most of our phones – such as Facebook, WhatsApp, Instagram and more to come. Still, the lack of a more specific definition of what an entrepreneur is, looks and does his work seems to be dragging the literature down. These being said, in case you are looking forward to knowing more concerning the subject, make sure to stick with us and keep an eye onto the following lines in order to meet 5 insights into the entrepreneur definition.
- Organizes, manages and assumes the risks that come with a business or enterprise
By default, an entrepreneur has all the qualities met – he is able to organize all of the things at once, while managing the other members of the team and, on top of that, is able to assume the risks that his business implies. Aside from bosses (which might be named and thus, not having to assume such a high risk), entrepreneurs come across a lot of challenges – especially before they manage to see the business up and running.
- Imply high financial risk
Even though the capital needed to start a business (or an entreprise) might be funded or invested by third-party, there is always a risk to assume. Into an entrepreneur definition, the financial aspect is ought to be introduced, due to the fact that it requires time, effort and, on the other hand, a bit of luck to get all the money requested. On the other hand, if the money come from his own pocket, things might appear easier – although it is quite the opposite. When an entrepreneur funds his own business from their own money, the risk is even higher – since once he fails, he cannot get his money back.
- A person who manages any entreprise
With this idea in mind, we can go further the definition of an entrepreneur. Basically, what this line says is that an entrepreneur is the one who finds any need and – on top of that – finds the exact solution. As it seems, this is the stringent difference between the trio – a boss, a leader and an entrepreneur.
- He is both at the bottom and at the top of the pyramid
Believe it or not, an entrepreneur is both the bottom and the top of a business. To make the long story short, he is the one to set the business foundation (finding the capital, the need, the solution etc) and, at the same time, he will always be on the top – as the CEO or any other important part of the enterprise. Unlike a boss or a leader, the entrepreneur is defined strictly by these main differences.
- True entrepreneurship cannot be taught
Just like any other talent (painting, drawing, singing) which can be improved – but only on a solid base that needs to already exist. Still, if it were to create a receipt of succes, the top four utterly important steps would be:
Just so, the true definition of an entrepreneur implies vision, motivation, determination and – most of all – something more than pure passion. In order to make things easier to be understood, we came up with this example – if you heard someone looking for ways to make money, he will, most probably, open up a business (and that is all). Instead, if it came across your years the voice of someone thinking of how to solve an important issue by offering own products and services, he might just as well be perceived as a true entrepreneur. It is all about finding the right niche, while being in the service of others, that will build up an entrepreneur and make him able to be shown to the rest of the world. All the rests will remain as bosses – but, nothing surprising will there be to be written and to remain in the history of mankind.