Would you consider yourself a success? An insightful look at what it really takes to be a successful business owner (How to become Entrepreneur or Become a successful Entrepreneur).
Become a successful Entrepreneur
I’ve been an entrepreneur most of my adult life. Recently, on a long business flight, I began thinking about what it takes to become successful as an entrepreneur—and how I would even define the meaning “success” itself. The two ideas became more intertwined in my thinking: success as an entrepreneur, entrepreneurial success.
The first thing I find I have to do is to dispel the persistent myth that entrepreneurial success is all about innovative thinking and breakthrough ideas. I’ve found that entrepreneurial success usually comes through great execution.
But what else does it take to succeed as an entrepreneur—and how should an entrepreneur define success?
Entrepreneurship is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. The person who set-up his business is called an entrepreneur. The entrepreneur is usually seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
What is Entrepreneurship ?
Entrepreneurship is a general term that is used interchangeably. It can mean the study of how to create and start a business or the actual process of starting the business. In this context, an entrepreneur must first have an idea of a product or service that will meet people’s needs before he or she can think of starting the business.
What counts as entrepreneurship?
All big businesses start out as someone’s idea, but not all entrepreneurs need to aim so high. Any type of business can be entrepreneurship:
- Selling your services as a freelancer or contractor
- Developing an app
- Tutoring
- Creating and selling art
- Starting a food truck
“Entrepreneurship is about turning what excites you in life into capital,
so that you can do more of it and move forward with it.“
—Richard Branson
Goals of entrepreneurship – Become a successful Entrepreneur
There are plenty of benefits to running your own successful business, but it’s still a ton of work. Entrepreneurship can mean making your own hours and (eventually) writing your own paycheck, but many entrepreneurs start businesses for other reasons.
Some other perks of being your own boss can include:
- Being the brains of the operation
- Hiring staff to manage the day-to-day aspects of your business can free you to focus on high-level strategy and growth.
- Enjoying a steady stream of income
- Some businesses, such as selling your intellectual property to others, may let you receive regular income without significant ongoing investment.
- Selling your company
- With a good idea, some hard work, and a little luck, your startup might be bought out by a larger competitor for a handsome sum.
Fun facts
- Famous entrepreneurs Mark Zuckerberg, Steve Jobs, and Bill Gates were all college dropouts.
- Many famous business owners—such as Oprah Winfrey and Elon Musk—are “serial entrepreneurs” who start many different businesses and try new things all the time.
- More than 15.5 million Americans are self-employed.
Key Takeaways – Become a successful Entrepreneur
- Entrepreneurship means building a business from the ground up.
- Anyone can be an entrepreneur, regardless of education or finances.
- Entrepreneurs take on both the risks and rewards of their businesses.
- Keeping track of business ideas in a journal can help you find your focus.
- You don’t need an idea for the next Facebook or Amazon to become an entrepreneur. You can start by selling your services or products as a freelancer or through an online business.
Types of Entrepreneurship
Entrepreneurship types are mainly defined based on different business models. Although each type has almost the same challenges, there are different strategic methods to overcome them. There are many entrepreneurship types; however, it is mainly classified into the following four types:
- Small Business Entrepreneurship
- Scalable Startup Entrepreneurship
- Large Company Entrepreneurship
- Social Entrepreneurship
Who is an Entrepreneur ?
Entrepreneurs are action-oriented highly motivated individuals who take risks to achieve goals. An entrepreneur is an innovator of a new combination in the field of production.
Concept of Entrepreneur
The word ‘Entrepreneur’ is derived from the French word “Entreprendre” which means, “to undertake.”
Characteristics of Entrepreneur :
Characteristics of an entrepreneur are :
- Entrepreneur is an agent.
- Entrepreneur is a risk-taker.
- Entrepreneur is a profit maker.
- Entrepreneur is an achievement motivator.
- Entrepreneur is a capital provider.
- Entrepreneur is the determinant of the nature of the business.
- Entrepreneur is an innovator.
- Entrepreneur is a reward receiver.
- Entrepreneur is a challenge taker.
Types of Entrepreneur :
Conclusion: Difference
Though the term entrepreneur is often used interchangeably with entrepreneurship, yet they are conceptually different.
The relationship between the two is just like the two sides of the same coin as depicted in the following ;
| Entrepreneur | Entrepreneurship |
| Person | Process |
| Organizer | Organization |
| Innovator | Innovation |
| Risk-bearer | Risk-bearing |
| Motivator | Motivation |
| Creator | Creation |
| Visualizer | Vision |
| Leader | Leadership |
| Imitator | Imitation |
Qualities of Successful Entrepreneur
| Board Characteristics | Qualities or Traits |
| 1. Self Confidence | Confidence , Independence , Individuality , Optimism |
| 2. Task or Result Oriented | Need for achievement , Profit-oriented , Persistent , Perseverance , Hard work , Drive Energy , Determination , Initiative |
| 3. Risk Taker | Risk-taking ability , Like challenges |
| 4. Leadership | Leadership behavior , Gets along well with others , Responsive to suggestions and criticism. |
| 5. Originality | Innovative , Creative , Flexible , Resourceful , Versatile , Knowledge |
| 6. Future-Oriented | Foresight , Perceptive |