Define Entrepreneur

Define Entrepreneur

Money Making Ideas, extra income opportunities and stories to awaken the entrepreneur in you

There are various definitions of what is an entrepreneur.  In some dictionaries, the definition may describe an individual who organizes, operates, and assumes the risk for a business venture.  However, such a succinct portrayal of entrepreneurship may not give would-be business owners a complete picture of what is needed to be a true entrepreneur. 

Starting and running a business venture requires a lot from a person, mentally and physically.  Regardless of the reasons why an individual may feel compelled to become an entrepreneur, he or she must posses the following qualities in order to have a chance at success.  Otherwise, a career as an employee may be a better alternative.  After all, there is no shame in making an honest living working for someone else.  

High tolerance for stress  

Running a business is an incredibly intense experience.  As the person who calls the shots, entrepreneurs are ultimately responsible for everything and everyone.  From a financial perspective, for example, they must be able to deal with the fact that money is not guaranteed.  That means that they must be able to handle the possibility that the business will not have enough money to pay their salary or that of their employees. 

If making enough money to cover payroll is not stressful enough, there is also the concern of paying bills on time.  If there is no money to pay suppliers, the business will cease.  Then, of course, are the many crises that emerge throughout the day, every day.  In other words, stress is a constant part of a business owner’s life.  Most successful entrepreneurs are able to manage their anxiety and stress with great ease. They are comfortable in stressful situations and are challenged rather than discouraged by setbacks or failures.

High tolerance for risk and ambiguity

Risk and ambiguity are unfortunately part of every business venture.  Entrepreneurs are normally not bothered by the fact that there are no guarantees of success.  In general entrepreneurs take calculated risks, and will try almost anything provided that an acceptable reward is possible for their efforts.  Ambiguity is actually an entrepreneurs friend, as it allows them to be creative in their approaches problem solving.    

High energy

Entrepreneurs tend to take care of their health and are extremely energetic.   As the heart and soul of the business, entrepreneurs tend to work very long hours to make sure things are handled properly.  It is not uncommon for business owners to work 12-16 hours a days, six or seven days a week.  Specially when the company is small and the entrepreneur fills every position from CEO to grounds keeper, work marathons tend to be the norm.  Having high energy comes in handy when there is a crisis to manage, and unfortunately, there are many fires that business owners must put out on a daily basis.

Even if adequate staffing is available, and things are going well, entrepreneurs need to keep busy to work off their pent up energy.  Whether it involves thinking about new ventures, or visiting customers (While on vacation), business owners put a lot of time and effort into their companies. It is not uncommon for entrepreneurs to work late into the night, well after all employees have gone home to make sure everyone has what is needed for the following day.  This may seem like a miserable way to spend the time, but entrepreneurs find great satisfaction in making sure their “baby” is doing well.

Crave autonomy

Entrepreneurs tend to have a problem with taking orders.  They often feel that the person above them is not as qualified or as bright as themselves.  Therefore, entrepreneurs seek to be in charge and strive to have the maximum amount of responsibility and accountability.  They also want to have their hand in everything about the business, and have difficulty giving up power (even if it means delegating menial tasks).

Very Confident

Entrepreneurs are very confident in their actions and thoughts.  They takes bold steps in creating strategies and don’t second-guess their approach.  Part of the reason entrepreneurs are so confident is the fact that they are eternal optimists.  They have difficulty imagining failure and instead focus on doing whatever is needed to keep the business moving forward.  Interestingly enough, entrepreneurs tend to shine when faced with adversity and use their strong self-confidence to guide them through tumultuous situations.  Entrepreneurs also draw great confidence from their uncanny problem solving skills.  They tend to see opportunities and solutions where others may only see difficulties.  In general, entrepreneurs are able to formulate alternative action plans, seemingly at will.  They are able to combine their belief in their own abilities with a vast array of possible directions for their ventures.

Impatient (This is an under statement)

One of the most obvious differences between entrepreneurs and many employees is their sense of urgency.  In their eyes, there is no time like the present to get the job done.  This quality allows them to be very productive and incredibly driven.  However, the same level of impatience makes entrepreneurs less than likeable bosses.  Entrepreneurs have difficulty understanding that their employees may not possess the same level of intensity as they exhibit themselves.  The constant drive to get things done makes entrepreneurs appear rude and insensitive.  More often than not entrepreneurs don’t make it a priority to stop and think about the effect that their demeanor may have on workers.  Instead, they are only interested in actions and results, not feelings.

In touch with reality

Entrepreneurs are dreamers.  They like to imagine things as they can be and not as they are.  They are driven to perform and get immense satisfaction from creating something out of nothing.  However, their goals and subsequent objectives are seldom unrealistic.  Entrepreneurs take into account current events and changes in circumstances to guide their next steps.  While pursuing their dreams, entrepreneurs always keep in touch with very real issues like cashflow, competitors, customer needs, etc.

Are not driven by money

As counter intuitive as it may sound, entrepreneurs don’t have money, titles, or recognition as their primary motivator.  Instead, they work tirelessly to simply achieve.  Entrepreneurs have an innate desire to perform well, and create businesses as a way to fulfill their need for accomplishment.  Of course, it would be silly to think that money does not play a role in every entrepreneurial venture.  It is just not the primary driver, and is more of a measure of how well the entrepreneur has done his or her job.  Titles and recognition are also far from the top when it comes to motivators for business owners.  They much rather have others praise their business achievements rather than be given individual recognition for their accomplishments.

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