What is an Entrepreneur?
The journey to entrepreneurship is not an easy one. It is full of unforeseen challenges, roadblocks, detours, and dead ends. There are many plans that sometimes don’t work, sleepless nights, inadequate funding, and customers who fail to turn up.
In other words, being an entrepreneur is all about taking risks. There’s nothing that is certain from the time you get started. Sometimes things will seem to work perfectly, and sometimes you feel like giving up because of the frequent failures.
Starting and sustaining a business is not for the faint-hearted. It requires someone who is willing to take up risks and persevere with all the challenges that come with it.
That’s why entrepreneurs are not easily understood by many people. They always start businesses or ventures that seem almost impossible. Their ideas sometimes baffle many because they don’t seem to be practical.
But despite all the challenges associated with entrepreneurship, there are men and women who embark on journeys every year determined to turn their dreams into reality and solve society’s needs.
They launch tech startups, open brick-and-motor businesses, and introduce totally new products into the market. The good thing about entrepreneurs is that they always seek to solve existing problems in society. It’s not just about the individual entrepreneur.
What is the role of an entrepreneur?
An entrepreneur is someone who identifies a specific need in society that hasn’t been addressed by any person and comes up with a solution to that need. He or she then creates a business plan before launching the new business.
Although the main purpose of the business is to solve a particular problem, the other objective of the entrepreneur is to grow the business and make it profitable. Some launch a number of businesses with the intention of selling them to other entrepreneurs.
A person who has the habit of regularly creating a business, selling them, and launching new ones is known as to as a serial entrepreneur.
What is the importance of entrepreneurship?
Other than self-development, entrepreneurs play a huge role in our society. An entrepreneur is a business owner, a leader, a risk-taker, and a problem solver.
Here are a few reasons why entrepreneurs are essential:
• They create job opportunities: There would be no jobs without entrepreneurs. An entrepreneur takes a risky move of employing himself or herself, grows the business, and create new job opportunities.
• They innovate: Take a look at some of the major technologies today; they all came about from entrepreneurs and their businesses. These technologies are often inspired by the desire to solve a problem in society.
• They are agents of change: Entrepreneurs dream big, and some of their ideas sometimes appear crazy and far-fetched to some people. But it is through such big dreams that the world often experiences change. An entrepreneur will look at how things are currently done and explore different ways through which it can be done better.
• They inspire others: Entrepreneurs serve as an inspiration to others by proving that anything is possible with persistence and determination. They do things that often appear impossible to many in society.
• They give back to society: Although they are often perceived as greedy and evil, most entrepreneurs actively participate in corporate social responsibility (CSR). They also make a lot of money to governments by paying taxes.
Examples of a few successful entrepreneurs
It is easy to identify an entrepreneur and his successes. Below are three world-renowned entrepreneurs:
• Bill Gates: Bill Gates is the founder of Microsoft and often ranked as one of the world’s wealthiest individuals. He has also become a leader in many other ventures and initiatives around the world.
• Steve Jobs: He is a tech guru who created the Apple business in his garage and turned it into today’s biggest smartphone, tablet, and computer company.
• Elon Musk: He is the founder of Space X and is currently among the top five wealthiest people in the world. He has been involved in various projects in the United States, such as providing clean water in Michigan and Flint.
• Mark Zuckerberg: He developed several products before creating Facebook. He started by creating a messaging tool that his dad used in his dentistry practice to communicate with his staff. Zuckerberg, just like many entrepreneurs failed several times and lost huge sums of money before he built one of the most popular social media sites today.
These are just but a few examples. There are many successful entrepreneurs across the world who have contributed immensely to various causes.
What motivates entrepreneurs?
As mentioned earlier, being an entrepreneur is not a walk in the park. It comes with enormous challenges that can demoralize anyone before they even get started. But what makes others so passionate about entrepreneurship?
Although everyone has his or her own motivation, there are common factors that inspire almost every entrepreneur.
They include the following:
• Purpose: Most entrepreneurs are driven by purpose. They have a clear picture of what they want before they launch their business venture and will do everything humanly possible to succeed. They shut out any negativity and stagnation and will persist no matter how many times they fail.
• Autonomy: There’s nothing good as being able to do what you love without being controlled by anyone. This is what motivates many people to become entrepreneurs. They want to be in a position to set their own goals and operate their business affairs the way they see it best.
• Financial freedom: One of the reasons why many people quit their 9 to 5 jobs is to seek financial freedom. This is after they realize how difficult it is to become financially independent working as employees. It is true that entrepreneurs may not turn into overnight billionaires. But as they experience growth in their business ventures, they begin to gain financial success.
• Flexibility: There are people who dislike the conventional corporate culture. Entrepreneurs are always looking to break themselves away from the usual routines and constraints found in the corporate world. They want a free environment where they can dictate their own schedules and world wherever and whenever they want.
How does one become an entrepreneur?
If you are considering being an entrepreneur, it would be good to determine what is motivating you. Are you being driven by purpose? Is it financial freedom, or is there a specific need you want to solve in society?
Above all, one of the main motivating factors of entrepreneurs is purpose. Find out what you really what before you set out for the journey.
Here are a few tips from renowned entrepreneurs on how to become an entrepreneur:
• Entrepreneurship is about searching for solutions. I identify one problem affecting people and focus on it day and night. You will definitely emerge with a solution and a business in the process of doing that.
• Being an entrepreneur has everything to do with mindset – it is something that you think about every day
• Be willing to take risks. Entrepreneurs are risk-takers. You must be willing to get out of your comfort zone and be ready to face the risks and challenges ahead.
• Patience and persistence: An entrepreneur is someone who doesn’t give when face with temporary failure.
• Successful entrepreneurs have what is known as grit – persistence, passion, and resilience. You must be able to persist until you achieve what you want.
AN ENTREPRENEUR IS SOMEONE WHO SEES OPPORTUNITIES IN PROBLEMS. ENTREPRENEURS ARE WILLING TO TAKE ANY RISK TO ACCOMPLISH WHATEVER THEY HAVE PURPOSED TO ACHIEVE.-Derick Rombaoa
Cheers!
