What Is An Entrepreneur? [Definition and Explanation]

If you’re wondering what the definition of an entrepreneur is you’re in the right place.

Over the years, there have been several debates over the accurate definition of an entrepreneur. Some definitions even include anyone that works for themselves. Other on the other hand, feel that an entrepreneur not only works independently but also is innovative and has leadership qualities.

Generally, an entrepreneur is someone that develops business around a certain idea. They are willing to take risks for their success and are able to manage it.

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Types of Entrepreneurs

The main reason why many have different definitions of the term “entrepreneur” is that there are so many different types. Some of the common ones include:

Small businesses: This can range from local business owners to pop shops owned by moms. They can be partnerships, LLCs or sole proprietors. According to the Small Business Administration, businesses with 1 to 500 employees fall into this category.

Home-based businesses: Home-based businesses can fall under small businesses but in this case, they are run from home. Just because it’s run from home does not mean it cannot be compared to larger businesses. In fact, businesses such as Disney and Apple were started from home.

Online businesses: Businesses whose transactions are done over the internet can fall into small, home-bases or large corporations. E-commerce companies such as Amazon, eBay or Etsy owners fall into this category.

Inventors: These are entrepreneurs that went beyond the ideation stage to creating a product that’s been introduced in the market.

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Serial Entrepreneurs: These are people that would rather come up with business ideas but not run the businesses. They end up selling their businesses and launching other unique ideas.

Lifestyle Entrepreneurs: These are people that run businesses that sustain their lifestyle while taking into consideration their passion and interests. Many of them are digital nomads, as they tend to run businesses that allow them to travel.

Unique Characteristics of Successful Entrepreneurs

Some experts suggest that entrepreneurs are born while others strongly feel that entrepreneurs are made. Whether an entrepreneur’s drive is innate or has been acquired over time, the following characteristics set them apart:

Passion: Any entrepreneur will tell you they are passionate about what they do. One of the greatest determinants of success is following your passion.

Independence in thoughts: Entrepreneurs are firm believers in their ideas. Hardly are they swayed by other people’s opinions and they always think outside the box.

Optimism: It hard to keep working on a given idea if you don’t believe in its outcome. Even when some ideas seem unattainable, entrepreneurs will believe that that theirs is possible.

Self-Confidence: This does not mean that entrepreneurs never doubt themselves. What sets them apart is their ability to overcome self-doubt and focus on achieving their goals.

Problem solvers: It is common to experience a lack of resources, assets or even knowledge, but for entrepreneurs, figuring how to use what they have in order to achieve their goals is not a problem. Despite hardships, they never let anything get into their way.

Tenacity: Entrepreneurs do not quit due to obstacles. Failure is not an option for them. Even when stuff goes wrong, they will continue doing their best.

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Vision: This is one of the absolutely necessary elements of any entrepreneur. Having the end in mind when you embark on a given journey is helpful in keeping you focused.

Focus: In a world where there so much information, it is possible to get distracted. The shiny objects syndrome has been attributed to the failure of most start-up businesses because one tends to get distracted by products and services that seem like they would bring faster results.

Some of the greatest entrepreneurs of our time include:

  1. Masayoshi Son – SoftBank
  2. Bill Gates – Microsoft
  3. Mark Zuckerberg – Facebook
  4. Michael Bloomberg – Bloomberg
  5. Elon Musk – SpaceX
  6. Larry Elison – Oracle
  7. Larry Page and Sergey Brin – Google
  8. Aliko Dangote – Dangote Group

How Does One Become an Entrepreneur?

Anyone can become an entrepreneur. Taking Mark Zuckerberg and Bill Gates, for example, they both started Facebook and Microsoft respectively while still in college. The Pioneer Woman started by Ree Drummond just for fun has since become a TV show, a business and even books!

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The thing is, you don’t have to be famous or popular for you to become an entrepreneur.

The world is filled with entrepreneurs who turned their ideas into profitable and thriving businesses.

There are youths that started their youtube channels, moms who started their blogs, retired men and women who run successful coaching businesses, the list goes on!

Becoming a successful entrepreneur is easy, but it requires that the following steps are followed:

  • Putting a succession plan in place
  • Coming up with an idea that will be embraced by many
  • Consistency in the execution of your plan
  • Development of the unique characteristics of entrepreneurs mentioned above.

Over to you…

Entrepreneurs are the backbone of society and the economy at large. The implementation of their ideas leads to the growth and development of our economy, so there’s a need for encouraging many to join the entrepreneurship paths. It doesn’t matter how small or big a given solution may seem, but we should never look down on anyone that’s trying to come up with an idea that will eventually solve problems experienced by mankind.

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While it may require hard work, research, and planning, you too can start a business!