What Being An Entrepreneur Actually Means: True meaning of entrepreneurship
We have been talking so much about business and entrepreneurship but do we know what being an entrepreneur means?
Throughout the centuries, we have been defining an entrepreneur the same way but it’s meaning keeps changing with time.
According to Merriam-Webster,
“one who organizes, manages, and assumes the risks of a business or enterprise”
This is true, word by word. But as you can see it is solely based on the risk factor involved in entrepreneurship.
It is not a complete definition. And it can never be complete for every person. This is the special thing about entrepreneurship.
True meaning of Being An Entrepreneur
What an entrepreneur means to you might not mean the same to me. It changes person to person.
These days, entrepreneurship is much more about than just taking a risk. It is about bringing a change to the traditional ways and making everyone’s life a little easier and better.
Let’s see the examples.
1. Bill Gates invented Microsoft. Now imagine a world where there were computers with no Microsoft. I mean I can’t even begin to explain how much easier our lives have become because of his invention.
More than 1 billion of the computers there are in the world are Microsoft powered PCs as of 2022. Can you even imagine your life without it?
2. Steve Jobs. Person behind the launch of higher quality cell phones. He helped become Apple what it is today. If it wasn’t for him, Apple was going to get bankrupt so long ago. He created such a product that now it is considered as a symbol of luxury.
3. Jeff Bezos– Founder of Amazon. Despite of there being some of the websites like Amazon, he managed to leave them behind in this race of entrepreneurship. I feel the main reason Amazon is still considered the top most in e-commerce website is because of it’s amazing service. What do you think?
There are so so many other influential entrepreneurs but I hope you get the gist.
To me, what an entrepreneur means is someone who has the steering wheel of their life in their own hands. Someone who lives on their own terms. Someone who wants to bring a change in the society but also wants flexibility.
Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.
Why is entrepreneurship important?
Well for starters, there would not be any job without entrepreneurs. Entrepreneurs create jobs.
Business people hire employees. That is how the basic economy of every nation works.
Entrepreneurs are important for
- Creating jobs. If there wouldn’t be any entrepreneurs, there wouldn’t be any businesses and without businesses, there wouldn’t be any jobs.
- Innovations. If we were to follow the same old trends and ways of getting things done, we would still be walking everywhere and living in a caveman era.
- Economic growth of the nation. Obviously by building new businesses and creating jobs, entrepreneurs are helping with the economic growth of the country.
- Bringing change. Entrepreneurs are known for bringing change to the society. They break those so called norms and introduce the society with newer and better things.
5 characteristics of an entrepreneur
- Versatile- Every entrepreneur has this quality which makes them one of a kind.
- Flexible- Being an entrepreneur demands you to be flexible. If you are rigid about your plans and systems, it will be very difficult for you to grow your business. Lear what’s working in your industry.
- Money savvy- This one’s pretty obvious. They have to maintain a positive cash flow in order to sustain their business.
- Resilient- You gotta have a thick skin sometimes to face those obstacles and failures. There is not going to be one but many failures. So be resilient and tackle those obstacles with mindfulness.
- Great communicators- In order to run business, you have to hire employees and your business can only grow when you communicate efficiently and effectively with them. Also, a good communicator is more likely to pull investors and funding.
How to become a successful entrepreneur?
1. Be Unique
You know why those big companies are so ‘big’ because they have found ways to differentiate themselves from the others. You must have heard it all comes down to that one big idea, it sure does.
Now that’s not the only thing that matters but it definitely gives a major boost to your success. Be innovative, think outside the box. But it is not as difficult as it sounds and this is why.
2. Having A Right Mindset
The right mindset is a paradigm through which you approach building of the systems. In order to generate a successful business plan, you need to have a right mindset. In every type of company, the business development is “lead generation, lead conversion, client fulfilment.”
3. Everything Begins Right now
Don’t wait, just do it now. The biggest part of being an entrepreneur is doing it now. Don’t wait for that perfect opportunity, because nothing is going to happen if you keep waiting. Success comes to those who work for it. And the work won’t happen overnight. It is like a fortress which you have to build day by day. This is one of the most important rules that helps any entrepreneur become a successful one.
4. The System Is the Solution
A business has 3 key components, people involved in the business, the product and the system. But in reality, the system is what makes a business successful.
5. Don’t listen to the ‘Littleman’
In your journey of being an entrepreneur ,there will be a lot of people who would discourage you and tell you that this isn’t worth it. That there are thousands of other people who are better than you. But if you believe in your business plan, it’ll definitely be successful.
Now hopefully you know what entrepreneur means, for you. How you would like to define it. Once you find that passion and purpose you have been looking for, no one can stop you from making it to the list of the most successful entrepreneurs. Here are 31 Quotes to live by to achieve success in business and life.