Oh, so THAT’s an Entrepreneur
A week or so ago, I posed the question what it means to be an entrepreneur. Different than the “qualities” of successful entrepreneurs that we’ve discussed, there are also certain parameters to simply being, or becoming, an entrepreneur.
So following are my thoughts on what defines an entrepreneur. At the end, I’ll also talk a bit about when you become an entrepreneur. Of course, these are just my thoughts and are by no means intended to be a definitive definition of “entrepreneur”. If you think something is missing or mis-stated, by all means leave a comment; I’d love to hear your thoughts. I also don’t intend to imply that entrepreneurship only exists when all these parameters are present, and only then. However, I do feel a majority of them are usually present with most entrepreneurs.
Entrepreneurs are individuals who…
Use Creativity or Innovation…
A hallmark of entrepreneurs is their creativity and innovation. Sometimes that creativity is rooted in the ability to imagine and create new solutions to existing opportunities. Sometimes that innovation is demonstrated in coming up with new ways of approaching existing solutions.
… to create new demand, or satisfy unmet demand…
One of the sayings I use a lot with individuals I coach that are thinking of becoming an entrepreneur for the first time is “not every great idea is a great business”. If there is no market for the product, innovation, or creation then there is no opportunity to become an entrepreneur.
… at significant personal or professional risk…
I am constantly amazed at the entrepreneurs I coach. They take second mortgages on their house to fund their ideas. They quit good paying jobs to work full time on developing their businesses. They work day and night, often to the detriment of their personal health.
… often alongside personal sacrifice…
Becoming a successful entrepreneur requires focus, commitment and long hours. You don’t have to look very far to find an entrepreneur whose success came at the expense of their marriage or personal friendships. Entrepreneurs are prone to travel, and have no issue relocating themselves or their families to be closer to critical resources.
… to create future or promised growth.
The goal of any entrepreneur is growth. For the entrepreneurs I work with, that growth is represented in dollars. There are however, other measures. Given there are social entrepreneurs, environmental entrepreneurs and cultural entrepreneurs, among others, one can see that money isn’t the only measure of growth.
And when does one become an entrepreneur?
Entrepreneurs are often referred to as the people who are willing to jump off the cliff, and that is a very appropriate analogy. Lots of people are willing to walk up to the edge. A few of those people are willing to look over. It is the few of those people who make the jump who are entrepreneurs.
Making the jump means different things to different people, but it is the act of jumping, as opposed to thinking about jumping, that defines the moment of becoming an entrepreneur. As someone what has in fact jumped out of a plane – I can tell you there is a big difference between thinking about it and actually doing it!
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