Being an entrepreneur is a way of life, a lifetime commitment to free yourself from the limits imposed on you by others and a conscious choice and desire to set your own path in life, limited only by your own ambitions.
This chapter will focus on the concept of a true entrepreneur, and it will answer the question of: What is an entrepreneur? Obviously, an entrepreneur is a person who practices entrepreneurship. But, the answer is not that simple. First, you need to identify what the current, or most accepted, definition of entrepreneurship is. Entrepreneurship has traditionally been defined as the process of designing, launching, and running a new business, or one that organizes, manages, and assumes the risks of a business or enterprise. This definition, in my opinion, does not truly portray what entrepreneurship is nor what true entrepreneurs endure on their paths to success. It also does not distinguish between a true entrepreneur versus just being a business owner nor does it expose the subtle and not-so-subtle differences between them.
True entrepreneurship goes far beyond that traditional definition and instead consists of seven key qualities that are integral to successful entrepreneurship. Those seven key qualities that must be demonstrated to call oneself a true entrepreneur are listed as follows:
1 |
Avid investor |
2 |
Idea seeker |
3 |
Persistent action taker |
4 |
Risk taker |
5 |
Meticulous planner |
6 |
Faithful practitioner |
7 |
Credentials creator |
Not coincidently, based on the aforementioned, a much more accurate and purposeful definition of what entrepreneurship entails is:
Entrepreneurship is a mindset focused on thoughts and persistent actions without avoidance of risk involving the formulation of a plan, which is put to practice, in the creation and cultivation of a brand.
The Entrepreneurship Formula
If you want to become an entrepreneur, you need to study the seven key qualities of entrepreneurship and incorporate them into your way of life. We will discuss the entrepreneurial mindset in detail in Chapter 3. For now, however, let us discuss in more detail the seven key qualities of a true entrepreneur.
1. Avid Investor: Focuses on finding and taking advantage of growth potential. Both financially and personally to increase worth in both areas. Mindset.
2. Idea Seeker: Focuses on problems that exist in society and ways to address them to make the world and their environment a better place. Thoughts.
3. Persistent Action Taker: Focuses on doing, and not just thinking, in the proactive and persistent pursuit of their goals. Actions.
4. Risk Taker: Focuses on the rewards associated with taking advantage of opportunities that present themselves, despite the risks. Risk.
5. Meticulous Planner: Focuses on creating a plan and outline for success that would allow themselves to mitigate risk and failure. Plan
6. Faithful Practitioner: Focuses on the implementation of their ideas for beneficial and practical use. Practice
7. Credentials Creator: Focuses on the creation and cultivation of a brand that will lead to name recognition and credibility. Brand
Owning and managing a business, in and of itself, does not earn someone the right to be considered an entrepreneur nor does the mere fact that a person starts, inherits, or purchases a business. You cannot just buy or inherit that title. For a business owner to earn the right to be considered an entrepreneur, they must mix in those seven key qualities into their business formula. Before I explain the differences between just being a business owner and an entrepreneur, I want to clarify that there is nothing wrong with just being a business owner. That is a tall task, in and of itself, and one to be celebrated and be extremely proud of. My following descriptions are generalized and not true of all people who are just business owners. They are only intended to show how entrepreneurs take business ownership to a different level. With that being said, the seven key differences between just being a business owner and being an entrepreneur are as follows:
1. An entrepreneur has a certain mindset and lives their life according to a different set of rules with different goals involving much sacrifice and risk. They guide themselves by much more than financial success. A person who is just a business owner is a person who may be in it primarily for the money and not willing or strong enough to make the needed sacrifices to take their business to the next level. They may not take the time to teach or give back to the community. They may use their revenue stream to enhance their stature with material goods and accumulate liabilities and not assets.
2. An entrepreneur is relentless and always thinking and innovating and coming up with new ideas. A person who is just a business owner is a person who may not think beyond the daily aspects of their company. They may be satisfied by just getting by and may not strive to be creative or innovative.
3. An entrepreneur is proactive and persistently acts on their thoughts and ideas despite the fear of failure. A person who is just a business owner is a person who may have great ideas, but may be too busy, scared, or simply does not know how to act on them.
4. An entrepreneur does not succumb to the powerful deterrent to progress and success, that is, risk and the unknown. They learn to mitigate the risk and move forward with their ideas. A person who is just a business owner is a person who may let the fear of failure control their actions or lack thereof.
5. An entrepreneur plans meticulously to ensure success and takes control of their future. A person who is just a business owner is a person who may go with the flow and lets life control them and their direction, paving the way for potential failure.
6. An entrepreneur puts their plans and ideas to practice. A person who is just a business owner is a person who may not plan nor create, implement, nor follow a plan.
7. An entrepreneur creates credentials for themselves that set them apart from their peers and cultivates their brand. A person who is just a business owner is a person who may not know that they are the brand and may not seek to continue learning and bettering themselves.
I have often paraphrased a saying that an entrepreneur is someone willing to do things for a part of their lives that most people will not, in order to be able to do things for the rest of their lives, that most people cannot. This is a catchy and overly simplistic definition, but, nonetheless, accurate.
Entrepreneurs have always been thought of as a different breed. Look back at history and you will see that the most successful entrepreneurs exemplified these qualities. They had an idea, formulated a plan, invested in it, risked much to implement it, persistently acted to make it a reality, put it to practical use, and made a name for themselves.
In summary and to answer the question of: What is an entrepreneur? An entrepreneur is and individual who adopts a unique mindset constantly reinforced by thoughts and persistent actions without avoidance of risk and formulates a plan, which they put to practice, in the creation and cultivation of a brand.
Chapter 1: What Is an Entrepreneur?
Recommended Activities
1. Study carefully the seven key qualities of entrepreneurship and see how you can begin to incorporate them into your daily lives.
2. Identify areas in your field in which you can obtain specialized skills or credentials.
3. Look up contemporary entrepreneurs in your respective field that you admire and reach out and connect with them on professional networking sites such as LinkedIn.
4. Make a list of successful alumni from your alma mater that you would like to model your career after and emulate and reach out to them for advice.
5. Research the great minds and entrepreneurs in history and identify what made them unique and successful. List qualities they have in common.