An entrepreneur is someone who takes on the risk of starting a new business or creating a new product. Entrepreneurs often work in small niche markets to create a new product or service. Why do entrepreneurs take on this risk? The most obvious answer is for money. Entrepreneurs, like every one else, need money to survive. But, entrepreneurs have a passion for doing things differently from every one else. They tend to think creatively. They like challenges and the risk of a new business venture is the perfect challenge.
Entrepreneurs have often shown a hint of entrepreneurship even as kids perhaps organizing a family garage sale, selling candy to friends on the school bus, or running the neighborhood lemonade stand.
Not everyone who starts a business is an entrepreneur. Some people start businesses to segue between jobs. Or, some start businesses on the advice of someone else. Perhaps an accountant advised you of potential tax savings from starting your own business.
Entrepreneurs start businesses based on the passion for a dream and vision. They often find new business ideas by trying to solve old problems in new ways.
Benefits of Being an Entrepreneur
There are numerous benefits of being an entrepreneur.
As an entrepreneur you are your own boss. You make your own decisions and don’t have to answer to a manager or superior. This is also one of the things that makes entrepreneurship difficult because that means it’s up to you to figure out how to make the business succeed.
You have the opportunity to make money doing something you love, rather than being stuck in a job you don’t like simply to make ends meet. Being an entrepreneur allows you to create your own job security. It’s up to you to make your business successful.
Entrepreneurs make business decisions on their own. You may seek the advice of other business owners, or employees if you have them, but ultimately, every decision about your business falls on your shoulders. You must pay the price for bad business decisions, but you also get the rewards of the good ones.
What Makes a Successful Entrepreneur?
Risk-taking is just one of the qualities an entrepreneur must have to be successful.
Good planning skills. A common saying goes “Failure to plan is a plan to fail.” Indeed, lack of a business plan is one of the reasons many small businesses don’t make it very long. Successful entrepreneurs take the time to plan out their business ventures before taking on the risk.
Good negotiating skills. Entrepreneurs are always negotiating, not only with customers, but also with other people who are key to the business, like suppliers and lenders. Being a successful negotiator means you can always come up with a solution where everyone wins. No one walks away from the deal feeling like they were taken advantage of. This way, you’ll create the type of relationships that keep your business running long-term.
Delegating the right work to the right people. As a small business begins to grow, it becomes increasingly difficult for the entrepreneur to work alone. You’ll need to hire people to help you do some of the business tasks. Otherwise, the quality of work may suffer because you’re trying to do jobs you don’t have the time or skills to complete. Even worse, the business could fail.
Checking the work done by others. It’s not enough to delegate tasks and forget them. As an entrepreneur, you’re still ultimately responsible for the work done for your business. So, you have to make sure the jobs you’ve assigned are done on time, within cost, and at the quality you expect. Make sure your employees have the skills, money, and time they need to deliver what you’ve assigned.