An Entrepreneur Is A?
What does an entrepreneur do? They are bold, they are determined, they are relentless in their pursuit for success. To be an entrepreneur is to have the willingness to take risks and to step out on your own. A successful entrepreneur will not sit by and allow life to pass by them. They will go after their dreams no matter what life brings them.
What does an entrepreneur do? They are an innovator. An innovator is a creator, an innovator, and a leader. Someone who creates something new, whether a product, an organization or a business and who then takes action to make it happen.
On the other hand, what does an entrepreneur do when he or she ventures into entrepreneurship? They are the inventors. They take what others have designed and make it work. While the original inventor may have started out with the best ideas, over time their ideas and innovation has been stifled by other more creative minds. The innovator keeps at it and turns it into an innovation, taking his or her idea from the realm of the possible to the present.
So what does an entrepreneur do when they start their own venture? Again, they are an innovator. They pursue their entrepreneurial dream but in doing so they become a disruptor, which scares big corporations. A disruption occurs when a new idea or technology that is being offered takes center stage and displaces an existing established method or product. In the case of the startup entrepreneur, the new startup method or product becomes an disruptive force and displaces an existing small business owner who is known for his/her tried and true small business marketing tactics.
Entrepreneurs also assume a financial risk when they venture into entrepreneurship. This is because they are not banking on any one single form of capital investment, like a bank loan or equity financing. A good percentage of entrepreneurs do not have savings accounts with credit unions or banks, and most have either small or zero assets. When an entrepreneur is not flush with cash, they usually will have to rely on their business idea for capital funding.
Of course, many successful entrepreneurs possess multiple forms of collateral, which allow them to obtain small loans with relatively low interest rates. As stated above, most successful entrepreneurs are innovators, not financial specialists. By contrast, they typically lack both the know-how and capital to finance a venture using traditional means, like banks and credit unions.
Entrepreneurs must have the perseverance to continue to market their products and services through the testing and review processes associated with new product development and entrepreneurship. Good entrepreneurs are persistent in pursuing new ideas and methods of production. The startup costs associated with launching a new product or service can be enormous. However, these costs can be mitigated by using a combination of new product ideas, sales techniques, advertising, distribution, and networking.
An entrepreneur’s level of personal confidence is also important. If an entrepreneur is confident that he or she can create a profitable venture, he or she will persist with the enterprise. Additionally, if an entrepreneur is convinced that he or she has an idea to launch a venture, he or she will be more likely to pursue that idea vigorously. To succeed in entrepreneurial activity, it’s important to have a clear direction and goals. This allows entrepreneurs to stay focused on the big picture and minimize risk.
One way to minimize financial risk is to hire an accountant or business professional who can provide funding analysis and assistance after a successful startup. Since many new businesses fail, there is financial risk. However, good entrepreneurs take that risk as part of the excitement of creating a new product or service. When calculating potential startup costs, entrepreneurs must keep in mind that the expected lifetime earnings of that product or service may not be realized in the first year. Therefore, a percentage of the anticipated expense must be set aside for the possibility of lost opportunity costs.
Good entrepreneurs are visionaries. They often see things beyond the obvious. Successful entrepreneurs are willing to take risks that others may not. Because they have an intense drive to succeed, successful entrepreneurs don’t settle for anything but the best. In order to succeed, entrepreneurs should be willing to accept both monetary loss and possible failure in new businesses.
The entrepreneurial mindset is one of continuous change. Successful entrepreneurs understand that their actions, attitude, and knowledge will continue to evolve as their new businesses mature. By being willing to constantly evaluate and alter their mindset, entrepreneurs ensure that their businesses grow and prosper over time. When it comes to being an entrepreneur, there are key takeaways to remember. Although some aspects of entrepreneurship are common among successful entrepreneurs, there are key points that differentiate a failed entrepreneur from a successful entrepreneur.