Entrepreneur - meaning and characteristics

Entrepreneur meaning

A person who set up a business venture taking financial risks in the hope of a profit. An entrepreneur is an individual who analyzes problems around him and takes them as opportunities to build solutions regarding the same. Usually, it will be a small business initially with a vision of going far ahead. An entrepreneur is a designer or innovator at times. Entrepreneurs have their own idea of leading the world. They are never satisfied with the job. Their passion is to do something new and different, which gives solutions to the problems around. "Becoming an entrepreneur is a choice, a hard one for sure." Entrepreneurs work for themselves rather than for other organization or others. They are self-employed. They ake their ideas and dreams a reality.
Entrepreneurship refers to commence a new and innovative business of their own. 

Entrepreneur Characteristics

An entrepreneur is an individual working for his own idea or organization. "Life is what you desire to make for yourself." An entrepreneur always does something big and innovative for the world. They don't accept life as it is, they create their own. Following characteristics are indispensable to be an entrepreneur. If you want to be an entrepreneur, develop skills to lead a path of success.

  • Self-determination - This is the most significant characteristic of an entrepreneur. You need to push yourself to achieve your set goal or success. You need to feel deeply about your idea, business or mission. Keep yourself motivated in all situations. You need to keep going in the process. Negativity, criticism, no output, lack of investment, etc are various barriers to your entrepreneurship. It takes time to get results out of something new. Immediately you won't get results in your business. Keep yourself moving.
  • Ability to take risks - "Taking risks in life is mandatory to achieve something extraordinary." All entrepreneur shared the above belief. Big things will not come to your way that easily. To be an entrepreneur, one must be able to risk everything in life. Risks like money, career, relationships, time, efforts, etc are involved. Investing time and money in something, for which nobody is sure that it will work in the future or not. Generally, entrepreneurs don't get investment at an initial state. Risk of failure is always there in the business. They need to raise their own money to set up their business idea.
    Motivation + Entrepreneur + Risk = Success

  • Innovation - It means generating, developing or designing a new idea or product. You must have a basic understanding of what best fits in the market. Innovation is basically defined as a new product in the market, an idea to do things more efficiently, a solution to the problems faced by humanity, etc. An entrepreneur needs to be unique with his/her ideas. An entrepreneur should know what it is offering and how it is helpful to make money and grow as a business.

  • Vision - It is the energy and motivation to keep going for an entrepreneur. To lead your plan or business with future is very important. Taking steps according to the future will ensure success. Working without a vision is a waste of time and efforts. Follow it like a passion. Constant efforts ensure success. It makes an entrepreneur daring in his work. Dare to push, dare to risk, dare to achieve success at any cost.

  • Decision making - An entrepreneur should be a good decision maker. Taking a decision according to your vision regarding your business will help. An entrepreneur should be flexible in decision making. The world is changing at a fast speed. An entrepreneur should not stick to ideas and opinions. The decisions should best fit in the changing marketplace.

  • Knowledge - An entrepreneur needs to be creative with ideas and products. Creativity requires knowledge. An entrepreneur should have knowledge of the respective working field. Knowledge is compulsory for creativity. You should learn continuously to enhance your skills. The market study is required before setting up the business. You need to keep learning new things.

  • Leadership - You need resources to set up your business idea and earn money. You need a team for the same. Managing people and giving the right directions to the team is lead by an entrepreneur. An entrepreneur is a leader for his business. An entrepreneur is a CEO, finance manager, decision maker, investor for his team. Achieve as a team.

  • Execution - How to execute your plan is the biggest challenge faced by entrepreneurs. Don't procrastinate your idea. Implement as soon as you get it. Execution of ideas needs knowledge and support of a team to be successful. Don't distract yourself with your social life. Be busy with your plan. Constant efforts will lead to success. Every situation is a business opportunity. Execution of idea at the right time is beneficial. Your idea should make an impact on society rather than earning money at the initial stage. This will help in the long run.
  • Passion - Loving what you are doing is very important. Find your passion and put constant efforts to improve your skills. Choose your passion as your career. Productivity will increase multifold if we follow our passion. Be passionate about your idea and business. An entrepreneur needs to be passionate.

True quote by Mark Manson

"People want to start their own business or become financially independent. But you don't end up a successful entrepreneur unless you find a way to love the risk, the uncertainty, the repeated failures, and working insane hours on something you have no idea whether will be successful or not."