Who is an Entrepreneur?
Entrepreneurs are the new breed of people in the news nowadays. Despite being a complex word to pronounce, entrepreneurship is currently trending in today’s world. However, a few questions still remain. who is an entrepreneur? What do they do? How do we become one?
In layperson’s terms, an entrepreneur is someone who identifies a problem in the world today and provides a service, item or solution to that problem. It could be an online portal, a product or even a simple stall in your locality, but it might end up making you a fortune as you identified a problem that can be solved.
Can we categorize entrepreneurs into types? On what basis can we do it? What/how do they treat a business? Well, we can at least give it a shot.
Types of Entrepreneurs
1. Builder: This entrepreneur can build a business in a short period. This scalable business can make the founder a heap of money when it’s all set up. Moreover, they
strive to hire the best in the business and make sure they use those talents to profit them manifold.
2. Opportunist: They’re champions at identifying an issue and are highly motivated to solve it to make it rain as soon as they figure it out. Despite being extremely
impulsive and are involved solely by immense profit, they’re great at picking the perfect time to start or invest in a business and take it to unimaginable heights.
3. Innovators: They are the thinkers who have an original, new, and raw approach. Moreover, they are mostly driven by the desire to do some good for the world. They’re impact-driven and exhibit extreme passion for their product or service. This passion becomes their roadmap to greatness, enabling them to earn tons of money by being
the pioneers in something entirely new.
4. Specialists: They’re knowledgeable and experienced in their craft, so much that they can transform how the world thinks and feels about a particular scenario and
develop a solution that grants them a monopoly in a business. They use their skills to analyze, understand and modify a business to a level that no one could even
think of, and keep at it till they are the only ones in the game.
7 Main Process Followed by Entrepreneurs
The definition of an entrepreneur may vary from person to person, but the process that an entrepreneur
follows to become successful is the same for everyone. Let’s explore what you can do to become an
entrepreneur.
1. Financial Stability: We all know that everything costs money. It doesn’t matter what it is. So, if you’re
thinking of starting a business, having a stable source of capital to invest in your business/idea doesn’t hurt.
2. Learn relevant skills: Every business needs some specific skills. Even if one has all the skills relevant to
the business he/she is starting, one needs to know how to run a business in their domain. So, when someone
intends to be an entrepreneur, they should keep themselves updated on the latest developments and the
crucial skills required to keep it running successfully.
3. Information absorption: An entrepreneur should be able to absorb information from various channels, i.e., social media, print media, the internet, etc. They need the
ability to absorb and process the information collected to figure out how a particular scenario would pan out for the business.
4. Identify a problem: When we were discussing “Who is an Entrepreneur?“, we defined an entrepreneur as someone who creates/finds the solution to a problem. To
solve a problem, we need to identify the same first. An entrepreneur needs to have a high level of insight, curiosity and understanding to identify a problem when they
come across one.
5. Problem-Solving: Identifying a problem would give you a business idea, but solving it would make you a true entrepreneur. Hundreds of people have thousands of
ideas every day for every problem, but not everyone can run a business based on the generated idea.
6. Social/Networking: For a business to succeed, one needs contacts in the right places. The only way to get contacts is to be socially active and create a network of
people from different walks of life who can provide you with mentors, financiers, suppliers, etc., as and when required at various stages of the business.
7. Procurement of Funding: Every business needs funds, and finding them at the right moment is crucial for a business to survive. We must be able to arrange funds using loans or personal savings or be willing to let an investor provide funds in exchange for shares or a stake in the company so that the business can run smoothly.
An Entrepreneurs Mindset
Every idea cannot be converted into a business. Every business cannot be transformed into a financial success. But, someone with the right mindset can figure out whether a business would work and be profitable in the long run.
But how do we create/nurture that mindset? Let’s figure it out.
1. What would you say an entrepreneur needs? The first thing that would come to mind would be Questions !! Yes. So the first thing that one needs is Curiosity. The ability to question every belief, every rule, and even tradition is a prerequisite in entrepreneurship. Ask why, how and what a business involves so we can change it correctly.
2. What would you want an entrepreneur to do? The basic purpose would be to make the right decisions, instead of being steamrolled by someone or being dependent on anyone else. The next ability to develop would be Independence. Be assertive, make your own decisions and stay true to them.
3. Would you be an entrepreneur if you get disheartened/give up easily? Each and every business has ups and downs, so one must always keep at it and never give up, no matter what. What would we call that? Resilience.
4. How would you make people follow you and believe in you? It’s By convincing and being strong in your belief, this signifies the necessity of being Persuasive.
5. You created a business that wasn’t relatable, usable or even appealing to people in general. Would it work? That would be an easy NO. So, last but never the least, Be Helpful. Your business should aim to help people and make them feel needed.
We feel that these are the basics of How to be, What you need and Who is an Entrepreneur. Would you agree?
Everyone might not be an entrepreneur, but we can do our best to become one by opting for the right mindset and following a few Characteristics of an entrepreneur in the process to become successful. It is a trying path to follow, but it is immensely rewarding if we can keep going and stick to it till the end of it all.
Above all entrepreneurs with their potential to disrupt an industry or refine it to an unforeseen extent, need to be willing to face challenges, innovate, and craft a new way of life from the hand they have been dealt.