To make our dreams come true, there are certain things we need to do, which may depend on which aspect we want to be successful at, and to what degree. Nevertheless, to achieve success in any business or career, one of the most vital features necessary is entrepreneurship. To delve deeper into the concept, it is necessary to understand its basic definition.
Entrepreneurship Definition
In essence, entrepreneurship is the practice of involving oneself in an endeavor, generally, a business venture, in the quest to find better opportunities and gain financial freedom. An entrepreneur is an individual who possesses a business, an enterprise, a firm, or even a marketable idea and makes himself responsible for the risks involved as well as the outcome.
It was French economist and businessman, Jean-Baptiste Say, who coined the term “entrepreneur” during the 1800s, defining it as a businessperson with an eye for sound business ideas and a means of putting unused resources into productive and high-yielding outcomes.
Characteristics of an Entrepreneur
Many people envision themselves of becoming financially secure and yet not everyone can make this dream come true. While there is stability in job employment, the rewards can be so much greater when one engages in a particular business and become an entrepreneur. You need to understand that not every employee can start a business and not everyone can be an entrepreneur.
There is a saying that goes, “Not every businessman is an entrepreneur but all entrepreneurs are businesspeople.” These are different concepts and while we can be employees and businesspeople, not everyone is cut out to be an entrepreneur.
Who can be an entrepreneur?
A person who is considered an entrepreneur can be seen as an “adventurer,” as observed by Say. Here are some of the general characteristics of a person who can be called as such:
1. Willing to take risks
An entrepreneur is someone who is willing to face uncertainties. This individual is capable of taking on a new idea and putting faith into it, although the world may never have heard of it before. These people are brave enough to embrace an idea and turn it into something profitable. At the same time, they are willing to take risks, knowing that any business they venture into may fail and could end up in losses.
2. Proactive and has initiative
An entrepreneur is very resourceful and can make something out of nothing. He finds ways instead of sticking to what is presented to him. He thinks out of the box and does not believe in limitations. He finds ways even when everyone else thinks it is a dead end. He believes in change, is constantly moving forward, and is always ahead of others.
3. Visionary
An entrepreneur can think of something that others have never thought of possible. He is very creative and futuristic, and he is always passionate about his ideas and endeavors. If he fails in a business venture, sooner or later, he will come up with another idea and create a business out of it.
The Cost of Becoming an Entrepreneur
As with everything else, being an entrepreneur comes with a price. You do not become an entrepreneur overnight- it takes a lot of experience to mold you into one. You will need to go through several ups and downs to make you a seasoned entrepreneur, and you must be willing to take risks, embrace them, and live with them.
Additionally, you should be dedicated to what it is you are endeavoring on. You must have the passion and you must exert a lot of effort to ensure that it works, and if it does not, you should be ready to accept it and try again.
Lastly, you should also have the resources to make it happen. This could be in the form of money, connection, or just sheer creativity. If you do not have the funds, you can strategize and find a way to come up with the resources you need.
And these are what make a person an entrepreneur. It may not be for everyone but unless you give it a try, you will never know if you are in fact, an entrepreneur.
