Definition of an Entrepreneur
From Small Business Building to Enhanced Reputation
So what is the definition of an entrepreneur and will the entrepreneurial spirit help your small business building efforts and your reputation flouish?
Over the years, there have been many “booms” of successful businesses everywhere, even small ones. It probably wasn’t a long time since you last learned of a new product or service, decided to try it out and before long it was the current “buzz” of the community. It isn’t hard to spot a successful small business anywhere either.
There may be a wonderful restaurant that you recently went to with an extraordinary but delicious menu, a wonderful product that you have tried or a great service that a friend just referred to you that “boomed” and settled itself as a business and are now doing very well.
What is success to the seasoned entrepreneur? Not all businesses get to arrive at success, though. There are also those that fail. How did the successful business get there now? What is, then, behind the successful business?
And what are the characteristics of an entrepreneur that has had some success? And how does that translate to having a successful business? Writer, Anne Wallingford listed on her site, the components of a successful business, which were (1) an expert entrepreneur, (2) a practical business concept and (3) sufficient capital.
So, to Ms. Wallingford, the definition of an entrepreneur is an all-encompassing role. This is because he is the only one with the mind and the will to make the business concept and capital work together seamlessly.
Who is he? What does he do? How does he do it? Can anyone be one? The definition of an entrepreneur has been a widespread discussion over the years. Many have answered these questions and written their own. Dictionaries and encyclopedias have their own definitions and even entrepreneur have done the same, but the debate continues and not only do people find new ways of defining the entrepreneur, the concept itself is expanding to include other areas aside from business.
Do You See Risk or an Adventure?
The dictionary definition of an entrepreneur is general and direct. Webster’s Online Dictionary said that an entrepreneur was an individual who sets up and runs a business venture, and assumes a risk for it. The Investment Dictionary, on the other hand, paid more attention to the characteristics of the entrepreneur. It also defined an entrepreneur as an individual who is often seen as a business leader and innovator of new ideas and business processes.
Robert Hisrich (et al) wrote in his book, “Entrepreneurship” that the definition of an entrepreneur tends to become more detailed, though a bit different when viewed from a business or personal perspective. In this century, the personal perspective has been carefully examined, mostly by entrepreneurs themselves, with some adding more insight to the general definition that an entrepreneur takes part in activities that includes three major things:
(1) taking advantages of opportunities
(2) managing social and economic mechanisms to turn resources and situations to practical account
(3) assuming all risks and failures.
People who have delved into knowing who the entrepreneur really is and what he has are often those who are either entrepreneurs also or those who work in relation to entrepreneurship. They are those who have seen the entrepreneur in action or felt the reality of being one.
Their own experiences allowed them to contemplate more on this matter and their definitions are more heartfelt and sure. Most of them wrote it to give those who want to follow the same path an idea of what it was like to be the entrepreneur of your own business and what it takes to be one. Their ideas contribute much to what we know about the entrepreneur today.
Definition of an Entrepreneur - Business Mogul or Social Reformer
On his Thinking Like an Entrepreneur website , Peter Hupalo writes about several entrepreneurs and authors in his article, “Entrepreneur: What’s in a definition”. He mentions Bob Reiss, successful entrepreneur, and Linda Pinson, author.
Author of the book, “Low-Risk, High-Reward: Starting and Growing Your Small Business With Minimal Risk”, Bob Reiss, presented a holistic definition of an entrepreneur. He was a person who can recognize a good opportunity and will pursue it whether or not resources are available. The entrepreneur is also confident, adaptable and determined to succeed, even when there are setbacks. Linda Pinson, creator of the business plan software at labeled entrepreneurs as people who venture in an opportunity that carries a risk. But, they have to be “educated risk-takers” to succeed.
Peter F. Drucker, a political economist and author who was also hailed as a pioneer in social and management theory by The New York Times, believed that not only can entrepreneurs recognize a good opportunity, but he strives to find it and keep looking for more. When he does, he responds to it and uses it to his advantage and the benefit of his business.
Another entrepreneur, Daile Tucker, said that, “Entrepreneurs compete with themselves and believe that success or failure lies within their personal control or influence."
The entrepreneur is an obviously extensive concept with the way that people can define and see it in many different ways. The expansion of the definition of an entrepreneur is such that it is now used in ways other than business.
“Social entrepreneur” is one coined concept that denotes individuals who see opportunities, not in business, but in areas of human need, such as education, health and the environment. They are those who think up innovative solutions to the most critical social problems of modern society.
“Lifestyle entrepreneur” is another term, invented by Mark Hendricks, internet entrepreneur. Many people get confused about what an entrepreneur really does. Is he only one who has the ability to think up new ideas and methods? Mark Hendricks offered the alternative by giving this name to those who are contented to sell tried-and-true products, and receive a steady income without continuously developing a new product or service. He reckoned that they also took the initiative and risk of going out on their own, and managed to organize their resources to work for them. They may not be on the “cutting edge” but they are also their own boss and make a good living.
Inspire Your Inner Entrepreneur and Watch Your Reputation Flourish
The entrepreneur is a stand-out concept. A good entrepreneur can see a good opportunity to use, can calculate risks and has certain characteristics that help him become successful. He uses these abilities to set up his a business, manage it and build its reputation. He sees and finds other good opportunities that will be an advantage to this business and will use it also. But he stands out in that he enjoys the excitement and fun of being an entrepreneur and mixes that skillfully with belief in himself and what he can do.
Get inspired. Visit the Success Stories of Entrepreneurs page.
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