Modern day conveniences have taken a prominent role in our everyday lives. In fact, many of these conveniences are such a part of our daily routine; rarely do we give them a second thought. Maybe there was a time when you did question how these conveniences occurred or were developed and by whom. In most instances these conveniences were the creation of entrepreneurs.
So, who are these entrepreneurs and what do they do?
Simply defined, an entrepreneur is someone who masterminds, oversees, and accepts the risks of a business or initiative.
That said, let’s delve further into the world of an entrepreneur.
The ultimate goal of any entrepreneur, of course, is to make a profit from the product or service their business or initiative offers.
As the most significant individual of the business venture or product, an entrepreneur is the one who decides which product or service will be offered. Before making this decision, time must be devoted researching what people need and/or want. Once that it is established, the next step is to decide what type of product or service can address those needs and/or wants.
To reinforce this step in the process IT IS IMPORTANT TO REMEMBER: Studying the target market IS a requirement, NOT an option, if success and profits are the ultimate goal. Unless you are a mind reader, this vital step is well worth the time in guiding your decision on which product or service to offer.
Since there are no guarantees in the success of the business venture or product, the entrepreneur is ultimately the one who either benefits through profits or suffers through a loss.
As the mastermind of the business venture or product, it is the entrepreneur who finds the tools, resources and funding necessary to develop, produce and sell the product(s) or service(s) offered. This responsibility alone requires planning and organization skills. The entrepreneur typically provides initial funding. Depending on the size of the business venture or product, funds are applied towards the purchase of some necessary tools including office/work space, office supplies, and a communication system. An important and vital resource is the recruitment and hiring of a reliable work staff. Any successful entrepreneur knows that it is the dedication and loyalty of the work staff is the key to the success of the business venture or product. So, knowing how to recruit and recognize qualified employees is a must. Investing time and funding in these initial tools will eventually be among the key assets of the business venture or product.
Overseeing the operations involved in the development and production of the product(s) or service(s) requires someone who is experienced and knowledgeable about the in’s and out’s of operating a business.
If you are someone who is not willing to assume the responsibilities and risks involved in the day-to-day business operations, then entrepreneurialship is not for you. No one said that it is an easy task. However, if successful, the rewards make it all worthwhile.
To that end, the entrepreneur has to take care of and be responsible for many things. Perhaps this is why many individuals shy away from taking on this challenge. In the final analysis the success or failure of the business venture or product falls upon the shoulders of the entrepreneur.
Do you think you have what it takes to become an entrepreneur? If after reading this definition, you believe you have the willingness and awareness to meet the challenge of becoming an entrepreneur, then you have the right stuff! A word of caution, though. If this is your first venture as an entrepreneur, start small and take on a modest project. Just take one day at a time. Focus on developing your skills and learning from your mistakes…and you will make them. Then, you will discover that success is a reachable goal.