OUR ENTREPRENEUR DEFINITION STARTS 

WITH PASSION AND INCLUDES A MENTOR

The definition may seem easy to state at first, but as one thinks about it, the answer may be more complicated.

You could begin and say that an entrepreneur is one who starts a business.  But, there are more elements to it than that.

PASSION

Is Your Passion Evident?

Photo courtesy of EvelynGiggles

The key element to me in being a true entrepreneur is passion.  Passion drives everything for an entrepreneur.

1. Passion for the product or service that they are providing.  They not only know the product or service, but they know if well and are excited about it.
2. Passion for the process of building and growing an enterprise.
3. Passion for the opportunity to take on risk.
4. Passion for the chance to create value.

 ENTREPRENEUR DEFINITION

Understand The Definition

Photo courtesy of Angela Boothroyd

An entrepreneur has that passion and excitement that is so intoxicating that she/he makes others believe in her dream.  The “others” I am talking about are venture capitalist and investors, her management team, and her customers/clients.

Taking all of that into consideration, you can see how one could be a self employed businessman, yet not be an entrepreneur.

In another definition an entrepreneur would mean start a business. The French word, entreprendre means “to undertake”. Here is what the New Webstser Encylopedic Dictionary states.  An entrepreneur is someone that organizes and manages a business and assumes the risk associated with it.

WHAT DO YOU THINK?

My opinion is that knowing how to start a business or running a business does not make one an entrepreneur.  Don’t get me wrong.  Being a successful business person is outstanding.  It takes many skills to run a business and make a profit.

One element that is different for the small business owner is the amount of risk undertaken.  A solid business plan for an ongoing operation helps to mitigate the risks.  It provides some level of assurance that it will succeed.

This business owner may indeed improve the product or service to exceed the needs of her customer; yet it may not reach the level of innovation. Whereas, an entrepreneur definition would include the business skills to transform innovations into economic goods.

Do you feel the same way?

Focus and Show Grit! Don’t Rest Yet

MENTORS RULE

Mentor In Action

I believe that the truly successful entrepreneur does not just automatically know how to be one... ok, maybe in the rare occasion.  But, it is my view that most are intense learners and study how to succeed. They have found a mentor, either in a formal or perhaps informal way.

You know the saying, “Don’t reinvent the wheel!”  True entrepreneurs learn how not to fail, by understanding the mistakes of others.  A mentor can be the right approach to set one off on a path to success.  Do you fit the entrepreneur definition?

Look for your mentor!