Characteristics and Definitions of an Entrepreneur
Entrepreneur’s definition and responsibilities.
There are many definitions.
Sometimes, because of the many definitions, you often find it hard to understand even such a complicated word.
What characterizes an Entrepreneur?
He or she is someone who manages and organizes any form of business.
In order to understand the definition, you must know about the responsibilities.
Some of the responsibilities include…
Planning, organizing, staffing, and controlling.
These four responsibilities when done properly together will give you high returns in such a short period of time.
To start with, planning is a very important responsibility.
Good planning is the very first duty that should be fulfilled.
The next responsibility is organizing.
In order to attain your specific targets, you must know how to organize,
especially if you’re handling several departments.
Staffing is another great responsibility.
Sometimes, you’re burdened with your responsibilities but if you manage proper staffing, you can lessen such burden.
Another responsibility is controlling.
You need to direct, improve, and train employees.
All the business plans should be put into order.
In order to do all your responsibilities as an entrepreneur, you must be an excellent communicator.
Good communication is needed so that you can deal with all kinds of individuals.
If you’re good in communicating, you can convey all your messages correctly, completely, and clearly.
Aside from being a good communicator, you must also be an excellent listener, writer, and reader.
If you want to become an entrepreneur, you should determine first if you can handle such responsibilities.
There is not a greater reward for your plans to be put in practice and you get revenue from it. The big secret is to get started. Just start. It probably won’t be perfect the first time, but with a lot of changing you will improve with time.
8 Successful tips to define an entrepreneur
Passion - I am driven by my passion. Freeman Thomas Do it for love, Not money – I would pay someone to do what I do – if you do it for love, the money comes anyway.
Work – It’s all hard work. Nothing comes easily. But I have a lot of fun – Millionaires serve others something of value
Ideas – I had an idea – founding the first micro-computer software company
No magic to creativity, Listen, Observe, Be Curious, Ask Questions, Problem Solve, Make Connections
Persist – persistence is the number one reason for our success
Persist through failure, Criticism, Rejection, Ignorant People, Pressure
Focus – I think it all has to do with focusing yourself to one thing
Good To be successful put your nose down in something and get very good at it
Practice, Practice, Practice
Push – Push yourself physically, mentally, you gotta push, push, push
Push through Shyness, Self-Doubt, I always had self-doubts. I wasn’t good enough, wasn’t smart enough. I didn’t think id make it. It is not always easy to push yourself that is why they invented Mothers. My mother pushed me.
Serve – It was a privilege to serve as a doctor. Millionaires serve others something of value
How to understand the Definition of an Entrepreneur
Being an entrepreneur is an exciting and challenging task
So if you are a born entrepreneur, you must develop your skills and qualities so that you can use it in the near future for your success
All the business plans made by the entrepreneur should be put in order
Putting up a new enterprise may sound very hard but for the entrepreneur, nothing is impossible to achieve.
Innovation, creativity, leadership, being a risk-taker, and having the right inner drive or passion are some of the keys to being a successful entrepreneur
If you possess these things, nothing can stop you from being one of the biggest names in the marketplace.
There are thousands of opportunities that you can find from emerging communications, culture, and science and technology.
All you need to do is identify these business opportunities and turn them into a real business enterprise.
However, choosing a good business opportunity requires careful study and market research.
Even if entrepreneurs are known to be risk-takers, they still have to make sure that they are entering a good business.
If you have the guts, the capital, the right inner passion, appropriate qualities, and skills don’t hesitate to introduce something new to the market.
Besides, most customers like new stuff. So what are you waiting for?
Study the market and see if you can enter it and become a new entrepreneur.
According to most dictionaries, an entrepreneur is a businessperson who finances or initiates emerging commercial enterprises.
Basically, he or she is the person who provides for the capital of the business.
However, providing capital alone is not enough to be called an entrepreneur. How is that?
It’s because some individuals prefer to invest in a certain business venture but that person will let someone else handle all the business activities.
Any person who finances a business venture and runs it can be called an entrepreneur.
According to some economists, an entrepreneur is someone who develops a fresh and new product, a new way of producing something, or an innovative market.
Usually, entrepreneurs start with a small business and if it proves to be successful, the business will slowly expand.
So why put up small businesses?
You see, small businesses require smaller amount of capital while larger ones demand huge capital.
Not many entrepreneurs nowadays are willing to take the risk of putting up big businesses without proper research and studies.
Some say that being an entrepreneur starts right after a child is born.
The qualities are already possessed by the child from the moment of birth.
The individual is already a thinker and schemer of things. These individuals will want to reach the impossible.
So if you’re a born entrepreneur, you must develop your skills and qualities so that you can use it in the near future for your success.
Entrepreneur Definition Secrets to Success
Bias for action/drive
Credibility and Network
Belief and focus on success
Something is not right with the entrepreneurs in this list. Too many companies closed down without making a success.
A new list is needed. Many of these principles are oxymoronic in perspective, in other words oxymoron is a figure of speech of word combination that contradicts.
Also, there is not a magic button you press to reach success.
If you try to abuse these principles as if they are the only principles, they will backfire on you.
Here is the most useful ten points compared with the old list of 1990.
cast. The purpose needs to be cast in stone.
Foresight = Context Sensitivity + Instinct. The explanation of Context Sensitivity is that you know what is going on around you. Instinct is your sixth sense. When you feel something is not right be very cautious. It can be something simple like somebody didn’t look you straight in the eye when you want to sign a contract, or he blushed when you asked him a pertinent question.
Don’t start executing for the sake of execution. Look at the bigger picture and work smarter than harder.
It is the risk mitigation not just risk taking. The collective brainpower in your company give you more input and you all follow the same path. Their collective intelligence can solve big problems in the company and changes are that the company can get very successful.
Take reflective actions and practice creative improvisation. Things are done differently at startup as to when your company is growing. More differently when your company is moving forward.
Not Obsession but passion and compassion. Are you a control freak? Are you married to your company? Do you have passion and compassion with the customers and people working for you?
Integrity = Credibility + Commitment + Courage. Once you lost your good name it will be very hard to get it back. People always remember the negative, hardly ever the positive.
Practice wise persistence. Sometimes life is against you and no matter how you persist, things just don’t work out. Know when to give up. With every failure you gain experience. Know why your company does not work. There are various stages to persist through. The startup phase with all his potholes and surprises, the funding stage, the product stage. It is all about persistence and staying in the ever changing market until you succeed.
What holds you back? Whenever you reach stagnation, you have to re-examine your winning recipe. Markets change everyday. Your recipe needs changing for you to proceed.
Don’t even think twice about your success. Success is a measure rather than a principle.
The Entrepreneur Meaning
Entrepreneurs don’t do well with the words you can’t do that.
They just see opportunities everywhere and anywhere where they are.
Entrepreneurs are not normal.
They don’t get recognized by what they look like, but what they think.
All Effort is Equal.
Same raw effort to plan a party, is the same raw effort to build a world class business
Entrepreneurs sell Ether which is the ability to sell a dream.
You can paint a future experience to somebody, then enthused about it with certainty, which make ether real currency.
Ideas don’t matter, execution does
Speed and Momentum are key:
Time is now.
Most businesses don’t succeed because they never get started
Inside you there must be a sense of urgency to get started.
Businesses will pivot up and down until the balance is found of a good business for what the customers want and is prepared to pay for.
The Entrepreneurs dilemma,
Stay attached to the problem to solve, but be flexible in the solution how to solve it
Make your product different & better than the opposition.
Therefore you don’t have to come up with an original idea.
Just look at successful businesses and ask how you can do it better.
For example, to have a start-up which does not cost an arm and a leg, but to get all the pointers in place.
Build prototypes and put it out in 3 weeks. Real people in the market will tell if it works by being prepared to pay for it.
By using the internet you can establish if people want the product before you have spent too much money on it.
DO YOU WANT TO KNOW MY SEVEN TOP SECRETS TO MAKE YOU LOTS OF WEBSITE TRAFFIC?
Keep on reading! You will get to the secret soon! This secret will show you how to acquire abundant high-value traffic to your website. It is very logical and quite simple. Let us get started.
This powerful secret will open up a new life for you. It will be fun, and your Internet presence will spread like wild-fire. Spontaneously, you will generate much more traffic. Perhaps you will need help to manage all the traffic. People will crave for your next email, article, video and podcast. They will be getting impatient, and the word will spread quickly whilst waiting for your new content.
You do not pay for this valuable secret. Because it is free, it does not mean it is of little consequence. When you apply this information, it is most powerful. You will benefit by putting your time and effort in all that is essential.
By now, you are probably very curious to know what the little secret is. Let us see what it is. It is remarkable content!
These are words that engage your readers immediately. The readers must feel that they could not do any better themselves, and they do not need to search for any other content.
Your valuable readers must crave for your content; excellence sells on the Internet!
How do you write remarkable content?
First Secret - Emotional Engagement
Drive your readers to tears, laughter or rage with your great content and they will think "Wow! This is good stuff."
With this emotional engagement, you have hit it on the nail. Your readers will start talking and spread the word, whether they assume it is funny, or they are very annoyed, or they are in tears.
Good for you, you have what it takes for the first secret.
Second Secret - Your own Personality
Engrave your personality into the content, being an article, email, Face book post or website. Just a bit of personality breaks the monotony of the Internet, and your readers will love you and respond to your content.
Third Secret - Broaden your Outlook
Your remarkable content will make you enthusiastic about the particular topic. Your outlook will get broader on the idea, thought process or topic. Soon you will be the master on that topic.
Fourth Secret - Take the World by Storm
What fun it will be to deliver this information in a creative, entertaining and intellectual way.
It is time to show the world what you can do, and that you can do it very well.
Here is a secret tip. You must know your audience as well as you know yourself. With that knowledge, you can write directly to their fears, desires, frustrations and aspirations.
Fifth Secret - Passion and Enthusiasm
Passion and enthusiasm are very contagious. Your readers will instantly figure it out and be drawn like a magnet to your writing, info graphics, podcasts, slide shows and any other form of content you produce.
Sixth Secret - Connect
Really emotional, intellectual and spiritual people are the people who are reading your content on the Internet. It is so easy to hammer away on the keyboard forgetting that you are writing for real people.
Grab a cup of coffee and a bite to eat. Relax and imagine you are sitting in front of your friend. The two of you are chatting away about all sorts of things. You already know your friend's passions, fears, likes, dislikes, hopes and dreams.
You know who you are chatting to, fire up your keyboard and settle in for a nice long chat.
Once you have achieved this method writing becomes pleasant, engaging and insightful. Readers will definitely take note and love you for your content.
Last Secret – Let your followers wanting more
The best content online leaves your reader wanting more. You have given them something to quench their thirst, and they are very eager to devour your latest piece of content, open your succeeding emails, most importantly to spread your content to all their friends.
This is the secret. You will build up a group of raving fans. This is one of the fastest ways to become successful online.
Create remarkable content and you will quickly become a trusted authority in your market.
Windows of opportunity will open for you, once you are on top of creating remarkable content. Nothing will stop your enthusiasm and progress.
My first List (new friends) when I started Email Marketing
Believe it or not, the website is already built. All the bells and whistles. A perfect membership website, with not a single visitor!
A serious plan of action needs to follow. I have a few dollars in my 7search.com account. Guys and Girls, you must see how cheap advertising is on this website. They have a beautiful keyword tool. If you choose your keywords correctly, you will not have any competition in that specific keyword. Note to make sure your keyword has at least three words.
Firstly I chose my keywords on the keyword tool. The longer and cheaper the keyword, the higher the impressions, the better. I also set the keywords on exact bid instead of broad bid or phrase bid.
Secondly, I built a web page which is the landing page. I used http://wordpress.org. The web host I am using is http://cyberegion.com. This is a very good host and the fees are very reasonable. They never allow too much traffic on one server and they were the first web host to back up web sites automatically.
Do not fear if you have not got a web host. http://Blogger.com, http://Wordpress.com and many other web hosts give you free hosting. A word of warning. When you start growing your web presence you have to consider using a proper web host. http://Bluehost.com, http://godaddy.com to name but a few will give you web hosting at a very reasonable fee.
The reason for not having a proper web host being that you can lose your whole account so easily by a fault that is not yours. It also means you can lose your Internet Business. It will cost you dearly in the end.
Thirdly, I joined http://icontact.com. This is a first class auto responder email service. They have the most beautiful templates. If you have an email list you are going to need a Newsletter, Insights, Featured Download, plain email script etc. The sky is the limit, but there are templates for these documents. I have set up four emails which is sent out a few days from each other by the auto responder service.
Many website owners like http://aweber.com or http://getresponse.com. The reason these auto responders services are safe is they are very strict on sending out spam, in other words, the email you send out will land in your friends inbox and not his junk mail. These auto responder services also do not advertise on your emails.
Back to http://7search.com, I set up a small text advert with links to my landing page. Once set up I start running the campaign. This is officially the launch of my Global Internet Business. What a great party we had to celebrate the launch of this business.
Guys and Girls, this is the start of your Internet business. Http://7Search.com sends your friends to your landing page.
Once your friends are there, they need to put in their name and email address. From there your friends' email addresses go to your auto responder service and you can choose whether you want them to confirm their email address (double opt in) and after clicked they get the welcoming page or whether your friends get a welcoming page (single Op tin)
Your list with your friends email addresses start growing in the auto responder list. In these emails you can just chat to your friends, sell them something, get their opinion on something or just send out some news.
The more you advertise through http://7search.com the more emails you will get in your auto responder list.
Needless to say. Much more work needs to go into this business. For starters, lots more traffic from other sources needs to go to the landing page.
This is another story for another time.
The ratio of successful entrepreneurs to failures are 1 to 9.
So for every one successful entrepreneur, there are 9 closures. How do people learn, lead, collaborate and innovate. All different type of people?
1990 Success Criteria List
2. Customer Needs
4. Risk Taking
5. Bias for action/drive
7. Credibility and Network
9. Signature strength
10. Belief and focus on success.
1990 many people bought co’s and started own start-up on the above principles. After a year or two many of entrepreneurs closed down and did not make a success. Something is not right with this list. Does this list have a meaning for any of the entrepreneurs?
Back to the drawing board. Look at successful entrepreneurs from 2000 onwards. Every answer is necessary but . . . by itself not sufficient.
Secrets of successful entrepreneurs.
If there are entrepreneurs, what did make them successful? Is there one secret sauce to success? To the disappointment there is no secret sauce.
Objectively, some of the principles may be the same, subjectively how you apply them, subjectively third grade multiple principle, that is what makes you successful.
He is extraordinarily successful in multiple ventures. He has created innovation sandboxes in different parts of the world. He was able to work with the local people and able to get the entrepreneur spirit going. Several of the principles of the 1990 started to fall together. Many of these principles are oxymoronic in perspective.
If you are trying to abuse these principles as if they are the only principles, they will backfire on you. So, there is a smart way in which you can apply principles from outside, and there is a wise way which you can apply them so that there is a combination of the principles.
Out of all this, here is a top ten list of what is found as the most useful points, compared with the 1990 list.
You should pay attention to success more as a measure, not as a principle to do what you do.
He talked about what is his larger, or noble purpose? He would like to make a large dent in the universe, for that purpose, towards that goal I am willing to fail and I am willing to experiment. In 2007 Apple had no background in telecommunications and had no technical background in telecommunications, Jobs, came up with iphone. People laughed at him. 40 to 50 percent of the Apple revenues used to come from the iphone and the ipad.
Steve Jobs took a change because that was where his passion was, where his heart was and he thought that is what the customers needed and he was willing to be a customer for his own product.
From that perspective you do not have to worry about success, do what needs to get done and look at the larger purpose.
Whatever your winning recipe, it has got you to this point, but it will not get you any further if your feet are nailed to the floor. Context has changed, the market is rapidly changing, all of this is getting smaller and interconnected, so the recipe you had before will not work.
You must not just look at what your core competence is, but what is your core incompetence?
When we start as entrepreneurs, we have to persist through the various stages. There is the funding stage, stage after the funding stage if it is the product stage. It is all about persistence to stay in the market until you become successful.
If it is not going where you want to go, if it is not in alignment with your larger purpose, if you believe the market has moved on, should your space still hang around?
The key here is when do you cut the cards, when do you hold on, when do you let go?
That wisdom will only come if you have a larger purpose. Why am I doing this startup, what is the underlying mission that I have? What is the underlying problem I am encountering?
Nine months after releasing the Pinterest, it was not growing at all. It went so badly, the co-owner got a job somewhere else. Because he believed in it, and the timing was right and got appropriate attention, it is the number one social network site, and the company is worth more than $1.5 billion at this moment.
Created with your customers, with your people. You need to take reflection on different stages of your startup, different stages of your organisation. How things need to get done and how do we need to move forward.
It is not risk taking that differentiates you, but risk mitigation that diffirentiates you. Risk taking is part of the definition of an entrepreneur, but at the same time you have to use the people in the company to give you more input, don’t blame each other, and are willing to go on the path the same way.
Everybody is actually bringing their collective intelligence to solve their problems and the chances of your company becoming successful are much higher.
Execution is not the only thing and is not everything, because, You need the big picture. Example Palm of Kodak who was the first digital camera, but they have come and gone. Why didn’t they grow to a giant. They certainly did execute, but they did not have the bigger picture.
Context Sensitivity is to know what is going on around you as well as instinct. Blogbuster had all the resources netflix has got, but went bankrupt. Netflix came up with a DVD as a separate entity, but they convince the customers that it works the right way.
The most important point of them all is Purpose, even if it is a noble purpose is much more important than the vision. Everybody keeps on talking about the vision, but vision needs to keep on changing as the context changes as the product changes. When you go to the venture capatilists as soon as you get the money, the vision changes.
Whole foods got together and supply all the recipes to the competition so that everybody could be on the same level as them. Whenever somebody buys from whole Foods they get coupons.
As an entrepreneur your time is short, you need to focus on what is most important to you, you have to see where is the passion and where is the commitment, instead of outsmart anybody else if you can be a wise leader, changes of success seems to significantly increase.
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