When you encounter a new word, what do you usually do? Do you ignore it? Or do you look up its definition in the dictionary? Smart individuals surely look up the new word’s meaning. If you’re engaged in business undertakings, or planning to start a business, or even just researching business opportunities, perhaps you’d want to define the word ‘entrepreneur’.
According to Merriam-Webster’s online dictionary, an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise. Basically, he or she is the person who provides the capital for the business. However, providing capital alone is not enough to be called an entrepreneur. Why is that?
Some individuals want to invest in certain business ventures, but prefer to let someone else handle all the business activities. Can they still be called an ‘entrepreneur’?
Any person who finances a business venture and runs it can be called an entrepreneur, of course, and according to some economists, an entrepreneur is someone who develops a fresh and new product, a new way of producing something, or an innovative marketing strategy. Usually, entrepreneurs start with a small business and if it proves to be successful, will slowly expand that business.
So why put up the finance for small businesses? Because a small business requires a smaller amount of capital while larger ones may demand huge capital. Not many entrepreneurs nowadays are willing to risk investing large amounts of money in a big business, certainly not without extensive research and studies.
Also, the sheer fun of investing in a small, perhaps ailing company, turning it around and watching it grow is a very attractive and satisfying feature for the natural born entrepreneur.
Oh yes! Some say that being an entrepreneur starts right after a child is born; the qualities already possessed by the child from the moment of birth. Such an individual is already a thinker and schemer. These people will want to reach for the impossible. Are you a born entrepreneur? If so, you must develop your skills and qualities so that you can use them in obtaining your future success. Hopefully, the near future!
Building a new enterprise may sound hard but for the entrepreneur, nothing is impossible to achieve. Innovation, creativity, leadership, risk-taking, and having the right inner drive or passion are just 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 any marketplace.
There are literally thousands of opportunities 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 real enterprises. 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 making wise decisions about their future business and not leaping in blindly.
Harness the power of the internet. You can find almost endless information – and business opportunities – on the World Wide Web. There are even opportunities that require very little or no capital at all to start and minimum finances to maintain while you build your business from the ground up. There are many resources online; all it takes is diligent research.
Being an entrepreneur is an exciting and challenging task. If you have the guts, the capital, inner passion, the appropriate qualities, and skills, don’t hesitate to try something new – after due diligence, of course. If the opportunity seems viable, it probably is, but it won’t get started all by itself. It won’t grow without you nurturing it along, perhaps learning the ropes as you go. It’s very exciting to watch a small enterprise grow and then, when it’s a going concern, to be able to say, “I did that.”
So what are you waiting for? Study the market and see if you can enter it and become a new entrepreneur.