Have you ever wondered how that local and very small-scale family grocery store makes ends meet and why they go through the effort of owning their family business? Have you questioned how that friend of yours who started manufacturing items in his mother's basement now has an online and "brick-and-mortar" business? If your answer is yes, then we're assuming the words passion, inner-drive, and entrepreneurship come into mind.
What Does it Mean to Be an Entrepreneur?
The term entrepreneur comes from the French term 'entreprendre' meaning to undertake. There is no universal definition of an entrepreneur; however, according to research literature, an entrepreneur is a person who is willing to explore new business opportunities while taking on the risk associated with that. They like to start, run, and grow businesses. Additionally, an entrepreneur is a business owner who assesses these ventures to determine whether they meet consumers' demands and needs. The like to take on the higher than typical financial responsibilities of owning and operating multiple businesses.
There are various types of entrepreneurs ranging from those who are innovative, ones who imitate and replicate, those who like to build from the ground up, and others who desire to bring life to floundering or failed ventures.
Characteristics of Successful Entrepreneurs
People tend to confuse business owners, managers, and capitalists with entrepreneurs. However, we establish distinct differences between these people by looking at the attitudes, skills, knowledge, and, most importantly, motivation.
First, a successful entrepreneur is self-motivated. They know what they want to do and do it without any prodding or pushing for external sources. Typically, they are a leader and doer, but not necessarily a manager. He or she does not take a supervisory role but instead initiates new ways and processes that ensure their organization's goals are met. Their motivation is often to see businesses grow as a result of the actions they take. Other notable traits include being a risk-taker, goal-oriented, dedicated, passionate, confident, fearless, and innovative. They are motivated by people questioning their desire to do the impossible.
Globalization has made it easier for people worldwide to gain either directly or indirectly from famous successful entrepreneurs.
Jack Ma, the founder of Alibaba, an e-commerce site, is one of the wealthiest entrepreneurs globally. His philosophy on perseverance is probably his most striking trait. Before Alibaba, he had applied for thirty jobs and got rejections from all of them.
In his talks, he urges business owners and start-ups to focus on value addition and not money. He says that this is the number one mistake to avoid. He also stresses the need to be innovative because that's the source of your power as a successful business owner.
Cher Wang is the co-founder of HTC, a Taiwanese smartphone manufacturing corporation, and a successful businesswoman. For her, having a vision is a crucial element of success. Under her leadership, the corporation has become a success story.
Her success in the male-dominated industry is a source of inspiration to women who are questioning their ability to succeed and leave a legacy. Just like Ma, Cher Wang believes in meeting the customer's needs.
Oprah Winfrey is a famous philanthropist and entrepreneur and the first woman of color to make it in the Forbes list. She gained popularity during her time as a host on the Oprah Winfrey Show, which ran for 25 years. Since then, she has founded a network channel and has also written five books.
Oprah Winfrey's success is attributed to her authenticity, self-confidence, and passion. According to her, following one's instincts is the ultimate recipe for success.
Can You Become an Entrepreneur?
Not everyone has the personality it takes to be an entrepreneur. Only you know if you are born with that type of passion, dedication, and fearlessness. Additionally, it's important to note that successful entrepreneurship is not an overnight success matter. It requires patience, discipline, research, and education, among others.
If you or anyone you know has an idea that you believe could transform lives or simply fill a niche, don't sit around waiting for someone to discover you. If you have this entrepreneur gene, you will get up and start with the resources at your disposal. Your hard work and persistence will eventually pay off.
We'll end by sharing one of our favorite quotes by Jack Ma, "people who lose always have a lot of excuses."