Entrepreneurship Defined: What It Means to Be an Entrepreneur

We’ve all heard the definition — an entrepreneur is a person that can see a need and that started a business that would fill that void.

But what does that definition mean? We all have ideas all the time. Some of those ideas have the potential to change the world. But what is it that sets apart the person who actually acts on theirs? What makes an entrepreneur?

Today, we’ll try to answer that question.

The Will, The Courage, and a Touch of Recklessness

Entrepreneurship is the very epitome of the American dream. Having a mission, believing in it, believing that we could change the world — and actually acting on it. That is the first thing that sets apart a true entrepreneur from a highly imaginative person — being able to turn risky decisions into success stories.

Creative Problem-Solving

According to Bruce Bachenheimer, a clinical professor of management and an executive director of the Entrepreneurship Lab at Pace University, entrepreneurship “is a mindset — a way of thinking and acting.” As entrepreneurs, we must be capable of finding new and innovative ways of solving problems. Furthermore, we must be able to both recognize and seize opportunities when they come our way.

Approaching Changes with an Open Mind

No matter how creative we are as business owners, sometimes, changes that come our way are not exactly what we want them to be. In our opinion, they’re not taking our business in the direction we want to see it go. Day after day, we face opinions of clients and employees that couldn’t be farther from our own.

As entrepreneurs, we must learn how to find the balance between what we want to do and what the actual business situation is telling us to do. After all, we can all agree with Tirath Kamdar, the founder and the CEO of TrueFacet, about the importance of staying close to people whose needs our business is trying to meet. Therefore, we must learn how to listen.

Not Expecting Help… from Anyone

When we set out on a journey in the rough entrepreneurial seas, we have to expect trouble. No matter how well we’ve devised our business plan, unexpected things still happen. When they do, we need to find solutions quickly.

Usually, that is the moment when we have to face the (ugly) truth. Just because we have a great idea on our hands doesn’t mean our family and friends must hop on board and be at our disposal. Be it logistically or financially, it is no one’s duty to be there for us. A helping hand is always welcome, but we should not take it for granted that it would be there.

Being People-Oriented

No entrepreneur in the world of business has ever succeeded on their own. Though we’ve said we should not assume that people would want to help us, we still need support. Every success story needs a team that made it happen, and our business is no different.

Therefore, as entrepreneurs, we’re also managers. It is our job to assemble and lead our team through all the victories and all the failures alike. We must remember that running a business is a never-ending learning experience both for us and our employees.

Therefore, just as our employees are there to learn from us, we are there to learn from them.

Courage and Perseverance

In difficult times, the most obvious and the easiest thing to do is to just quit. However, MJ Pedone, the founder and the CEO of Indra Public Relations, believes that a true entrepreneur must have the courage to take action when needed.

Indeed, challenges will rise, failures will occur… It’s all a part of the entrepreneurial life. The only thing we must never allow ourselves is to forget that we have a vision and that it is our mission to turn that into a business. As Mike Malone, the founder of Livestock Framing, said — “Remaining focused, regardless of the obstacles, is paramount. ”