David Newberry - What Is an Entrepreneur and What Is Entrepreneurialism

 To Become an Entrepreneur - Becoming Able to Walk Away

 

What is an entrepreneur and what is entrepreneurialism?

 

An entrepreneur is a person who has the ability and desire to take risks and be initiative. Entrepreneurship is also a way of life that one can choose to live. There is no set path or formula to becoming an entrepreneur. As with all things, there are many ways to make a lot of money. Some entrepreneurs are very lucky and some not so much. All entrepreneurs have a risk appetite and willingness to take chances. Entrepreneurship can be as simple as looking at what goods you can provide for the market or as complicated as looking at the market with 10 separate needs of the market that you are serving. One important component of entrepreneurship is having a burning desire to make money. Being asked for money by others is not entrepreneurship.

 

There are many things an entrepreneur does. He needs to be determined and focused. In the beginning of entrepreneurship, there is very little capital and very little support. The entrepreneur is always on the lookout for more support and the business may be doing well, but without sufficient capital to keep the doors open, it is not entrepreneurship. Being able to keep the doors open is as much about determination as it is about having enough capital. It takes determination to keep the doors open but it also takes the ability to network. One crucial part of being an entrepreneur is being persistent. One does not try to do everything by itself but relies on others to help. Being persistent is all about always working towards a goal even if it is hard, slow, or uncertain. One must be persistent with the ability to lose hope.

 

Many people who are entrepreneurs are employed as managers, administrators, salespeople, research and development people, operations, technical support, and so on. It is hard work and it is a never-ending task. Being an entrepreneur does take persistence. Many people quit entrepreneurship because they can not endure the pressures and difficulties of being an entrepreneur. This is only true if the entrepreneur is not willing to do the impossible. To be an entrepreneur you need to have the ability not to lose hope. If you doing something that is not working, then you need to get out of that business.

 

This does not mean that the entrepreneur is not allowed to take risks. It means that you need to be willing to take the risks. This is the difference between the entrepreneur and the manager. The entrepreneur knows that he will not get everything right, but he will get it done. Many times this means putting forth much more energy and effort than necessary to make the business work. The entrepreneur is able to motivate employees, keep customers, and keep the organization moving forward. Often times the entrepreneur must take the brunt of the responsibility, however, he or she is able to keep people committed.

 

To become an entrepreneur you do not need to be smarter than anyone else. Many people who start businesses do not have the desire to finish the business. They quit when the business becomes burdensome or doesn't make money. You need to love the business, know that you can not keep doing the same thing over and over again forever. You need to love the feeling of watching the business grow and take off. You need to be able to face the day when you need to stop the business, but you have built it enough so that you can walk away when you want. The entrepreneur can see that day and be able to say, "Today is the day I'm going to call it quits."

 

To become an entrepreneur you do not need to have a lot of money. Many people who start businesses do not have the money to really do the business. They borrow money against the business to fund their growth. The entrepreneur with the desire and the drive is able to get the debt off the company and make the business profitable.

 

To become an entrepreneur you do not need to be a math genius. Many people who start businesses do not have the ability to do the financial modeling necessary to keep the business viable. They use math to make the business grow, but oftentimes the business does not grow as planned. The entrepreneur knows that he will need to do financial modeling and will often times do that himself to determine the future of the business. Many entrepreneurs are able to keep the company going as well as find a way to make it profitable enough to pay the interest on the debt.

 

To become an entrepreneur you do not need to have a great internet presence. Many people who start businesses do not have the time and the ability to devote hours and hours to the business. They are good when they need to be good, but they will oftentimes let the business grow and expand out of control. The entrepreneur sees that the business is not profitable and will often take over the business from an ownership position, as the CEO. The entrepreneur understands the importance of an internet presence and will often hire a person or company to take the business to internet-ready.

 

To become an entrepreneur you do not need to know a lot of rules about giving, but you need to be able to give because you know you cannot keep giving forever. You need to know the moment you want to stop giving. The moment you need to stop giving is the moment the business starts to grow and become profitable. The moment you stop giving is the moment you see the company turning in a profit.