How to become an Entrepreneur
What Is an Entrepreneur?
An entrepreneur is defined by the personal risk they take in the pursuit of a new business, innovation, or some other type of business. In return for taking that risk, they often make a lot of money from the success of their business.
Entrepreneurs play an important role in any economy, using the skills and initiatives needed to predict needs and bring good ideas to market.
How Entrepreneurs Work
Entrepreneurs are an important aspect of the economy. They commonly face many obstacles in their companies, they take risks on innovative ideas. The odds of success may not be particularly promising, but if it succeeds, many business pursuits will drive industries hard.
- Small Business - A small business could be any company, restaurant, or retail store that’s launched by a founder, without any intention of growing the business into a chain, franchise, or conglomerate. For example, opening a single grocery store falls under the small business model; creating a nationwide chain of grocery stores doesn’t. Small business entrepreneurs usually invest their own money to get their companies off the ground, and they only make money if the business succeeds.
- Scalable Startup - This kind of entrepreneurship is when entrepreneurs believe that their company can change the world. This is less common than small businesses, although they tend to attract media attention. These businesses start on a very small scale, often the seeds of just one idea. It is nurtured and measured, usually by the involvement of outside investors, until it grows.
- Large Company - This type of entrepreneurship is for an advanced professional who knows how to sustain change. Sometimes, entrepreneurs work within the context of a larger, established company. Imagine you are working for a large auto manufacturing company. Through careful market research, you realize that there is a high demand for motorcycles, and your company has many technologies and processes in place to be able to branch out in motorcycle manufacturing. You go to your boss and ask for funding to launch a new motorcycle division, and you will be approved. This is an example of what a large entrepreneurship model looks like in a training company.
- Social Entrepreneurship - This is a class of entrepreneurs who want to solve social problems with their products and services are in this category of entrepreneurship. Their main goal is to make the world a better place. They do not work to make a lot of money or wealth. Instead, these types of entrepreneurs tend to start nonprofits or companies focused on working towards social well-being. looking for innovative solutions to community-based problems. According to Investopedia, social entrepreneurs are "willing to take risks and try to create positive social change through their initiatives." In other words, a social entrepreneur launches an organization that introduces about making positive social change, not just generating income. The social change in question may be related to the protection of nature, racial justice, or philanthropic activity in an undeserved community.
- Innovative Entrepreneurship - Modern or innovative entrepreneurs are the people who are constantly coming up with new ideas and inventions. They take these ideas and make business ventures. They often aspire to change people's lives for the better. Innovators tend to be very compelling and intense people. They are looking for ways to identify their products and services with other things in the market.
- Hustler Entrepreneurship - People who are willing to work hard and being consistent are considered business hustlers. They often start small and work towards growing a larger business with effort rather than capital. Their goals are what motivate them, and they are willing to do whatever it takes to achieve their goals. They do not give up easily and are willing to face challenges to get what they want.
- Imitator/ Mimicker Entrepreneurship - Imitators are entrepreneurs who use others' business ideas as inspiration but work to improve them. They look to make certain products and services better and more profitable. An imitator is a combination between an innovator and a hustler. They are willing to think of new ideas and work hard, yet they start by copying others. People who are imitators have a lot of self-confidence and determination. They can learn from others' mistakes when making their own business.
- Researcher Entrepreneurship - Researchers spend their time when starting their own business. They want to do as much research as possible before offering a product or service. Sometimes they try their product before offering it to the market so they know if it deserves to be out for people to buy. They believe that with proper preparation and information, they are more likely to succeed. One researcher makes sure that they understand every aspect of their business and have a deep understanding of what they are doing. They tend to rely on facts, data and logic rather than their intuition. Detailed business plans are important to them and reduce their chances of failure.
- Buyer Entrepreneurship - A consumer is a type of entrepreneur who uses their wealth to boost their business venture. Their specialty is to use their fortunes to buy businesses that they think are successful. They recognize promising businesses and seek to capture them. Then, they make any management or structural changes that they think they need. Their goal is to grow their income and expand their income. This type of business is less risky because they buy in established and well-known companies.
What are the entrepreneurial traits?
Entrepreneurial aspects are the typical characteristics, abilities and thought patterns associated with successful entrepreneurs. While some entrepreneurs have these characteristics while others can be developed. These include:
- Be a good leader - An entrepreneur expects to run a business and most professionals in this position are responsible for starting it as well. Leadership is the ability to lead others. An effective leader motivates people to achieve goals and be recognized as a leader by their followers.
- Be hungry & passionate - Being hungrily aggressive and passionate in building and running your business can make it easier to put in the effort required for a successful business.
- Be positive - Being optimistic is good and can help you overcome these problems faster than demotivating your constituents. Like any other important trait of an entrepreneur, being positive is a quality you will need to develop and maintain in your career.
- Be confident - Being confident can help your business grow. Business partner prospects tend to respond favorably to your proposals if you express your confidence. In short, you should know what you're talking about.
- Be proactive - Anticipates opportunities and threats and tries to address them while a reactive person simply responds to situations. As an entrepreneur, it is always better to be proactive in identifying and preventing potential problems than to be reactive. Just like in driving, the driver needs to proactive/ defensive driver to lessen or avoid hazards before they occur.
- Be open minded - Being open-minded involves the willingness to listen to the opinions and ideas of others. Typically, entrepreneurs start businesses in competitive industries that promote market leaders. To succeed in this position, it is necessary to see business opportunities in day-to-day events and find ways to improve business offers.
- Be in control & disciplined - Being in control or disciplined will help you to achieve success as an entrepreneur. Entrepreneurs are expected to work independently, set their own goals and overcome the shortcomings of their employees and the need for their business to be successful. In order to do these things properly, discipline is essential.
- Compete optimistically - Competitiveness is a key characteristic of a successful entrepreneur. With globalization and virtualization, industries are growing more competitive. To maintain a profitable business, it is important to have a competitive attitude.
- Be considerate & kind - While kindness is not generally considered an important attribute to entrepreneurs, it can help you maintain success. Is its an advantage to most entrepreneurs.
- Love thy work - This is the key element for a successful business and to be called a good entrepreneur. The traits from 1 to 9 are useless without love. If you have what we call a "skill set" but if you don’t love what you do, your hard work is pointless. Just like in a relationship, 'it's complicated' and sooner or later you'll break up.
Our country needs more courageous entrepreneurs to grow our country's wealth. During the pandemic which many lost their jobs, many of our countrymen found a positive way to sustain their family's needs by building their online small businesses. We need a lot of business, small or large, to provide many jobs in our country. MSMEs (micro, small and medium enterprises) are considered the pillar of strength of our economy. And if you are part of it, I appreciate your help and efforts to boost our country's economy.
