What Exactly Is An Entrepreneur? True criteria of Entrepreneur 2024

An Entrepreneur may be living inside you for years. It is cool to pursue entrepreneurship in this age. Yet many of us are confused or they do not even know what or who an entrepreneur is? What does it exactly mean? Just is it a business owner? Or is it an idea generator? May it be an innovator? How can one become entrepreneur without innovation? Does a society create it? Are some people are born entrepreneur? Can someone call himself an entrepreneur even he does not own a company but he is a leader and innovator in his own space?

You find different opinions on Entrepreneurship. There are a lot of questions. Now it is time to end this confusion. So let read this article to find out how industry experts perceive an Entrepreneur.

Different Views on entrepreneurship

As per Oxford Dictionary, an entrepreneur is “a person who sets up a business or businesses, taking on financial risks in the hope of profit”. Whereas, the Merriam-Webster Dictionary says an entrepreneur is “one who organizes, manages and assumes the risk of a business or enterprise”. According to Business Dictionary, an entrepreneur is someone who “exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision-maker, decides what, how, and how much of a good or service will be produced”. We think an entrepreneur is much more than that

Dan Zone, the former Editor of Business Zone, believes an entrepreneur is someone who “sees an opportunity which others do not fully recognize it. Entrepreneur meets an unsatisfied demand or to radically improve the performance of an existing business”. He has the self-belief to make any aspiration real with hard work and commitment.

According to the Economist, entrepreneurs are people who come up with new, innovative ideas and embody those ideas in high-growth companies.

Rory McGwire, the founder of The Marketing Donut, believes that “an entrepreneur is someone who, rather than working 8 hours a day for someone else, would prefer to work 18 hours a day himself”.

Marc Ventresca, a professor at the Said Business School, prefers to think of entrepreneurs as system builders, who create value by mobilizing and connecting disparate worlds.

Yoav Schwartz, the co-founder of Uberflip, says an entrepreneur is a person who would choose growth over profit and are utterly optimistic. A successful entrepreneur strives to deliver great results through perseverance.

Felix Thea, the owner of TrafficAndSales.com, believes that an entrepreneur is someone that can “sustainably serve an audience because they have a profitable business model”.

What Exactly Is An Entrepreneur

There is a huge difference between an employer and his employee. Same as, there is also a huge difference between an entrepreneur and someone who just runs a business.

An entrepreneur is not only self-employed but also, he knows how to bring fruit out of his freedom. In simple words he embraces uncertainty and his does not compromise his flight. An entrepreneur is willing to take huge risks to bring positive and concrete changes in world.

A true entrepreneur does not keep discussing ideas. Instead, he brings an idea, evaluates it and then executes it in its true spirit. The entrepreneurs are innovative, inevitable, and unstoppable. They are hustlers in the truest sense of the term.

An entrepreneur does not remain content with current situation. Therefore, he decides to handle the affairs with his own approach and ideas. He brings the positive change in the world with his vision. He accepts all the risks and hardships with which he come across his journey. He comes out of his comfort zone.

Therefore, any person can be an entrepreneur.

Can an employee be an entrepreneur?

Even an employee who wants to lead and alter the strategic direction of a company or its departments, is also an entrepreneur. He brings up new ideas, challenges compelling aspirations of his employer. Now, the game starts. He keeps on challenging orthodox approaches.

Now the giant companies have realized this fact that entrepreneurial spirit exists in their employees and such employees can take the company to new heights. So they are charting the success stories of Dell, Amazon, Google, American Express etc. These giants have created a new post, “Entrepreneur-in-Residence” where the innovative spirits are hired.

Innovation brings growth and success

Innovation is not always necessary for the Entrepreneurs. However, their ideas and execution must be unique and out of the box. For example, iPod was not the first music player. Yet, Uber was not the first cab service. Whereas, Amazon was not the first e-commerce portal. Facebook was the not first social network. And Microsoft Windows was not the first computer operating system. In fact, they radically changed the industry. They completely altered thoughts of people. That’s the success of these tech companies.

Hence, out of the box approach can convert a startup into a giant.

What does an economist say about entrepreneurship?

As per economics, land, labour and capital are components of an enterprise (Business). Yes it is true, it is the entrepreneur who imbibes a soul into these to build great products. Then he presents the product to the world. So, the customers enjoy and consume it.

Is Entrepreneur Born?

No one is born entrepreneur. But one can learn how to become an entrepreneur.  Now, it starts with YOU. As economist Israel Kirzner said, “Entrepreneurship is a process that leads to discovery. It is high time you discover yourself”.

Bottom Line

It is a long debate who is entrepreneur, whether he is born or learnt. Entrepreneurship is a set of qualities which a person possess becomes entrepreneur. Use of qualities and execution of ideas and dreams are essential for entrepreneurship.

An entrepreneur

• Takes risk
• Organizes resources and manages business risks
• Seizes benefits of opportunities
• Brings ideas and thinks out of the box
• Strives to deliver great results
• Builds systems and plays thereon
• Embraces uncertainty
• Challenges compelling aspirations

Above mentioned lines are the gist of this blog.