Entrepreneur

An entrepreneur is someone who has an idea and who works to create a product or service
that people will buy, as well as an organization to support that effort. An entrepreneur takes on
most of the risk and initiative for their new business and is often seen as a visionary or innovator.
A person who sets up a business or businesses, taking on financial risks in the hope of
profit.

Entrepreneurship
is when an individual who has an idea acts on that idea, usually to disrupt the current
market with a new product or service. Entrepreneurship usually starts as a small business but the
long-term vision is much greater, to seek high profits and capture market share with an innovative
new idea.

Types of Entrepreneurship

1. Small Business

Small businesses represent the overwhelming majority of U.S. entrepreneurial ventures. 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.

2. Scalable Startup

Scalable startups are less common than small businesses, though they tend to attract a lot of media
attention. These businesses begin on a very small scale, often as just the seeds of an idea. This
germ is then nurtured and scaled, typically through the involvement of outside investors, until it
becomes something much larger. Many Silicon Valley tech companies fall under this model; they
begin in an attic, garage, or home office before eventually scaling into large corporate
headquarters.

3. Large Company

Sometimes, entrepreneurs work within the context of a larger, established company. Imagine that
you work at a large auto manufacturing company. Through careful market research, you realize
there is a high demand for motorcycles, and that your company has many of the technologies and
processes in place to branch into motorcycle production. You go to your boss and ask for the
funding to launch a brand-new motorcycle division, and you are approved. This is an example of
what the large company entrepreneurship model might look like in practice.
4. Social Entrepreneurship

The final model to consider is social entrepreneurship, which seeks innovative solutions to
community-based problems. According to Investopedia, social entrepreneurs “are willing to take
on the risk and effort to create positive changes in society through their initiatives.” In other words,
a social entrepreneur launches an organization that’s fundamentally about enacting positive social
change, not merely generating profits. The social change in question may pertain to environmental
conservation, racial justice, or philanthropic activity in an underserved community.

The primary factor that distinguishes social entrepreneurs from the other types of entrepreneurs is
their mission. These entrepreneurs are focused on solving a problem in their community or
furthering some kind of social change. Their objective goes beyond the bottom line.

7 skills that any entrepreneur

1. A vision
Know exactly what you want. Have a clear idea of your end goal. Write it down, verbalise
it, embrace it. This is how you know exactly where your steps will take you. Your vision is what
defines the strategic goals of your company and what helps you create a business plan that will get
you where you want to go.
2. Ask questions
Question yourself, your plans, your strategy, your business plans and your decisions. This
is a critical skill that will ensure that you are constantly driving yourself to be better tomorrow than
you are today. By challenging yourself at every turn you will refine your vision and ensure you
are always on the right path.
3. Passion and energy
Nobody else is going to be passionate about your business. Nobody else has the energy to
take it where it has to go. It is entirely up to you. This may sound extreme, but without these two
key qualities you will battle to take your business through the complexities that lie ahead and
onwards into long-term success.
4. A work ethic
Like passion and energy, a work ethic is critical. This is your business and your vision so
you need to put in the hours. And there are a lot of hours.
If you’re not prepared for the weekends, late nights and unexpected holiday disruptions,
then you may not be ready for the demands of being an entrepreneur.

5. Create an opportunity
While you may be the vision, the passion and the workhorse of your business, it is
important to remember that your company can only go so far with only one person behind the
wheel. Learn how to build a team and focus your energy on building something bigger than
yourself. Your drive should not be just about building a successful business, but creating
opportunities for others.

6. Communication
Throughout your journey you will need to share your vision, ideals and business plans with
your employees and your executives. They have to buy into what you are planning, to be fully
engaged with the work that they do. This means you have to learn how to communicate clearly
and create a transparent culture so people feel part of something and committed to what it
represents.

7. Sales
Ultimately, you want your business to grow and this means mastering the art of selling.
Regardless of your business proposition, it is likely you need customers to buy into your product
or service. So, learn how to sell. A large part of this magic formula is made up of the passion,
energy and work ethic you’ve already mastered, the rest is all about relationships, communication
and hooking the clients.