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An entrepreneur refers to a person who has a business idea, and who is willing to take a risk to implement that idea; also taking the role as a leader of the company or organization and assuming full responsibility for its execution, success, or failure. A modern interpretation may associate being an entrepreneur with innovative and creative ideas for online use, and with someone who can use the power of the internet to fill a niche.
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There are various types of entrepreneurs. The most common one is recognized in the business world as having an idea and putting it into action. It will usually refer to a business idea and is usually a new or different idea, something that has not been seen before, or something that provides a new twist on an existing sector.
A social entrepreneur is someone who has innovative ideas for social change, or new solutions to social problems and dedicates their time to these ideas. This might include addressing issues of inequality or poverty, or creating a new charity to address such issues.
A serial entrepreneur refers to someone who has a lot of ideas and constantly starts up new companies or enterprises to implement these ideas. Generally a serial entrepreneur will have had good success or successes with previous ventures, allowing him/her to start up new ventures.
A lifestyle entrepreneur refers to someone who starts up their idea or venture based on a sport, hobby or pastime they are passionate about. For this type of venture, usually large start-up costs are required. Often people who have been successful in the business world and have some of their own money to invest might make this transition.
Skills and attributes required include:
It is very helpful to have experience and knowledge relating to how a successful business is run. This should include industry-specific knowledge, as well as general business knowledge. Previous experience working in a business environment is highly beneficial, as this will provide a good foundation upon which to build your idea and your business.
A clear business plan with goals and targets will help direct the idea into action, and careful consideration of the costs involved and an understanding of business accounting is essential.
In the case of an outstanding idea and no business experience, employing close advisors with relevant experience who can guide the idea in the right direction will help make it successful.
There are no specific qualifications that will guarantee a successful career as an entrepreneur. Most often, it is one's strong personal attributes that enable the person to become successful rather than their specific experience in the business world.
A good idea, a well-executed plan and extremely hard work and dedication are all necessary requirements in creating a successful venture.
Generally the workplace will be office-based, but it may vary. The size of the workplace will depend on the size of the venture and may start at home or in a small office and grow to a large corporation. For some ventures, the workplace will be dependent on the specific idea or industry, for example a sporting venture may require a sports facility and this would serve as the workplace.
I'd wake up at 5 a.m. excited by a fresh idea, I’d turn down social plans so I could work nights and weekends, and the chalkboard wall in my kitchen was starting to look like a scene fresh out of A Beautiful Mind...
Many of today’s success stories learned lessons later in life that they wished they had known as they were beginning their careers. The eight investors and entrepreneurs below share the advice they wish they had gotten in their early twenties.
At the heart of any successful business is a great idea. Some seem so simple we wonder why nobody thought of them before. Others are so revolutionary we wonder how anybody could've thought of them at all.
1. The best way to predict the future is to create it...
Constantly evolving. Constantly improving. Constantly adding value. These are ideals that Tony Robbins lives by. And strives toward. And encourages others to strive for, too -- in their work and their personal lives.
How do you build a company culture based on customer service?
Launching a business is essentially an adventure in problem-solving.
I always tell everyone to pursue what interests them.
As a label, the word “entrepreneur” really is fascinating. When my friends and I were starting up our first Virgin businesses in the early ‘70s, no one seemed to understand what we were doing...