What does an Entrepreneur do?

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What is an Entrepreneur?

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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What does an Entrepreneur do?

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.

How to become an Entrepreneur

Skills and attributes required include:

  • Passion and dedication
  • Hard work and relentless determination
  • Constant reading, learning and networking
  • Excellent business acumen
  • Creative and original ideas and the ability to implement them

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.

What is the workplace of an Entrepreneur like?

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.

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