Victus Group

What is an entrepreneur?

Aug 2021

Entrepreneurs are individuals who identify a need, and meet it. Transforming ideas into economic opportunities is the crux of entrepreneurship.

Donna M. De Carolis (PhD), founding dean of the Charles D. Close School of Entrepreneurship at Drexel University in the USA, says being entrepreneurial is essentially about thinking and doing something that has not been done before, in order to achieve a desirable outcome. “It is about assessing a situation, designing alternatives, and choosing a new way — or perhaps a combination of ways — that we hope will lead us to something better.”

Entrepreneurs are confident in themselves and their abilities. They recognise that they don’t know everything or control all the available resources. Instead, they have a keen ability to understand what they need. Then, they go get it. They educate themselves or partner with others who have a needed skill set or experience. The ability to see and understand opportunity is critical for entrepreneurial success. Entrepreneurs don’t take foolish risks; they will only take a risk if they think they can beat the odds.

“Being an entrepreneur can be challenging and lonely. It can also be fun and financially fabulous. There is, however, a 90% chance that you will fail at some stage as an entrepreneur. The real difference between success and failure is mindset,” says South African motivational speaker and author Tony Dovale. “Your mindset is about how you habitually see, think and believe, as well as how you filter, focus and process in a certain context or situation. This controls your attitudes and actions.”

Author Michael E. Gerber says that, as you go to work on your business (as opposed to in it), you must think beyond what the day-to-day reality of your business calls you to do. “As an entrepreneur, you must rise above the stuff of doing it, doing it, doing it. It means you must ask meaningful questions about your role in the world, your community, and how you can institutionalise your new-found perspective into the genes of your company, so that it lives, speaks and demonstrates it in every action your company takes.”

Business owners fall into two broad categories: the self-employed and the entrepreneur. The self-employed are those who have a talent or skill that people are willing to pay for. In too many cases the self-employed find themselves working too many hours, constantly trying to fill their pipeline with new prospects. Those who have gained the entrepreneurial mindset, on the other hand, are the business owners who seem to grow their businesses organically and continue to maintain steady growth. While they work hard, they can also enjoy three-day weekends and overseas holidays, and are able to spend quality time with loved ones.

An entrepreneur is a great strategist and a master at getting others excited about helping them grow their business. They know they need to develop multiple profit centres in their business, not just one or two, so they’re constantly looking for creative opportunities to do so. And some of those profit centres need to be passive income that is not dependent on their time.

The information contained in this article is of a general nature and intended for information purposes only.