Who Is An Entrepreneur?

who is an entrepreneurWho is an Entrepreneur?

The word entrepreneurship is to me a general term that can mean a lot of things to different people. That is why I have decided to write on this topic “Who is an entrepreneur” to enlighten us on who an entrepreneurs is, what type of entrepreneur you might be, what qualifies you to be of an entrepreneur, and the functions/roles of an entrepreneur.

According to Wikipedia, an entrepreneur is an individual who organizes or operates a business or businesses. In my own definition, an entrepreneur is any individual who identifies and solve problems, creative, innovative, opportunist, risk taker, self starter and open minded.

TYPES OF ENTREPRENEURS

The major types of entrepreneurs include; social entrepreneur, serial entrepreneur and lifestyle entrepreneur.

SOCIAL ENTREPRENEUR

This is an individual who pursues innovative solutions to social problems. A social entrepreneur adopts a style of which he/she can use to create and sustain social values. Most social entrepreneurs engage in non-profit activities and are overwhelmed by social responsibilities and conscience. They are primarily motivated to improve socio-economic well being, educational, health, fundamental, environmental and health conditions of others. Example of great social entrepreneurs that ever lived include; Vinoba Bhave, David Brower, Maria Montessori, Florence Nihtingale and some present day social entrepreneurs are Ibrahim Abouleish, Bill Clinton and Dr. Abraham M. George.

SERIAL ENTREPRENEUR

This is an individual who CONTINUOUSLY comes up with new ideas, start the businesses and often times sell to investors or shareholders. Serial entrepreneurs start up several businesses with little intention to operate any of them for a long time. They are high risk takers with lots of unique ideas and are not always interested in a career with a particular business/company. 10 top serial entrepreneurs according to Forbes include Craig McCaw, Josh Kopelman, Steve Blank, Wayne Huizenga, Michael Rubin, The Samwer brothers, Lyndon Rive, Omar Hamoui, Niklas Zennstrom and Janus friis the Skype pair, Andy Bechtolsheim.

LIFESTYLE ENTREPRENEUR

This is an individual who creates profit from personal passion. He/she put their lifestyle ahead of every opportunity. While most entrepreneurs are motivated to build business to a certain stage and sell to shareholders or investors, the lifestyle entrepreneur chooses to build a business they are passionate about and grow the business into a long term, residual income that is sustainable. Most lifestyle entrepreneurs are completely self-employed; this is to allow them time to set up their projects. In a nut shell, a life style entrepreneur is an addict of whatever they find themselves doing, they do it so well, commit their time, resources and energy to see their project complete. Example of a lifestyle entrepreneur according to eCommerce rules include; Tim Ferriss, Pat Flynn and Chris Guillebeu.

According to Forbes, the 2013 greatest entrepreneurs are;

  1. Bill Gates – Microsoft
  2. Larry Page and Sergey Brin – Google
  3. Mark Zuckerberg – Facebook
  4. Michael Bloomberg – Bloomberg
  5. Masayoshi Son – SoftBank
  6. Elon Musk – SpaceX
  7. Terry Gou – Hon Hai Precision Industry
  8. Larry Elison – Oracle
  9. Robin Li – Baidu
  10. Aliko Dangote – Dangote Group
  11. Reid Hoffman – Venture Capitalist
  12. Mo Ibrahim – Mo Ibrahim

QUALITIES OF AN ENTREPRENEUR

To be an Entrepreneur, you must possess some of these qualities;

  1. Be open-minded.
  2. Passion for whatever you do.
  3. Constant flow of ideas.
  4. Creative and always ready to take risks.
  5. Must be disciplined and confident.
  6. Opportunist.
  7. Problem identifier and solver.

FUNCTIONS OF AN ENTREPRENEUR

  1. Risk Taker: An Entrepreneur bears any risk in starting up and sustaining his/her business. S/he assumes every responsibility that might come up in the course of his business which might be caused by either change in time or quality. He is always ready for emergencies and should competitors emerge, thinks of strategies to outshine them. Mike Gafka said, “To be successful you must accept all challenges that come your way. You can’t accept the ones you like.”
  2. Sales Person: An Entrepreneur must be a good sales man. If one cannot sell as an entrepreneur, one cannot succeed. S/he is responsible of marketing and advertising his products or services. I assert that there is no magic about making money; it is essentially a medium of exchange of goods and services. So if you are not providing goods and services, you are not qualified to enjoy financial fortune.
  3. Goal Getter: Entrepreneurs does not only set goals but also thrive so much to achieve their goals. Robert Kiyosaki says, Most people know how to set goals, few people know how to achieve them, that is how to identify an entrepreneur. Entrepreneurs set big goals, so exhilarating that it is scary to an ordinary man.
  4. A Leader: One challenge of being an entrepreneur is that you have to be in charge. You must be in the fore front of your business at least during startup. You should note that one cannot make it alone as an entrepreneur. Outstanding leaders go out of their way to boost the self esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish – Sam Walton. To be a successful entrepreneur, you must possess the ability to attract smart people and build great business team.
  5. Decision Maker: Entrepreneurs determines the objectives of their business and they should know what is suitable per time. He decides and maintains the potential investors or financiers of the enterprise and also manages the funds available. He makes sure that his business venture is in good relationship with pubic authorities and the society. He also decides the market for his product or services.
  6. Identifies and Solves Problem: An entrepreneur is quick to identify any problem facing his/her business and immediately seeks solution. It is said that he that wears the shoes knows where it pains. S/he knows that if any challenge is not resolved as soon as they come, they are bound to face setbacks in the near future.

I will stop here. Please feel free to comment your views and also share other qualities and functions you feel an entrepreneur must possess.

Francis is a Passionate Social Entrepreneur. Love discussing new trends in Business and Marketing. A Startup consultant. A good listener. Love to help that your business grow.

Comments

3 Responses

  1. Odede Tunde Anthony says:

    I wish to add to the characteristics, functions, and role demand of Entrepreneurs you stated above. (1)Innovation and Creativity: Entrepreneurs are highly innovative. They are urged to be creative by the need to solve problems. (2) Initiative: They eagerly put themselves in situations where they initiates new ideas and concepts. (3) Motivation: They are highly motivated individuals and are motivated by a strong need to achieve and solve a problem rather the financial or material gain. Which is secondary.. (4) Risk taker: Entrepreneurs generally prefer modest-risk situations where achievement will not look as a sure thing. They are quick to refrain from very risky situation. (5) Action-oriented: They are action-oriented individuals. Once sure of what is needed to be done, they quickly take action. (6) Time conscious: They are conscious of their time usage and hardly arrive late to meetings or functions. They decry time wastage. (7) Independent: People perceive Entrepreneurs as ‘loners’ or lone rangers. Entrepreneurs value their independence but generally know where, and when to seek outside help in the course of pursuing their set goals. (8) Positivity: Entrepreneurs are positive people. They are optimist, which makes them pursue their goals with passion, thus going extra mile, believing that its achievement, in the face to several discouraging challenges, is possible. (9) Leadership: They have learnt the leadership role, as they can relate well with different group of people- employees, customers, creditor and the general public. They have develop fine public relation abilities through experience. They have the ability to attract, quality workers, customers and creditors. (10) Measuring performance: Entrepreneurs are eager to constantly measure their performances with the view of improving over their last performance. As a result, budget variance, profits, share value etc become important measuring instruments. Money by itself may not be their motivating factor, but it helps them in accessing their performance. (11) Hard work: Entrepreneurs are hard working individuals. They have gotten into the habits of working hard. They are used to working into the early hours of the day, and still rises early. They are busy working while others are busy sleeping. (12) Goal getter: Entrepreneurs are quick in setting specific goals, which are achievable, realistic and time dependent. The pursue their goals with passion to ensure success..

  2. Odede Tunde Anthony says:

    An Entrepreneur is that person who organises and manages an enterprise, particularly a business enterprise. He is the initiator and owner of a business. He co-ordinates and manages with considerable initiatives and risk. He is a productive employer of labour. He set realistic, measurable and achievable goals for himself and his enterprise. At end, he earn profit as reward for a successful effort or a loss for an unsuccessful one.

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