An entrepreneur is a person who produces a new product, enjoying all the rewards and taking most of the risk. The entrepreneur is often viewed as a provider of new innovations, products, services, and innovative business/or methods. In business terms, entrepreneur means a person who derives benefit from new or existing resources. The entrepreneur also has the ability to think creatively or to apply unconventional methodologies. Often times, they are the ones who look for ways to solve a problem, to create new products, or to devise innovative methods.
One of the most significant differences between the entrepreneur and the large company entrepreneur, is that the latter have less influence on the decisions and future strategies of the companies he works for. He does not hold shares or have authority in making important business decisions, such as merging or acquisition of other companies. He usually works alone, with his staff and/or employees. Because the size of most large company entrepreneurs is relatively small, it is difficult to assess their contributions to the success or failure of a given venture. However, some aspects of entrepreneurism can be identified in large company entrepreneurs and small business owners, such as:
An entrepreneur must consider long-term goals and strategies. Entrepreneur must always focus on what he wants to achieve in a particular period of time, rather than short-term goals or schemes. Many entrepreneurs give up on their dreams or goals too soon, because they lack the foresight to see the long-term picture. Long-term planning is crucial for entrepreneurship, as many entrepreneurs have failed to realize their goals within the stipulated time frame.
A good entrepreneur should have strong interpersonal skills. Most of the successful entrepreneurs started as best friends and are now among the best friends of their children. Because they are so close, they share their personal interests and problems with each other, leading to immense intellectual stimulation and creativity.
The key to entrepreneurship is creating new products or services that solve market problems. However, an entrepreneur also needs to create new customers and distributors if his new business does not succeed. Successful entrepreneurs work with suppliers to build a long-term business relationship. Although an entrepreneur can work alone, he needs help from a supplier when his market demands specific products. Entrepreneurs work with several types of suppliers including manufacturers, wholesalers, dropshippers, agents, and others. The combination of several suppliers helps create a strong distribution network and generates consistent economic growth.
To become an excellent entrepreneur, many entrepreneurs work to grow their business through hard work, determination, creativity, vision, knowledge, and many years of experience. A lifestyle entrepreneur, on the other hand, is more focused on building a brand name, building a name for a limited liability company, or starting a home-based business that is Internet-based. This type of entrepreneur usually started out as a hobby and later turned their passion into a small business. However, most lifestyle entrepreneurs do not have a clear vision of what they want to achieve until they are in the industry. Therefore, they tend to fail slowly but consistently.