An entrepreneur is an individual who creates and builds new businesses. Their actions fuel the economy, provide jobs, and create innovative products and services. Entrepreneurship is also associated with greater personal and financial freedom. The term is derived from the French word for “undertaker” and has broad application. It can be defined in different ways — for example, some view entrepreneurs as those who create new companies that employ people (Schumpeterian), while others believe it encompasses individuals who create innovative goods and services (innovative entrepreneurship), or those who make significant changes to existing goods and services that significantly improve their performance and value (technological entrepreneurship).
What are the characteristics of an entrepreneur?
Generally, entrepreneurs are highly creative individuals with good business skills. They possess a strong desire to succeed and are often motivated by passion and the desire to have control over their own work. These individuals are typically able to recognize problems that exist in the marketplace and find solutions. They are also willing to take risks and are able to think strategically. In addition to the creative and problem-solving qualities of entrepreneurs, they are also able to motivate themselves and other team members.
In order to become a successful entrepreneur, it’s important to understand what drives you. Many entrepreneurs are driven by a desire to solve a specific problem in their community or the world at large, such as providing access to fresh food in rural communities. Other entrepreneurs are drawn to the lifestyle that entrepreneurship offers, including flexible hours and the ability to travel.
The road to becoming an entrepreneur is not easy. It requires a great deal of hard work, sacrifice, and risk. In a study commissioned by BDC, three-quarters of entrepreneurs reported experiencing mental health challenges. This may be because of the stress and financial uncertainty associated with starting a business. For example, it is not uncommon for entrepreneurs to sacrifice their income and live on a shoestring budget until their venture becomes profitable. This can strain relationships with loved ones and can put a strain on families.
There are a variety of traits that contribute to entrepreneurial success. These include the following:
Dreamers – They see a vision for their company and have a strong drive to implement it. They are able to find a niche in the market and develop a product that will be successful.
Doers – They are determined to take their ideas to market and do whatever it takes to succeed. They are able to recognize and implement opportunities for growth and make the tough decisions that are required to execute their plan.
The first step to becoming an entrepreneur is finding your “why.” This will help keep you motivated during difficult times and ensure that you are working on something that truly matters. The next step is to identify a problem that you are most passionate about solving and come up with a unique solution. For example, a Canadian entrepreneur named Jodie Morgan identified the need for a sustainable solution to plastic waste and founded GreenMantra, a company that transforms plastics into synthetic waxes for reuse.