Has your mom’s friend been talking about her recent entrepreneurial ventures into selling Herbalife?
I’m afraid we’ve got some bad news for her…
While joining the lower ranks of a pyramid scheme isn’t technically entrepreneurship (or profitable, for that matter), there is something to be said for the freedom of owning your own business.
And it is that mentality, along with several other factors, that attract entrepreneurs to take the leap, invest in themselves, and go after their dreams.
It’s what led Richard Branson to start Virgin, Jeff Bezos to build a little online book shop in his garage, and Mark Zuckerberg to found a dating app in his dorm room.
But what is an entrepreneur? Here, we will touch on just that, as well as highlight common traits that successful entrepreneurs share and the value they bring to society.
So before you sink your savings into a “Formula 1” shake (what’s in that, petrol?!), have a read on, and see if becoming an entrepreneur is right for you.
What Is an Entrepreneur? (And What Isn’t)
In simple terms, an entrepreneur is anyone who creates their own business, taking full ownership of the failures or successes it may produce.
Entrepreneurship, therefore, is one of the most powerful ways to show you back your abilities because you are very much putting your money where your mouth is!
And while there is no one else to blame if the business fails, there is also only one person to take all the glory (and the profits!) when it goes well.
Becoming an entrepreneur brings your career into your hands and leaves you in charge of your workload, hours, and everything else associated with running a business.
And while you may not have to stick to the 9-5 grind anymore, that doesn’t mean you don’t do any work. Quite the opposite.
It doesn’t matter what the online guru is telling you (no, you’re not a failure if you aren’t making 20k a month working from your Yacht in Monaco). You will need to put in the hours to ensure you get the desired results.
But that shouldn’t put off anyone destined for entrepreneurship. Those people have a drive for success, a drive that will ultimately lead to them working the hours necessary for success.
Don’t Skip: 19 Reasons to Start Your Own Business Today
Traits of an Entrepreneur
While entrepreneurs are often full of individuality, a trait that helps them differentiate from the norm and innovate new products or services, they do tend to have traits in common.
While these traits aren’t within every single entrepreneur, they’re certainly present in most.
They think outside the box
If there’s a way to do things, expect an entrepreneur to ignore that completely and see if there’s a better option that is yet to be discovered.
“From the hardware to the contracts to the banking relations to the finance, everything had to be reinvented, which drove us up a wall. But ultimately, it turned into this thing that performed a miracle.” – Jim McKelvey, co-founder of Square
They like freedom
I mean, who doesn’t?
“Having our own clothing is definitely what excites me, just having our name on something that we created from scratch.” – Danny Cozzolino, co-founder of Beaus+Babes
They are ambitious and driven
Entrepreneurs have a hunger for more than what a standard 9-5 job can give them, and it’s this drive that pushes them to start their own business ventures.
“You need a bit of naivety and a bit of willpower to get over it and go, ‘Let’s just take the risk.’” – Ethan Yong, founder of UmamiPapi
They solve problems
Entrepreneurs view obstacles as hurdles to overcome and learn from, rather than barriers to success.
“The product that creates value for the customer is the reason your business exists.” – Mike Evans, founder of GrubHub
They take the initiative
Don’t expect an entrepreneur to wait for the green light to get started. They’re getting a headstart while it’s still on red, and the car is moving by the time it flashes orange.
“Your intuition is the most powerful tool you have, [so] use it and don’t discount it and listen to it,” – Suneera Madhani, founder of Stax
The Value of Successful Entrepreneurs
While some entrepreneurs may only see the value of their entrepreneurship through their eyes (typically, it’s always “me me me” with those guys!), their work can actually have a significant external impact on the world, too.
They create jobs
Entrepreneurship isn’t for everyone. For some, the idea of clocking in at nine, and clocking out at five is the dream, and they have no interest in owning their own business.
All that is well and good, but to get a job, an entrepreneur must first create a successful business. The more successful the business, the more jobs it can provide for those who would rather take part in the 9-5 rat race.
They create change
It’s safe to say that entrepreneurs are dreamers. They think big, and they back themselves to make their dreams come true. It is this mindset that also leads to plenty of change, whether it be through product innovation, problem solving, or exploration.
They innovate
It’s no secret that technological advances have been astronomical in recent years, and almost all of those advancements come from entrepreneurs or small businesses thinking outside the box and challenging the norm that the larger companies have instilled.
Keep Learning: Want to Be Your Own Boss? Here’s How to Make It Happen
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