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Who is an entrepreneur and why is it helpful to know them?

who is an entrepreneur
Business

Who is an entrepreneur and why is it helpful to know them?

Who is actually an entrepreneur and what do they do?

Today we can see many successful entrepreneurs that are becoming richer and as a result, being more notable in the world! There are many different types of people in different industries doing different types of things, yet they are all being called entrepreneurs! For example, a person who invented something and started selling it is known to be an entrepreneur. Also, a person who buys certain goods at a lower price and sells it at a higher price along with a person who is a reality show host are considered entrepreneurs too! Therefore, it is hard to know who is actually an entrepreneur and what they do! There are millions of entrepreneurs in the world that are successful in their paths. Well, knowing about them and their characteristics would help us in achieving our goals and succeeding in our path! Even if we don’t want to be entrepreneurs, it is helpful to have entrepreneurial behaviors to develop in our life! Here we will learn who entrepreneurs are and what some of their best characteristics are!
Did you know?

There are more than 580 million entrepreneurs in the world!

Table of content


Who is an entrepreneur?
  • What are the basic activities of entrepreneurs?
    • The fundamental activities of entrepreneurship introduced!
  • What are the common behaviors of entrepreneurs?
    • A look at the core behaviors that entrepreneurs who are successful share in common!
Why entrepreneurs are helpful for society?
Blog at a glance

Who is an entrepreneur?

 

who is an entrepreneur

 

When it comes to understanding what an entrepreneur is, we would see many different definitions used to describe it and some of them may confuse us! Simply, to answer who is an entrepreneur in one sentence, I should say that any person who starts a business is known to be an entrepreneur. In fact, the word entrepreneur is derived from a French word (entreprendre) which means “to undertake”! Therefore, an entrepreneur is a person who undertakes a business by identifying the needs in the market and taking its financial risks to make a profit by fulfilling that need! This can be one of the best answers to the “who is an entrepreneur?” question. However, each entrepreneur comes with a different background and each would start their activities in different industries. Some of them even make new industries with their innovative ideas! Hence, we can’t say that all entrepreneurs should be in the same field or do the same things. An entrepreneur can be a person who sells coffee beans online, invents tech clothes and sell them in physical shops, starts a tv production company, builds up his/her personal brand, etc. Simply put, the world of entrepreneurs is so vast and there are many different types of entrepreneurs out there. Even though entrepreneurs mostly differ from each other, due to the different fields they pop into, but there are some points that connect them together and make them fall under one group! The points that connect entrepreneurs together are some of their behaviors and traits as well as some basic activities that almost every one of them goes through in their path to entrepreneurship. Besides knowing who entrepreneurs are, it would be helpful to understand what entrepreneurship is too. In fact, one of the best definitions for entrepreneurship is the activities that an entrepreneur does to start a business by accepting its financial risks in order to make a profit. 
Did you know?

Over 100 million businesses are launched every year!

What are the basic activities of entrepreneurs?

After understanding who is an entrepreneur we should understand what they actually do. Well, we know entrepreneurs are people who start a business. However, when we narrow this down, on one side we reach a set of activities that differ for each entrepreneur because of the wide variety of fields they step in. On the other side, we reach a set of activities that are common for every entrepreneur, which is in fact the fundamentals of entrepreneurship. To have a clear thought of what is entrepreneurship, I should say that the whole activity that an entrepreneur undertakes for setting up his/her business is called entrepreneurship. 
Did you know?

Larry Page and Sergey Brin, who are innovative entrepreneurs, have net worth of 125.1 and 121.7 billion USD respectively. These two entrepreneurs are the people who stepped into the world of entrepreneurship by inventing PageRank, the foundational algorithm of Google search.

The fundamental activities of entrepreneurship introduced!
  1. Spot the problem: first of all an entrepreneur identifies a need or a problem that people are struggling with, in the market.
  2. Find an idea to solve the problem: he/she would find a solution to solve that problem. This would be the idea to start the business with.
  3. Fund the business: entrepreneurs estimate the budget needed to start and run the business; plus figuring out how to fund the budget needed!
  4. Gather the right people: then they will look for the skills they would need for running the business and gather the right team!
  5. Start the business: finally they start the business and manage it!

What are the common behaviors of entrepreneurs?

who is an entrepreneur

Up to now, we have understood who is an entrepreneur and what they actually do. Besides them, there is another important thing that connects entrepreneurs; their traits! When it comes to the characteristics of entrepreneurs, there are numerous traits that many entrepreneurs have in common. However, here I have focused on some of the most important behaviors that most entrepreneurs share in common. 

 

A look at the core behaviors that entrepreneurs who are successful share in common!
  • They have positive attitudes: the path to entrepreneurship is full of uncertainties and challenges. Therefore there won’t be a straightforward path for succeeding in entrepreneurship. In fact, the path has its ups and downs. Hence, people should prepare themselves while they’re stepping into the path in order to be ready to face these struggles. One of the most common behaviors of almost every entrepreneur who is successful is that they have positive attitudes toward every struggle, negativity and setback. This positive attitude lets them stay on track and find solutions for every problem they face!
  • They are creative: creativity is one of the most known characteristics of entrepreneurs. Today we can see an enormous amount of goods and services in the market that most of them are similar. Whereas, creativity lets an entrepreneur find innovative solutions to the market’s problems, resulting in providing a completely new product for the market. On the other hand, it also enables them to find an innovative alternative to what is already being provided to the market, which would result in supplying alternative products that are different and more enhanced than what was being supplied for the market. This helps them attract people’s interest and increase their market share; all of them result in succeeding in the path to entrepreneurship! Creativity helps entrepreneurs to find creative ways to face different difficulties on their path too!
  • They are organizers: organizing is another important behavior of the entrepreneurs who are successful. Entrepreneurs need to manage their business as well as being a leader for those who are working with them. These are all for keeping the business on the right track on the way to reach its goals. Thus, they’ll need to plan for everything and forecast the incoming situations. This will help them organize the resources in a way that they would succeed with the least costs possible! 
  • And they have good relationships: having good social skills would be so much useful throughout everyone’s lives. This is because having good relationships with others is needed for succeeding in life. This is also applicable for entrepreneurship and the world of businesses. Another remarkable trait of the majority of entrepreneurs is having good relationships with others. Usually, entrepreneurs who are successful have good social skills and they listen effectively and talk strongly to the people they are working with such as their employees, suppliers, and most importantly their customers. Having good relationships with others would also help them connect with more people in their industry. Hence, all of these would enable them to succeed in entrepreneurship along with growing their business! 
An important note: if you want to know who is really an ideal entrepreneur, you can look for these behaviors in them to understand. If you are interested to know more about the characteristics of entrepreneurs you can read the: 9 characteristics of successful entrepreneurs blog.
Did you know?

Many business owners think that time management, communication and the ability to solve problems are three of the most essential skills to be successful in entrepreneurship!

Why entrepreneurs are helpful for society?

who is entrepreneur

Being a successful entrepreneur can benefit us so much in many aspects like increasing our income, giving us more flexible time, letting us follow our dreams, and so on. However, entrepreneurship cannot only benefit us, but it also is advantageous toward society. In order to have a better understanding of who is an entrepreneur, we should know how they are helpful for the societies too! 
Well, entrepreneurs spot the people’s needs and problems and provide solutions for them in the market. This will result in peoples’ satisfaction and an increase in their living standards.
On the other hand, entrepreneurs often innovate new products and services that sometimes would make new markets and industries, and sometimes it disrupts the traditional methods and modernizes them! This would not only help to level up the living standards in society, but it also helps the economy to grow too. 
When a person sets up a business, he/she is making more job opportunities and vacancies. Therefore this would also help the society and economy of a country to develop. 
Finally, an entrepreneur who is successful can increase the GNP (gross national product) of a country, which would result in increasing the gross national income of the nation. This would also help the nation’s economy to develop and the country become more powerful!
 

Blog at a glance

As we can see, the world is growing every day and almost everything is going through a series of developments and improvements. We can also be a part of this growth by improving ourselves through increasing our knowledge and learning new things. Thus, we can take the risk and step into the world of entrepreneurship in order to make a difference in the world and help the place we are living in be a better place for us and our surroundings. This would not only help us grow, but it also helps our societies to grow too. Now, if you have a clear thought about who actually an entrepreneur is and how it is helpful for society to have these people, you can decide whether you want to join this 580 million-plus club or not. If you are ready to be an entrepreneur, you can count on UniqMaster for helping you step into the world of entrepreneurship along with helping you build your business!

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