According to Wikipedia, «An entrepreneur is a person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks. In the context of the creation of for-profit enterprises, entrepreneur is often synonymous with founder.»
Let’s see if we can break this definition down into bite sized chunks.
Entrepreneur as an Undertaker
This term indicates a certain amount of initiative that drives an individual to do something tangible with an idea they have conceived. This initiative is in context of a business startup.
Entrepreneur as an Operator
This term is indicative of an individual willing to get in the thick of things and develop the business from the standpoint of administrator and marketer. In effect, an entrepreneur must be willing to do everything needed to manage the business they are seeking to develop.
Entrepreneur and Accountability
An entrepreneur understands that the buck stops with them. They are willing to be responsible in the development and affairs of the business.
Entrepreneur as Risk Taker
There will always be the risk that a business startup will fail, but the risk an entrepreneur puts forth may also result in a profitable business. The entrepreneur understands the risks and determines to move forward in spite of those risks.
Entrepreneur as Founder
In the context of a successful business start up the entrepreneur is listed as the founder of the business. This individual did what it took to move their idea from the thought process to a reality. This is hard work and, if successful, their name will always be linked to the business. Some may consider this to be a portion of the legacy of the individual; certainly it can be a highpoint in a person’s work history.
There is an exhilaration that comes with entrepreneurialism. The road may be difficult and you may have to get creative in solving problems you’ve never encountered, but you are, in that moment, the quintessential entrepreneur. You have chosen to take the initiative to operate a business. You have determined to be accountable for all phases of your business startup and you recognize and accept the risks involved in business development.
Entrepreneurialism is not for the faint of heart, but for those who walk through the various steps listed above there is an incredible amount of satisfaction knowing that the work you have done will not only benefit yourself and your family, but the customers who will benefit from the product or service you provide.