An entrepreneur is a person who owns or operates a business, firm, or venture. Usually, as Forbes contributor Brett Nelson notes while defining an entrepreneur, they also fill a need and take on greater than normal financial risks in order to do so. Because the business or businesses are their responsibility they’re usually directly rewarded (or questioned) for the progresses, failures, and returns associated with it.
Entrepreneurs can be divided into two basic types; those who start a new business and those who take over an existing business. If they’re taking over an existing business, they may intend to continue working on the same principles while innovating the business model in some way. Business development of any kind has the added benefit of helping alleviate the burden of social welfare on local governments by increasing tax collection and employment.
Entrepreneurs have to show immense patience. It’s tricky and difficult at the beginning and many fail to take off. Some have willingly chosen the entrepreneurial path. Others are forced into it by a series of life circumstances like job loss or chronic illness. Other pressing hardships may include things like overwhelming student debts, making traditional employment impossible. No matter how we got to this point, and despite the risks, entrepreneurship is an option for those forced out of, or fed up with, corporate ladder climbing.
Entrepreneurship also allows for more intense creativity – developing competition in existing markets and industries. In fact, creativity is the most important quality an entrepreneur can have.
In an article published in the Journal of Creativity and Innovation Management, Harry Nyström explains that a successful entrepreneur “excels in perceiving, opening up and exploiting new technological, marketing and organizational possibilities.”
Here are the other benefits of being an entrepreneur
Be in the driving seat
Entrepreneurs have total control while driving their businesses. They can show what they’re capable of and enjoy their freedom. They can cruise, opt for slow and safe driving, or just try a new route if an earlier idea doesn’t go according to plan. While they’ll probably enjoy the journey itself, entrepreneurs also have to be wary of industry regulations – limiting themselves, and their creativity, within safe and legal boundaries.
Leave a legacy
Some entrepreneurs start their businesses to fill a pressing social need. They want to impact the world around them, make an impression, know their presence is felt, and help others. If improving the lifestyle and lives of regular people is part of their goal this is called social entrepreneurship. These types of entrepreneurs look for opportunities that enable a strong business while also providing solutions to social issues.
Reap high profits
The draw of the entrepreneurial lifestyle – jet setting, luxurious vacations, and other material wealth and success – is yet another motivational force attracting people to this mindset. The dream and promise of profit is an attractive proposition convincing people to take on all the accompanying business challenges. In any company structure, maximum wealth accumulation is possible for the business owners.
Dream fulfillment
Whatever the industry or motivations, most entrepreneurs are ready to face any challenges head on. They realize that the opportunity to craft their business allows them to truly express themselves. As their business grows they also have the opportunity to help their employees and improve their lives in many ways as well. Entrepreneurs truly enjoy their work, and strive forward every day towards their dreams.
Apart from all the benefits and attractions, entrepreneurship brings a lot of responsibilities. It tests an entrepreneur’s creativity, focus, and determination. However, if all these personal qualities are there, it’s very likely that the entrepreneur will be successful in achieving their goals and dreams.
Photo credit: Unsplash.com
