To Become an Entrepreneur – Becoming Able to Walk Away
What is an entrepreneur and what is entrepreneurialism?
An entrepreneur is a person who has the ability and desire to take risks and be initiative. Entrepreneurship is also a way of life that one can choose to live. There is no set path or formula to becoming an entrepreneur. As with all things, there are many ways to make a lot of money. Some entrepreneurs are very lucky and some not so much. All entrepreneurs have a risk appetite and willingness to take chances. Entrepreneurship can be as simple as looking at what goods you can provide for the market or as complicated as looking at the market with 10 separate needs of the market that you are serving. One important component of entrepreneurship is having a burning desire to make money. Being asked for money by others is not entrepreneurship.
There are many things an entrepreneur does. He needs to be determined and focused. In the beginning of entrepreneurship, there is very little capital and very little support. The entrepreneur is always on the lookout for more support and the business may be doing well, but without sufficient capital to keep the doors open, it is not entrepreneurship. Being able to keep the doors open is as much about determination as it is about having enough capital. It takes determination to keep the doors open but it also takes the ability to network. One crucial part of being an entrepreneur is being persistent. One does not try to do everything by itself but relies on others to help. Being persistent is all about always working towards a goal even if it is hard, slow, or uncertain. One must be persistent with the ability to lose hope.
Many people who are entrepreneurs are employed as managers, administrators, salespeople, research and development people, operations, technical support, and so on. It is hard work and it is a never-ending task. Being an entrepreneur does take persistence. Many people quit entrepreneurship because they can not endure the pressures and difficulties of being an entrepreneur. This is only true if the entrepreneur is not willing to do the impossible. To be an entrepreneur you need to have the ability not to lose hope. If you doing something that is not working, then you need to get out of that business.
This does not mean that the entrepreneur is not allowed to take risks. It means that you need to be willing to take the risks. This is the difference between the entrepreneur and the manager. The entrepreneur knows that he will not get everything right, but he will get it done. Many times this means putting forth much more energy and effort than necessary to make the business work. The entrepreneur is able to motivate employees, keep customers, and keep the organization moving forward. Often times the entrepreneur must take the brunt of the responsibility, however, he or she is able to keep people committed.