What Does Entrepreneur Mean?
An entrepreneur is a person who starts a business from scratch and develops it to fruition. During the process, an entrepreneur explores the business idea, lays the groundwork for it, implements it, and works to convert it into a successful enterprise.
An entrepreneur takes the ultimate responsibility for the success or failure of a business. Successful entrepreneurs are leaders who have the ability to persuade others to become stakeholders in their company as either investors, employees, suppliers or even creditors. Not everyone can be an entrepreneur as it requires specialized skills, vision, passion, intrinsic motivation and expertise to create a new business venture from the ground up.
Divestopedia Explains Entrepreneur
The world has seen many successful entrepreneurs and they are largely responsible for the many companies and products that we have today. Some prominent entrepreneurs who have shaped the world are Bill Gates who founded Microsoft, Larry Page and Sergey Brin who founded Google, and Mark Zuckerberg who founded Facebook. These top entrepreneurs had the skills, personalities and timing that helped them take their business to the highest levels.
That said, many entrepreneurs fail as well. According to data from the Bureau of Labor Statistics, about 20 percent of small businesses fail within the first year. Many experts argue that failure is a part of business - and a part of the learning curve for many entrepreneurs.
According to "Entrepreneurial DNA" by Joe Abraham, there are four types of entrepreneurs: builders, opportunists, specialists and innovators. Builders are known to build scaleable businesses within the shortest possible time, while opportunists are those who enjoy marketing and selling. Builders gauge their success based on infrastructure, while opportunists measure the amount of money they make. Specialists are analytical and risk-averse experts, and they measure success based on their personal income. Lastly, innovators design at their research labs and measure success based on their product or service.