Definition of an Entrepreneur

Loes Knetsch ©

Do you have the skills to become your own boss?
Is the DNA for entrepreneurship in your blood?
What skills do you need to become an entrepreneur?
What is the definition of an entrepreneur?

When you want to know the answers to these question, you are starting off on the right foot.
When you know the answers to these questions, you are most likely already successful.
When you don’t know the answers to these questions and don’t care to know, keep your job by all means!
What is the definition of an entrepreneur?

Definition of an entrepreneur

According to the encyclopedia

“Identify the market opportunities for both existing and new products/services, act accordingly and thereby dare to take risks. The good and responsible utilization of the production factors, labor, capital, and nature. The reward for entrepreneurship is called profit.“

Let’s go down the skills you need to become a successful entrepreneur.

Click the links for entertainment 🙂

1. Spot a need

When you spot a need, don’t wait until someone else provides the solution, take action.

2. Tenacity

You need perseverance. A never give up mentality. Deal with any adversity, while keeping the goal in sight.

3. Ability to adjust

You need the ability to be flexible. When something is not working, you need the ability to change tactics.
We have in Holland the proverb: “Can’t you do it like it should, then you must do it like it can.” This translation deserves probably not the beauty prize 🙂 But I hope you get the meaning. Think of solutions, not in problems.

4. Resilience

When things are not going fluently, you need to keep your enthusiasm. Depression leads to giving up. And that is a road we don’t want to go as an entrepreneur at heart.

5. Inspiration

Not only you need to be inspired, you also need the ability to inspire others. You need to think, talk, do, walk your dream!

6. Perspiration

You have to work. Work hard. Long days. Keep in mind that the first years of your entrepreneurship you have to put in hours and hours. No one becomes world champion by practicing a few hours a week.

7. Willingness to take risks

Of course, you don’t take irresponsible risks. But you need to stick your neck above ground level

8. Attention to Detail

You have to be on top of your business. Be alert. Be involved. A lot of enthusiastic starters are busy developing their product. And totally forget about the finances. You need to be on top of every topic of your business. That’s needed to create your masterpiece.

9. Honesty/ integrity

This one speaks for itself. When you con people, you certainly are not going to make it. Trust and be trusted.

10. Competitive drive

The urge to win. The urge to be the best in your branch.

11. Decisiveness

You need the ability to decide. To take action. To take decisive action. In other words. Decide what your goal is, and do what you have to do to reach your goal. You need to be decisive to take the right decisions in the labyrinth of opportunities.

Labyrinth of opportunities

12. Knowledge of the market

You need to have the ability to investigate the market you enter. You need to understand what the market demand is. You might have an inspirational idea, however, you will not sell much meat in a veggie community. So you need the ability to define for yourself which public you are targeting. And when needed to innovate your product. A targeting strategy.

Targeting public and innovation

13. Vision

When you start your own company, you need to have a vision. You need to see what has to be done to reach your goal. A business plan.
A future vision is needed to go straight to your goal.

14. Passion

Your enthusiasm, your passion will heat up your public. When you have the ability to talk about your product with warmth and love, people will be more inclined to buy from you. You need to breathe, live, talk, be your product.

Quote Winston Churchill

15. Discipline

You need the ability to motivate yourself. To do also, the chores you don’t like to do with enthusiasm. You need to tell yourself to work, when others are having parties. You have to discipline yourself to come out off bed and work instead of hanging on the couch watching television. Doing things even when you are tired. You have to discipline yourself to follow your own rules. Without self-discipline success is impossible.

16. Willingness to learn

You don’t know, what you don’t know. It’s very important that you set your mind open for learning new skills. What you don’t know can hurt your business.

17. Belief in yourself

You need the ultimate belief in yourself to accomplish success. When you are in constant doubt, you undermine your own success. The word “IMPOSSIBLE” says it all. I’m possible!

18. Be patient

Last but not least, be patient. Success will not come overnight. It just needs time to build a trustworthy organization. Good things take time. When you put in the effort and follow the rules for being a terrific entrepreneur, success will come!