What is Entrepreneurship?

Entrepreneurship means different things to different people. Some imagine tech geniuses with Silicon Valley startups, while others picture small business owners opening up their shop doors on Main Street. Ultimately, entrepreneurship encompasses these and many other business ventures that share a commitment to turning an idea into a profitable business. 

People who are thinking about starting their own business should understand that successful entrepreneurship involves much more than having a great concept, Most people think being an entrepreneur is all about coming up with an idea, but that's just one part, Entrepreneurship is much broader than the creation of a new business venture "At its core, it is a mind-set — a way of thinking and acting. It is about imagining new ways to solve problems and create value." 

Who are entrepreneurs?

There are no specific traits that every entrepreneur shares, but many do possess a few common characteristics, successful entrepreneurs are typically confident and self-motivated. They are tenacious but understand their own limitations. Instead of following the status quo, entrepreneurs have a healthy disrespect for established rules, and often set out to do things that others may not have the courage to. They are also willing to fail and start over again, taking the lessons they've learned to create something new and improved.

"An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need,"

Tips for aspiring entrepreneurs

If you're ready to enter the world of entrepreneurship, here are a few important tips to keep in mind.

Learn from others' failures. Rather than admiring the small percentage of businesses that grow to become successful, study those that end up failing. Research will greatly increase your chances of success, because most companies have made common mistakes that have led to their demise, having the humility to learn from the mistakes of others before making them yourself is the secret to success.

Make sure this is what you want. Because entrepreneurship entails so much hard work, it is critical to ensure you're following the right path. If this is something you really want, then think long-term, and be persistent. The vast majority of great entrepreneurs failed multiple times before they finally found the business idea that took off and brought them success.

Be a problem solver. Entrepreneurs should always be in search of problems to solve, and not the other way around.

Be passionate. Successful entrepreneurs are driven primarily by a need for achievement and the desire to make a meaningful difference. The most important traits of entrepreneurs are passion and persistence, "when you make your passion your profession, then work becomes play." but these must not be confused with arrogance and stubbornness.