What Is The Definition Of An Entrepreneur?

Thousands of people search for a definitive answer on what makes an entrepreneur, so what does it actually mean to be one? It doesn’t mean you have to be setting up new business ventures every day; an entrepreneur is someone with the foresight, drive and ambition to take a risk and solve business or consumer problems. Some of the key characteristics a successful entrepreneur requires include:

  1. Passion
  2. Innovative
  3. Persistent – doesn’t take no for an answer
  4. Resourceful
  5. Risk-taker
  6. Discipline

The skills and characteristics of an entrepreneur

Passion for your business concept

To some people, pure passion and drive is the single most defining characteristic of a successful entrepreneur. It’s someone with almost tunnel vision to be able to focus all their energies into turning their concept into a profitable reality.

It’s that passion which helps an entrepreneur to pinpoint business opportunities where others can’t. And even if others do see the opportunity and competition arises, their passion for what they do means competition never scares them; it merely serves to drive them on to do better.

Innovation, innovation, innovation

An entrepreneur is always on the look-out for new innovations and ways of reinventing themselves. Whether those innovations come from within or from outside sources, they seek inspiration to find better ways to run their business and refine the products and services they offer.

Aside from their innovative nature, successful entrepreneurs also have the flexibility to accept and adopt change when necessary for the growth of their business. They may be persistent, but they’re not too headstrong to fail to acknowledge when new methods can outperform existing ones.

Persistence to turn their business dream into a reality

Many of us have been there before: sat in our armchairs at home, watching the television with our loved ones and, in the ad break, a new advertisement appears selling a product or service that leaves you saying ‘I thought about doing that ages ago!’

Unfortunately, there’s a marked difference between thinking about a business idea and pursuing a business idea and making it work. Those with the inquisitive nature and perseverance to follow ideas and aspirations through are considered to have the entrepreneurial spirit and gumption.

Resourceful: from one-man-band to thriving company

A key ingredient for any entrepreneur looking to make a success of their own business is to maximise the resources they have to hand. As a one-man-band, entrepreneurs need to be able to manage their time with supreme efficiency and also have the foresight to seek help when they need it.

Resourceful entrepreneurs create a network of people they can trust and tap into when they are looking for a specialist task completed.

At the early stages of any business, the purse strings are usually as tight as they will ever be. You need to be able to learn to survive as a business before you can thrive. The ability to find out what works before scaling it up by launching a minimum viable product or service is a major trait of any successful entrepreneur.

Comfortable taking a risk

An entrepreneur needs to be willing to take risks after identifying a potential opportunity by investing time and effort into it to make it a success. Very often, these risks will be well-calculated, weighing up the potential benefits of taking a risk. In many cases, not taking risks can stifle a new business before it even gets off the ground!

As calculated risk-takers, entrepreneurs need to be meticulous with their financial planning; and not too proud to ask for specialist financial and legal advice when they need it most.

For instance, at the Business & IP Centre, we’re here for budding entrepreneurs and small business owners to help their business succeed. In order for them to make sound business decisions they need access to a wide range of reliable and relevant information and advice.

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Plan to start your business

Plan to grow your business

Protecting your ideas