What is an Entrepreneur?
Entrepreneur and startup are the terms that are on the tongue of everyone and especially craze among students nowadays. People from the whole world type the word “Entrepreneur” nearly around 1.2 million times per month on google only. So we can infer that it’s among the highly searched topics on the internet.
Now coming on to the entrepreneur definition. It’s among those topics on which long debate can carry on. Some people define it as – the person who works for himself and don’t want to see himself as the part of the crowd who works for someone from 9 to 5. while other can define entrepreneurship as – the person who outlines, design and implements the innovative and new ideas by taking the risk to earn some profit are called an “entrepreneur”. They make their own path rather than going towards the trend.
If you read what Merriam-Webster’s dictionary, the other from Dictionary.com define an entrepreneur. You can easily understand that they trying to convey the same meaning but they have different words.
So we can conclude it that What an Entrepreneur thinks of an innovative idea, builds up a business around it, deals with the business, bring initiatives and expect some risk for its prosperity.
Types of Entrepreneurs
There are various types of entrepreneurs, but we are discussing here the main 4 types as follows:
A microentrepreneur is basically a small business entrepreneur. People who run his/her own small-scale business can be categorized into this type. They run their business by themselves or by hiring some employees or run by family members. For them, success is after cutting rent, employees fees and other expenditures they have some bucks in their hand which can provide daily luxurious life.
2. Scalable Startup Entrepreneur
As we discussed above that small businesses are having a reasonable risk and the return value is like ok ok. But in a scalable startup, we have the unreasonable risk. And the entrepreneur has the vision to create a new or large market and willing to have a big turnover.
Suppose portraitflip.com , the owner of this site brings an innovative idea to provide your or your loved one’s portrait very quickly at your doorstep. Initially, it was a small startup but nowadays it’s having a turnover of a million INR per month. At the start, they needed artists and developed a site for it which costs very less but now it is a scalable startup.
3. Large Company Entrepreneurship
We can refer to this as corporate entrepreneurship. The idea of corporate enterprise is accepted to the advancement of new thoughts and innovations inside substantial or well set up organizations, specifically prompting the enhancement of profit and an upgrade of aggressive position in the competitive market.
Let me give you an example: Facebook has well settled top-notch high organization and its revenue of 4.6 billion $ as per 2017 report but still, they lag in some fields so they build their own products for consumers like recently they brought LASSO app for short video entertainment like musically to withstand intellectually in every aspect of the market.
4. Social Entrepreneurship
Social entrepreneurship is the use of start-up companies primarily to develop, fund, and implement solutions to social issues. And its secondary motive to earn money and popularities in the world. These entrepreneurs are willing to take the risk and effort to create positive changes in society through their initiatives.
Let me clarify it: In India 4 entrepreneurs bring a startup wifidabba.com to provide low-cost wifi even in remote villages like 500 Mb for INR 10 and 1Gb for INR 20. So basically its the social entrepreneurship as it is helping the people of the remote villages and fulfilling their needs and vision to earn also.
Characteristics of a Successful Entrepreneur
Here we have some characteristics you should inherit in yourself to become a successful entrepreneur.
- Risk Taker: Taking risk is the essential formulae of an enterprise. We can’t investigate something new until and unless we can’t accomplish something out of the box. Furthermore, this out of box arrangement fabricates a startup.
- Passion: This is the outstanding characteristic of an Entrepreneurs, this is really a drag power to holds us under motivation to succeed in our startup.
- Think Positive: “Nothing is Impossible” so an entrepreneur should have self-confidence in himself and on his/her idea too that it is noteworthy, innovative and can bring changes in society and he/she will succeed in achieving the goal.
- Leadership: Along with innovative ideas, an entrepreneur should have leadership qualities to make it possible that all his employees and workers collectively work for him/her without any conflict.
- Knowledge: An entrepreneur should have knowledge of the market and competition. And one should never stop learning. And some other skills too to tackle any problem arises.
- Vision: An entrepreneur should have straight forward vision. Means you should know where to send it. Further, vision is the drag that pulls you forward toward your objective.
- And many more you can read it here 19 Characteristics of Successful Entrepreneurs
Needs Of startup
There are some basic needs of the startup-like:
- an idea
- vision and passion
- and finance
This is what you need to become an entrepreneur or to start a startup. You can read it in detail if you want 10 Things Every Startup Needs. Hope this helps you.