Entrepreneur Definition

What is an entrepreneur?

By Scott Canipe

The entrepreneur definition encompasses an individual who chooses to take his or her skill set and ideas to a specific market with the sole intent of making a profit. Entrepreneurs play a vital role in any economy. Entrepreneurs have unique abilities and qualities. They are committed to doing whatever it takes to build their business in a successful manner.

Anyone in a capitalistic society can be an entrepreneur, however, very few actually become successful at it. To be successful at it depends on three major questions to be answered truthfully:

1. You – Do you have unbridled self-confidence, at least average intelligence, hard work ethic, and unwavering resilience?

2. Market - Are people going to buy your product, service or commodity that you are offering to a specific market? 

3. Economy - Is the economy strong enough to provide your market with the necessary funds to purchase what your business is selling?

If you feel that those three are in your favor, then you can ask yourself other questions such as; Are you tired of the corporate world? Do you want to be your own boss? Do you want to have greater control over your cash flow?  If you can answer these questions truthfully, you may want to consider owning your own company. But you must have a deeper understanding of the entrepreneur definition.

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The Benefits of an Entrepreneur 

Entrepreneurship or owning your own company provides many benefits to you. Many refer to it as living the American dream. Entrepreneurs put themselves in a position to take advantage of a capitalistic society. With self-confidence, belief in your service or product, intelligent planning, hard work, and resiliency you can actually provide yourself a very nice lifestyle as an entrepreneur.

Actually, you can become a millionaire if you are in the right type of business relative to the market that will buy your service, product or commodity.

In 1900, there were 5,000 millionaires in America. In the year 2000 there were 5 million millionaires. That is a 1000% increase over 100 years. Those millionaires rose to 9.2 million in 2007, then plummeted to 6.7 million the following year as a result of Subprime mortgage lending that led to the crisis of the United States housing market which eventually plunged the nation and the world into a recession. However, the market came back strong within the next four years and the number of millionaires rose to 9.6 million in 2013. 

Anytime that there is a thriving economy, which we currently have in 2014, money is spent and money is to be made. If you have what it takes, there could be no better time than the current to start up a new business.

Outside of monetary gains there are other benefits to running your own company:

1. Flexible work schedule
2. Work from home
3. Greater control of your life
4. Tax breaks
5. Increasing of self-confidence
6. Sense of accomplishment
7. Networking with new people
8. Tapping into your creativity 
9. Choose who you work with
10. Accelerate tasks

As wonderful as the entrepreneur definition is, starting and running your own company is not as easy as it seems. There is a flip side to the benefits. You must be prepared for a dramatic lifestyle change, especially during the start-up phase regarding much sacrifice, responsibility and painful learning curves. But, if you have genuinely answered the questions above, you can definitely be successful at entrepreneurship!