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Friday, February 27, 2009

What makes you an Entrepreneur?

Far too often TV glamorizes the entire lot of entrepreneurs as those who throw caution to the wind, put everything on the line and make a billion dollar bet on the "next big thing". Well - you don't have to work too long to start your own business to figure out that this is total BS. Starting a business is a much slower and more organic process. And as per the foundation of this Corporatepreneur blog - often the transition to business owner includes a long period of continuing to work a full time job while growing something on the side to the point that it could sustain you

From Wikipedia the definition of an entrepreneur is as follows:

An entrepreneur is an individual who efficiently and effectively combines the four factors of production. Those factors are land (natural resources), labor (human input into production using available resources), capital (any type of equipment used in production i.e. machinery) and Enterprise (intelligence, knowledge, and creativity.)

Entrepreneurship is often difficult and tricky, as many new ventures fail. Entrepreneur is often synonymous with founder. Most commonly, the term entrepreneur applies to someone who creates value by offering a product or service. Entrepreneurs often have strong beliefs about a market opportunity and organize their resources effectively to accomplish an outcome that changes existing interactions.

Some observers see them as being willing to accept a high level of personal, professional or financial risk to pursue that opportunity, but the emerging evidence indicates they are more passionate experts than gamblers.

I think this is much more appropriate. An entrepreneur is not a haphazard toss of the dice but a longer term approach to finding opportunities that match your talents and turning it into something of value.

What's your experience with being an Entrepreneur?


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