The True Entrepreneur Definition and Small Business Expansion

What exactly is an entrepreneur and how does it tie in with small business expansion? There are many differing views on what makes someone worthy of this title. Investorwords defines an entrepreneur as "an individual who starts his/her own business 3." In a general sense, the word applies to any person starting a new project or trying a new opportunity, but this definition leaves out other essential characteristics of an entrepreneur. T

The Merriam-Webster Online describes an entrepreneur as "one who organizes, manages, and assumes the risks of a business or enterprise 2.” This definition is definitely richer, but still lacks the sense of innovation and creativity that defines a true entrepreneur.

Dozens of definitions exist, but none are comprehensive. Entrepreneurship involves uncovering an opportunity to create value, transforming knowledge into new products, and bringing them to the market. It is an entrepreneurial mindset that will makes the difference in small business expansion. Success in entrepreneurship requires not only knowledge, but practice and skill in the process of doing and creating something new. Starting with practically nothing, an entrepreneur is one who organizes a new venture, manages it, and also assumes the associated risk.

Being an entrepreneur is about having a certain mindset, and having tendencies and personality traits such as team building skills, persistence, selling skills and a very low tolerance for mediocrity 5. An entrepreneur does not flinch at accepting financial risk and undertakes new ventures with a positive attitude. Entrepreneurs must be spontaneous, creative, eager to constantly be learning, and willing to make often difficult decisions in the absence of solid data.

Taking all of this into account, perhaps the best concise definition of an entrepreneur would be “an innovator of business enterprise who recognizes opportunities and is not afraid to act on such opportunities. Please contact us for more information about entrepreneurs and small business expansion.