What is an Entrepreneur?

An entrepreneur is a person who identifies a problem in his life or someone else’s life and then tries to solve that problem most easily and simply. He is an innovator and a source of new ideas. He gets his ideas, executes those ideas, and then converts those ideas into his own business. Furthermore, he pursues an opportunity to bring a new product or a service with his limited resources, creates a new business, and assumes all the financial risk and uncertainty for that business in the long run. In short, an entrepreneur is a person who first identifies a need for a new product, process, or service and then builds his business around that need.

An opportunity for an entrepreneur means a problem that is prevailing in society but no one can solve that problem. Even if some people try to solve that problem, they can’t do it in the right manner. This problem is a real opportunity for an entrepreneur, and it is the ground of entrepreneurship.


This opportunity could be:

  • A new, innovative product that is suitable for a market’s need.
  • A different and improved service.
  • A cheaper or better product than the already existing product in the market.

The most common type of entrepreneurial pursuit is a startup, which is a business entity shaped by an entrepreneur after he has estimated a compelling opportunity for growth. Growth is the most important objective for entrepreneurs who launch these startups—more than being one’s boss.

Instagram, Uber, and Wayfair are some examples of well-known startups. These businesses have achieved the ultimate level of success because of their realized growth.

  • The working style of an Entrepreneur:

The process of entrepreneurship is different for each individual. However, most the entrepreneurs will often take the following steps to start their process of entrepreneurship:

1. Create an idea for a new product or service they have planned.

2. Write a proper business plan and funding required to start this process.

3. Hire early employees who have the desired skill sets for their business.

4. Launch their product or service to gain the market’s attraction.

5. Recognize their growth plans to scale profitability.

An entrepreneur is more than just dreaming and making a lot of money. Many successful entrepreneurs work very hard for so many years just to bring their ideas to life and play a very crucial role in the economy and society as well. They try their best to keep the markets stable and create jobs.


Qualities of successful entrepreneurs:

Every entrepreneur’s journey is different, but some common qualities exist among successful entrepreneurs. A few of these qualities are given below:

  • Effective Communication Skills:

It is impossible to do anything if you cannot communicate. Communicating your ideas and views is an important task in the entrepreneurship process. All the successful entrepreneurs have the best communication skills that enable them to tackle every problem they face during their journey.

  • Adaptability:

When a person starts a new company, he faces many obstacles and errors. A successful entrepreneur bounces back from error and lets himself go with the flow. He adapts to new situations and responds to adversity quickly and effectively.

  • Ability to take risks:

When we start a new business, it involves great risks of failure. An entrepreneur has all these risks in his mind and is brave enough to continue his journey. It is a significant part of being a successful entrepreneur.

  • Great vision and leadership:

To be successful, an entrepreneur must have a clear vision of his new business. And to make the concept a reality, more resources and staff are needed. Here, the quality of leadership is very essential because they guide their employees on the right path to success.

  • Open-mindedness:

In business, an entrepreneur’s open-mindedness lets him realize that all situations can be opportunities and can be used for the benefit of the company. For example, if an entrepreneur sees that people are getting diseases due to drinking unclean water, he would think about any opportunity to solve the issue. He will charge a reasonable price and start providing clean water to the people. In this way, successful entrepreneurs take advantage of the situation and grow significantly.

  • Flexibility:

All successful entrepreneurs have this quality of flexibility. To be on top, the entrepreneur is equipped to accept changes in products and services, if required.

An Entrepreneur vs. A Businessman:

An Entrepreneur:

  • An entrepreneur starts a business with a new concept or idea. He works very hard and transforms the market.
  • He can take greater risks during his journey.
  • He works hard for large financial gains in the future.
  • He creates a new market from a scratch.
  • He uses non-conventional methods for everything.
  • There is low competition for an entrepreneur.
  • He is intuitive and innovative by nature.

A Businessman:

  • A businessman starts his business with an existing idea. He works for himself and offers products and services to the customers.
  • He is risk-conservative and tries to take fewer risks.
  • He works for day-to-day financial freedom.
  • He thinks of a business strategy that is simple and easy.
  • He creates his place in existing markets.
  • He uses conventional methods for doing things.
  • The competition rate is very high for a businessman.

Although an entrepreneur takes on more risks than a small business owner, both utilize their opportunities to meaningfully change or add value to the market.

Types of entrepreneurs:

  • Social entrepreneurs:

As the name suggests, social entrepreneurs solve social issues by using their business opportunities. One way to improve a Community’s socio-economic well-being is by doing partnerships with any non-profit agency.

  • Serial entrepreneurs:

These entrepreneurs are known to be risk-takers. They work to generate new business ventures. They take high risks for the work that has an influence on the economy in a short term.

  • Lifestyle entrepreneurs:

These entrepreneurs are very passionate and make their money from the passions they follow. We can say that lifestyle entrepreneurs are self-employed. This helps them to enjoy their freedom instead of sticking to the restrictions of a larger company.

  • Innovative Entrepreneurs: 

These are the ones who have their roots in new ideas, inventions, products, and production methods to discover potential markets. Their main aim is to change people’s living styles and try to accomplish something that other companies lack. They are the industry leaders and contribute to the economic development of the country. Innovative entrepreneurs have a strong vision and are always ready for taking risks. A person must be an innovator if he wants to become a successful entrepreneur. Innovation can be a new strategy or an idea to create a different product that is not already available in the market.

How to become an entrepreneur?

All businesses require modest kind of beginnings. Each person out there has the potential to be successful, they just have to start. People often think of starting their own business when they see the accomplishments of different successful companies like Amazon, Google, Facebook, etc.

Some of the steps that might help to become an entrepreneur are given below:

1. Identify a problem prevailing in the society:

Entrepreneurs are the problem identifiers and problem solvers. Entrepreneurs simply identify the problem within the society and use this as an opportunity or a pillar to start their business. This problem is the ground of entrepreneurship.

2. Solve the identified problem:

The next step for an entrepreneur is to add some value by solving the problem. He needs to keep solving the issue in the best possible manner. Sometimes the problems change, so an entrepreneur needs to think of different solutions as well.

3. Financial support:

Try to find financial support as financial stability makes the process of entrepreneurship easy in the long run. Money helps you to take risks, work, fail and grow.

4. Polish your skills:

Being an entrepreneur you have to deal with people, money, and different unexpected situations. Obstacles will always be there, you must have the skills to face these issues with utmost strength. Your degree will not help you succeed until and unless you have the skills required to cope with the problems that you will face throughout this journey.

5. Networking:

Try to build more and more networks. The right person can help you introduce new ideas, opportunities, workers, staff, or better partnerships. When you spread the news about your business, it will increase your deals and chances to become more stable.


In a nutshell, anyone who is an innovator can solve a problem, has the will to start a new business from a scratch, and is capable enough to face all the risks that go with it can become an Entrepreneur. There is no hard and fast rule for entrepreneurs to follow; the road constantly turns and twists, and the direction one is traveling in will not be the same as another’s a path but you have to keep moving.

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