People use the word ‘entrepreneur’ all the time. But what is an entrepreneur?
It’s often used without even thinking about what we mean.
Most people can agree that it has something to do with business and being innovative. But after that, it’s probably quite difficult to find any consensus.
If you want to find out more about what entrepreneurship is, check out our complete guide.
What is an Entrepreneur?
The word ‘entrepreneur’ is originally French.
It was first used by the economist, Jean-Baptiste Say in 1803. He chose to define entrepreneurial as someone who “shifts economic resources out of an area of lower and into an area of higher productivity and greater yield”.
But nowadays it’s often associated with the tech-savvy people in Silicon Valley. It retains its market disrupting origins though.
However, entrepreneurs are not exclusively from the tech industry. The modern-day entrepreneur wants to change the world and solve problems.
Most of the time this is through business, such as the invention of a new product that transforms our lives.
But what are the characteristics of someone who is entrepreneurial today?
What Does it Mean to Be an Entrepreneur?
Let’s take a look at some of the most important characteristics that contribute to making someone an entrepreneur.
1. Be Passionate About What They Do
Most entrepreneurs have a deep passion for what they do.
They believe in the power of business to transform the world. Rather than simply as a way to make money.
They wake up in the morning with fresh ideas and a drive to achieve their goals for the day.
2. Determination to Achieve
Many people assume that entrepreneurs are just lucky because everything always goes well for them. But many successful entrepreneurs underwent many challenges and problems along the way.
Obstacles are simply part of life. The important thing is how you react to events. You need to pull yourself up again and keep going. Entrepreneurs are determined when faced with anything.
3. Resourceful and Inventive
Most entrepreneurs start out with limited resources. It’s important to make the most of what you already have.
This means taking advantage of your network and connections. Make use of the skills and knowledge you already have while gaining new skills.
4. Open to New Ideas
Entrepreneurs often have amazing ideas. But it’s the ability to be open to another people’s ideas that really makes someone stand out. You have to be able to identify when someone has a better idea than you do.
Entrepreneurs can’t afford to get hung up on a particular idea. Instead, they recognize that there is a market of ideas out there, it’s important to select the best one.
5. Fast Learner
There are no two ways about it, entrepreneurs are smart people. They can learn things really fast.
Entrepreneurs learn as much as they can from the people around them. Their minds work like sponges, soaking all the information and wisdom up from the people around them.
Become an Entrepreneur
Now you know the answer to what is an entrepreneur?
It’s time to decide whether you think you’re cut out to be an entrepreneur? Do you identify with the above characteristics of entrepreneurship?
To find out more about entrepreneurship, check out our other blog posts on this topic and much more.