What are Entrepreneurs?

Published by Thomas Herold in Economics

The term 'Entrepreneurs' is included in the Economics edition of the Herold Financial Dictionary. Get yourself a copy now on Amazon - available as Kindle or Paperback.

Entrepreneurs are individuals who have new business ventures, enterprises, and concepts. They take on substantial responsibility for both risks inherent in these as well as their end results. As such, entrepreneurs prove to be unique people for many reasons.

For one, entrepreneurs have trouble working for other people, even though they do work on behalf of clients. They will put all of their assets and money at risk because they have a driving passion to watch their endeavor expand. As a result of this, they occasionally have a couple of failures to their credit along the way. These individuals enjoy putting in the extra time and effort in the procedures of strategizing, modifying, amending, and adjusting their businesses. They are not afraid of long hours and constantly working when everyone else has given up and gone home for the day.

Entrepreneurs must have vision and foresight. They are required to see their enterprise not only as it is now, but also as it will look in a year from now, and two years, three years, and even five years to ten years in the future. This involves understanding what the process of the business will tangibly look like, not necessarily the employees who change from time to time. This is essential for any entrepreneurs to be successful in reaching their end goals.

Entrepreneurs are loners in a very real sense. They stand by themselves with their vision that only they can see so clearly. They are also alone in having the drive and passion to see their endeavor through. They understand that no one else in the business will care about it like they do, since no one else possesses the dream.

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Very few people are entrepreneurs. It takes a hardy individual to be one. This is evident when you consider that the number of new businesses that go down in only the first year is fully seventy-five percent, mostly a result of insufficient commitment from the founder. Ninety percent of such businesses have folded by the conclusion of the second year for a variety of reasons including funding difficulties, family problems from working all of the time, and challenges in dealing with employees. Entrepreneurs are capable of overcoming these types of problems using their determination and energy.

Entrepreneurs are also those who invest money and have the risk of losing it. Many times they will act as venture capitalists and pour money into firms that have not long been operating. When you purchase items cheaply and sell them dearly, this makes you an entrepreneur on a smaller scale too. In the end, entrepreneurs are those who are willing and able to utilize their money in order to make more money.

Similarly, entrepreneurs are born leaders. They know what they want, and understand what to do in order to achieve it. They dream big dreams, form important ideas, and come up with concepts and opportunities. These leaders who are willing to engage in financial risks are true entrepreneurs.

The term 'Entrepreneurs' is included in the Economics edition of the Herold Financial Dictionary. Available now on Amazon in Kindle and Paperback.