What is an Entrepreneur? Section 1. - Entrepreneurship
"What is an entrepreneur?" is a question being applied to many different enterprises and disciplines today. As a result, we now have a number of entrepreneurial titles, such as: Business Entrepreneur, Social Entrepreneur, Digital Entrepreneur, Moral Entrepreneur, Internet Entrepreneur, Political Entrepreneur, Lifestyle Entrepreneur, and—who knows what kind of entrepreneur will be named next. So, you can see that the question of “what is an entrepreneur?” can have several different answers, depending on which discipline is being talked about.
However, since this is a business web site, we will primarily address the question: What is a business entrepreneur? So, let's take a look at the root definition of “entrepreneur”…as applied to business.
Definition of Entrepreneur
Of course various dictionaries provide a definition of entrepreneur, and untold numbers of blogs and web sites provide a variety of definitions. Many of these definitions are take-offs from Michael Gerber’s popular book, The E-Myth Revisited, wherein he proclaims that unless you hire people, you are not an entrepreneur. Gerber maintains that without hiring employees you are merely a “technician,” doing what you always did. To me, Gerber misses the whole definition of what an entrepreneur really is.
Unfortunately, Gerber falls in line with the U.S. Bureau of the Census, the Small Business Administration, the Bureau of Labor Statistics, and other government agencies, while giving short shrift to the majority of small businesses. Approximately 70% (22 Million) of all U.S. businesses do NOT have employees…and make no mistake—every one of these business owners are entrepreneurs. Oh, and they also contribute a Trillion dollars a year to America’s GDP.
Moreover, if Gerber’s concept were applied on a worldwide basis, in answer to the question: "What is an entrepreneur?" the vast majority of the world’s business people would not be considered entrepreneurs. So, contrary to Michael Gerber and the U.S. government, I believe the definition of an entrepreneur is simple and straightforward, as follows:
An entrepreneur is a person who organizes and operates a business, usually with considerable initiative, while taking on greater than normal financial risk in order to do so.
Therefore, I believe every shop owner; every market vendor; every home-based business owner; and every non-employee business owner in the world fulfills the above definition and deserves to be called “Entrepreneur.”
Why Be An Entrepreneur?
After you determine "what is an entrepreneur?" The next question is usually why would a person want to become an entrepreneur? I think this question is best answered by Carl J. Schramm, President and CEO of the Kauffman Foundation. Here is what he said:
I can take control of my life. I can make my own life better. I can expand my human dignity, and I can take my fellow citizens along into the future that we can create. —Carl J. Schramm, PhD
This message and this thought should be the foundation upon which all small business owners approach the startup and running of their business—this is why we become entrepreneurs.
Also, if your life has been turned upside down, for whatever reason, now might be a good time to take stock of your career—and your life. Have you always had some kind of internal urging about someday owning your own business? Or, maybe you have gone so far as to do some business planning…some research on your idea…some scribbles on paper…or, a full-blown business plan. Well, don’t stop there—find out what is an entrepreneur and keep going!
Control of Your Life
This is a feeling that no one other than another entrepreneur can describe. When you decide to become an entrepreneur you are taking total control of your life, and what you chose to do with it. At the same time, the typical entrepreneur gives up much of their “physical” freedom. There is no “starting” time, nor “quitting” time…you usually start as early as physically possible, and stop when you are too tired to go on.
You may miss time with family and friends. There may be few opportunities for “date night,” or attending your kids school activities. You will ask yourself many, many times why you ever wanted to be an entrepreneur. Just know that these demands are not permanent.
So, you will carry on in spite of these sacrifices—and many others along the way—because you know you have control of your life. No one; repeat…no one is your boss telling you what you MUST do. You have total control over your destiny--the future you are building now.
Here is a short video clip of a movie trailer depicting just a few people who were forced to answer the question "what is an entrepreneur?" --then traded the corporate life for “…something that I think matters.”
But, you still have much to consider before you give up your job and start to move toward entrepreneurship. Even if you have lost your job, you need to do some soul-searching before you make the commitment to become an entrepreneur. That is why I developed this section for What is an Entrepreneur? Hopefully it will help you understand what entrepreneurship is all about, and what it really means.
In this section I have prepared several reports that should round out the answer to the question: "What is an entrepreneur?" The titles of these reports are listed at the end of this document, and more will be added from time to time.
Although I provided this quote previously, I want to again leave you with this thought:
“Entrepreneurial capitalism is the strongest force possible for unleashing human potential.” —Tom Peters
Everyone reading those words has potential—real human potential. When you're ready to unleash that potential…consider those words by Tom Peters.
Now that we have addressed the basic question: "What is an entrepreneur?" the next step should be to read the report titled, Characteristics of an Entrepreneur.. You can also access this report from the "List of Reports," below:
List of Reports For This Section
CHARACTERISTICS OF AN ENTREPRENEUR Not everyone should be an entrepreneur. Check to see if you have the characteristics of an entrepreneur.
HOW TO BECOME AN ENTREPRENEUR This report on "How to Become an Entrepreneur" presents the steps necessary to become a successful entrepreneur.
INTERNET ENTREPRENEUR What it really takes to become a successful Internet entrepreneur, and how to sort out the get-rich-quick scams.
FAMOUS ENTREPRENEURS Entrepreneurship thrives today because of the famous entrepreneurs who went before us.
ENTREPRENEUR QUOTES Find inspiration from entrepreneur quotes left by other successful people.
Moreover, if Gerber’s concept were applied on a worldwide basis, in answer to the question: "What is an entrepreneur?" the vast majority of the world’s business people would not be considered entrepreneurs. So, contrary to Michael Gerber and the U.S. government, I believe the definition of an entrepreneur is simple and straightforward, as follows:
