Many people only see the success of entrepreneurs, but we fail to actually see what went on behind the scenes. Let us dive in, and see if we have what it takes.
Who is an Entrepreneur?
Wikipedia says an entrepreneur is anyone who takes risks in setting up businesses in order to make profits. In reality, an entrepreneur is simply a problem solver. Someone who looks for solutions to problems that people are facing and at the same time makes a profit off this venture.
Types of Entrepreneur
There are currently 3 general categories of entrepreneurs:
Social Entrepreneur: This is basically a person who seeks to solve social problems. Most they do not make so much profit as they are constantly plagued with having a social conscience and as such, they usually settle for carrying out non-profit activities.
Lifestyle Entrepreneur: This is someone who starts a business venture based on their lifestyles and proceeds to make a profit out of it. These are the entrepreneurs who actually build their businesses from the ground up. This is the kind of entrepreneur most of us aspire to be.
Serial Entrepreneur: Usually a serial entrepreneur is involved in the successful start-up of a new business venture only to end up selling it to an investor. This type of entrepreneur is perhaps the highest risk taker of all. They usually are packed with a ton of business ideas but hardly ever finish through with them, so they end up starting and selling.
What Entrepreneurs Do?
Take Risks: Probably the most important role of an entrepreneur is that of a risk taker. An entrepreneur bears the full risk and responsibility of any business venture.
Lead: Be able to take charge and lead personnel accordingly and effectively as well as make proper logical decisions beneficial to all involved.
Make Sales: As an entrepreneur, your skills are hinged on your ability to make sales. Be able to sell yourself and your business.
Solve Problems: The anchor of being an entrepreneur is to solve problems. The ability to find a problem and create its solution should be your distinguishing feature as an entrepreneur.
Conclusion
Being an entrepreneur takes a lot of guts, and we must ask ourselves if truly, we have what it takes? To become successful entrepreneurs, we ought to study and train ourselves to have the qualities required to set out and be set apart for success.
Further reading:
- The East African – to understand what is making news in the region
- Africa’s Young Entrepreneurs – to access funding highlights across the continent
- TechCrunch – for tech and data related innovation
- Entrepreneur Magazine – well, the title explains it
- Harvard Business Review – great management advice for millennial companies
