If you asked five people what they thought an entrepreneur was, you would get six different answers one from each of the five people that you asked and a new one that you will come up with after reflecting on their answers. It is no easy or standard way to define an entrepreneur our current diverse marketplace with an economy that transforms constantly.
Most dictionaries would define an entrepreneur as “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.”
The reality is that there is no official definition of an entrepreneur, nor is there likely to ever to be one. Why? The reason is because entrepreneurs are not defined by the term “entrepreneur”, rather by their confidence to take action and create a unique journey. Most entrepreneurs are risk takers. Their biggest risk is the willingness to think or bring an idea to life outside the restrictions of an employer’s resources and limitations.
To shed some light on how an entrepreneur is defined, here are a few definitions from industry respected individuals:
Harvard Business School Professor Howard Stevenson: “Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.”
Chris Oakley, former chairman of web design company Chapter Eight, as reported in businesszone: “An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way.”
And one of my personal favorites:
Rory Mc Gwire, founder of The Marketing Donut: “An entrepreneur is someone who, rather than working 8 hours a day for someone else, would prefer to work 18 hours a day for [him or herself]. (And one can then embellish it with half-the-pay, twice the stress, but ten times the fun, etc.)”
These are just a few of many definitions and perspectives on what it means to be an entrepreneur. One sure thing is that the world is constantly changing, demands are shifting, new communities are springing up, and there is always an opportunity to create a business, product, or service that will bring value to others. Remember, as an entrepreneur you create your own definition. You are not limited to the term, but your create it.
Disclaimer: I am still learning all the amazing and interesting areas of entrepreneurship. Over the next 5 months I will be interviews and meeting many entrepreneurs. I look forward to developing my definition of an entrepreneur and sharing it with you all.