What is “Entrepreneur”?
An entrepreneur is a term we hear a lot in this country, but do we really know what it is? When we think of entrepreneurs, we think of business owners of all types. Restauranteurs, auto shop owners, digital startups, self-employed photographers; all of these would count as entrepreneur careers.
But what is the defining factor?
The word entrepreneur comes from the French word “to undertake.” No, not a grave-digging undertaker, but a person who undertakes risk and initiative with the end goal of financial profit.
Entrepreneurs are defined as anyone who takes a risk with the goal of financial profit.
Obviously making money is not the only motivator for entrepreneurs, but risk-taking, usually in the form of financial investments, is the underlying theme of all entrepreneurs.
Entrepreneurs are also working to build something that will last. One of the defining factors for an entrepreneur is to take the necessary steps to create a business that will, when managed properly, continue making them money while they are not working.
Do it yourself entrepreneurship
If you want to start a business but don’t know where to start, don’t worry – you’re not alone. In fact, given the new economic reality of our time, more people than ever have found the “job” they thought was waiting for them doesn’t exist. Others have come to the conclusion that they would rather create work they love, constructed to fit with their own life goals.
In early 2015, I decided to create my own do-it-yourself in entrepreneurship because I wanted to build a better business where I could focus my time doing the work I enjoy while also consistently hitting my growth targets.
To create my own do-it-yourself curriculum, I used the lean startup methodology, I studied marketing and business automation in order to automate and delegate more of my online business processes, and I sought out the best advice from local entrepreneurs and investors who I met at local conferences and pitching events.
I set a goal to take one online course per month and then supplement this online education with books, podcasts, audiobooks, whitepapers, and a mastermind accountability group that I created to team up with some friends and colleagues who were on a similar entrepreneurial path.
While I had previously worked for many years in digital marketing and had been running my own online teaching business since 2011, I knew that I still had a lot to learn to scale and grow my business in a way where I could still balance making a high income with having the necessary time to unplug, travel, and enjoy myself.
No matter how much experience you may or may not have in a particular domain, if you decide to enter it, you must properly evaluate the current players, the customer need and the market size. As many startups seek investment, you will go through numerous pitches where you are expected to know the information inside out.
Investors want the companies they invest in to be extremely well informed. They want to know their money is going toward a venture where the founders are 100 percent dedicated to its success. Lack of adequate knowledge will be a deal breaker for any investor. There will be an abundance of information you will learn through out your journey. But educating yourself on the basics will help steer you in the right direction.
Prior to entering the furniture business, I knew how to run a technology startup and a manufacturing supply chain. But I had little knowledge of how I could apply my learning to the furniture industry. I knew that if I wanted to successfully operate and grow my business, I had to learn about the market, growth areas, customer needs and pain points to the best of my ability. This has helped me understand my target market and the steps I need to take to get my business to the next level.
Except if for the aspiring entrepreneur who doesn’t have the opportunity to attend a place like Acton, Darden or Harvard (top business schools which heavily or exclusively employ the case method)? Can you learn to run a business, using case method, without a supporting institution?
You can. As with any DIY solution, it’ll take a little more ingenuity and patience, but you can use the following basic ingredients to get started.
For music 🎶 lovers you can check out our previous post on How to learn keyboard or piano by yourself