An entrepreneur is a person who uses a keen business sense to create profitable opportunities where there are none. Forbes succinctly defines entrepreneurship as “define, invest, build, repeat.” An entrepreneur sees an opportunity, invests (often considerable amounts of) time and money, builds the business, and then moves on to the next opportunity.
Note: There is often confusion between the terms entrepreneur and small business owner. These two roles are similar, and once in a while a person may be a little bit of both, but in general, there is a difference:
- A small business owner owns a small business. He or she operates his or her small business and works to make it a success. A small business owner is usually personally and emotionally invested in his or her business.
- The term entrepreneur is associated with big ideas and big risks. An entrepreneur may come up with crazy schemes and then develop risky plans to bring their grand visions to life. An entrepreneur isn’t usually as emotionally invested in his or her business ventures. To an entrepreneur, “It’s just business.”
An entrepreneur needs to have:
- Access to funds and resources to invest. (This may mean access to investors.)
- A willingness to take risks.
- A willingness to work hard.
- Excellent people skills.
- The ability to “see into the future” and make accurate predictions.
- A good business sense.
Education and Training — How to Become an Entrepreneur?
Some believe that entrepreneurs are born, not made. It does take a certain kind of mind to be able to recognize business opportunities where most people don’t see them. But education and experience also helps.
People can earn degrees in entrepreneurship, but many entrepreneurs have other (often business-related) degrees. And still other entrepreneurs have no degrees at all. The best training might come from a mentor. An aspiring entrepreneur may want to find a successful entrepreneur and watch the way he or she works.
Entrepreneur Salary — How Much Do Entrepreneurs Make?
It is impossible to accurately summarize how much entrepreneurs make because of the risky nature of entrepreneurship. Some entrepreneurs are billionaires. Some are bankrupt. Some make lots of money one year and then bottom out the next.
A skilled and hardworking person can definitely make a good living as an entrepreneur, but he or she has to be willing to take risks.
Entrepreneur Career Opportunities
Entrepreneurs work in every field. An entrepreneur sees opportunities everywhere, be it construction, health care, technology, or used cars.
Entrepreneurs make their own career opportunities. They are creative, resourceful, and brave. They see a need in society, come up with a way to meet that need, and launch a plan.