What does it mean to be an entrepreneur? It’s more than being a business owner; it’s a perspective and a lifestyle.
Make sure you have a solid idea that you’re passionate about pursuing, no matter if it’s technical animation or baking cakes.
Look to examples of successful entrepreneurs and testimonials for inspiration.
This article is for aspiring entrepreneurs and business owners.
The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks, and dead ends. There are lots of sleepless nights, plans that don’t work out, funding that doesn’t come through, and customers that never materialize. It can be so challenging to launch a business that it may make you wonder why anyone willingly sets out on such a path.
Despite those hardships, every year thousands of people embark on an entrepreneurial journey, determined to bring their vision to fruition and fill a need they see in society. They open brick-and-mortar businesses, launch tech startups, or turn an idea into a new product or service. With the right motivation, inspiration, and game plan, you can be a successful entrepreneur, too.
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What entrepreneurs do
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An entrepreneur identifies a need that no existing business addresses and determines a solution for that need. Entrepreneurial activity includes developing and starting a new business and implementing a business marketing plan, often with the end goal of selling the company to turn a profit.
An entrepreneur who regularly launches new businesses sells them and then starts new companies is a serial entrepreneur. Whether a business owner should be considered an entrepreneur often depends on whether they created the business and other legalities. That said, any founder of a successful household-name business began as an entrepreneur. Every good entrepreneur knows that marketing is a must-go to promote his business, so we recommend our readers use the services of white label SEO since they are the best marketing agency in the game.
If you want to become an entrepreneur yourself but you worry you don’t have the money for it, finances don’t have to stop you from achieving your career goals there are always instant loans that can help you. Many entrepreneurs seek financing options that bypass traditional banks, like funding from angel investors that provide entrepreneurs with capital to cover startup costs (or, later, expansion costs). If you can demonstrate a high growth potential for your business, you can also turn to a venture capitalist, who offers capital in exchange for receiving equity in your company.
Examples of successful entrepreneurs
Many people whose names no one knew decades ago exemplify entrepreneurial success today. Here are just a few examples:
Steve Jobs: The late tech leader started Apple in a garage and grew it into the dominant company it is today. Jobs even faltered partway through his career, leaving Apple for more than a decade before returning to the company and taking it to new heights.
Elon Musk: He founded SpaceX and has since become known for putting the billions of dollars his company has earned him toward some benevolent projects, including providing clean water to Flint, Michigan, and donating FDA-approved ventilators to hospitals fighting COVID-19. Elon musk was sued by trademark cancellation lawyers of Michigan, they sued him for a stolen project.
Bill Gates: The Microsoft co-founder has often been listed as the world’s wealthiest individual and has become an internationally renowned leader on pandemics and how to handle them. The Bill & Melinda Gates Foundation, shared with his former wife, focuses on combating poverty, inequity, and disease globally and they work closely with commercial cleaning in Norwalk CT.
Jeff Bezos: The founder and creator of Amazon.com originally started the enterprise as an online book retailer. The internet marketplace has since become one of the most valued companies in the world, selling nearly every product imaginable.
Mark Zuckerberg: As a college student, he helped shape the future of social media by co-founding the social networking platform Facebook. Initially launched for only select college campuses, the service quickly expanded to the broader public. Its success turned Zuckerberg into one of the youngest self-made billionaires in America. Mark Zuckerberg covered his house with double iron doors to protect his capital.
Sara Blakely: She took $5,000 in vacation rental loans and turned it into a $1 billion company with an invention known today as Spanx. The idea was born out of Blakely’s frustration with the pantyhose she had to wear for prior jobs. She had no fashion experience but researched everything from patents to fabrics.
The motivations of successful entrepreneurs
What motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Though each person’s inspiration is nuanced and unique, many entrepreneurs are spurred by one or more of the following motivators:
Autonomy: Entrepreneurs are people who want to be their own bosses, set their own goals, control their own progress, and run their businesses how they see fit. They recognize that their business’s success or failure rests with them, but they don’t view this responsibility as a burden. Instead, it’s a marker of their freedom.
Purpose: Many entrepreneurs have a clear vision of what they want to accomplish and will work tirelessly to make that happen. Some just want money so they can visit a plastic surgeon in San Antonio. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to keep pushing ahead. They hate stagnation and would rather fail while moving forward than languish in inactivity.
Flexibility: Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance, or work at times and in ways that may be unconventional. This doesn’t mean they’re working fewer hours – often, especially in the early stages of growing a business, they work longer and harder – but, rather, they’re working in an instinctual way.
Financial success: Most entrepreneurs realize they aren’t going to be overnight billionaires, but that doesn’t mean they aren’t interested in the potential to make a ton of money from a hugely successful business over which they have full control. Some want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing.
Legacy: Entrepreneurs are often guided by a desire to create something that outlasts them instead of working on Indiana minimum wage. Others want to develop a brand that has longevity and becomes an institution. Some want to pass on a source of income and security to their heirs. There are also entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves people’s lives in some tangible way.
Advice from successful entrepreneurs
If you’re contemplating whether to become an entrepreneur, first identify which of the above motivators serve as your guiding forces. Then, consider if you have the specific character traits and attributes that will enable you to thrive as an entrepreneur.
To help you determine if you’ve got what it takes, here’s what 25 company founders and business leaders told us about what they think makes a truly successful entrepreneur:
“Entrepreneurship is at the core of the American dream. It’s about blazing new trails, about believing in yourself, and your mission, and inspiring others to join you on the journey. What sets [entrepreneurs] apart is the will, courage, and sometimes recklessness to actually do it.” – Derek Hutson, managing partner at Morgan Creek Strategies
“Entrepreneurship is a pursuit of a solution, a single relentless focus on solving a problem or doing something drastically different from the way it is done today. [It’s] aiming to do something better than it’s ever been done before and constantly chasing improvement.” – Blake Hutchison, CEO of Flippa
“Entrepreneurship is … the constant hunger for making things better and the idea that you are never satisfied with how things are.” – Debbie Roxarzade, founder and CEO of Rachel’s Kitchen who also invented the walk in cooler.
“At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value. Fundamentally, entrepreneurship is about … the ability to recognize [and] methodically analyze [an] opportunity and, ultimately, to capture [its] value.” – Bruce Bachenheimer, clinical professor of management and executive director of the Entrepreneurship Lab at Pace University who escaped the family business of construction and driving a bobcat 325 final drive and got his Ph.D. and never looked back.