What is World Entrepreneurs Day?
This week we celebrate World Entrepreneurs Day (August 21), recognising that behind a successful business, is someone who despite many obstacles, stays on track and is determined to attain their dream – often in business.
What is an Entrepreneur?
The Oxford dictionary’s definition is:
‘a person who makes money by starting or running businesses, especially when this involves taking financial risks.’
The word itself comes from the French, entreprendre – to undertake.
So, ‘an individual who undertakes to supply a service or product to the market for profit. The entrepreneur will usually invest capital in the business and take on the risks associated with the investment. In most modern capitalist economies, the initiative of entrepreneurs is regarded as an important element in creating a society’s wealth; governments are therefore led to establish conditions in which they will thrive’.
(definition from a Dictionary of Business and Management.)
I would argue against this as, in the UK, for many years now, the Government has not supported the majority of entrepreneurs and ignores the majority focussing on corporations and super wealthy business people. The smaller person in business on streets up and down the land are overlooked constantly.
What does ‘entrepreneur’ mean to me?
Anyone who earns a living based upon their own efforts and working towards their own success – whatever that means for them.
Most people who start out in their own business have a passion for what they are doing. Usually, because it’s a passion, working in their business is a pleasure, rather than a daily chore.
It is this passion that drives the owner to:
– have belief in an amazing product
– have the skill to provide some type of service
– have skills and knowledge that others need to acquire
– want to help or support others.
Ten Characteristics of people who have an Entrepreneurial Spirit:
- Natural leaders, with the ability to inspire and bring out the best in people.
- Motivated by challenges. Rather than give up, setbacks are seen as challenges to overcome, an opportunity to learn, grow and move forward.
- Doers. They don’t spend their time talking about what they’re going to do, but actually get on and do it.
- Thoughtful when coming to decision making. They don’t waste time, procrastinating, but take careful, considered action when making decisions.
- Risk takers. Even when they are uncertain about the outcomes, they will take risks if it’s something they believe in or that they judge the risk is worth it.
- Ambitious. They have dreams and a vision, and they want to make them reality, no matter what anyone else thinks.
- Resourceful. Starting out, they will make do with few resources to get to where they want to be, and be comfortable with that, until they have built up their collateral.
- Critical thinkers. They are able to analyse and evaluate issues, and form clear judgments.
- Excited to learn. They love learning new skills and embrace new opportunities, because they know it will make them more knowledgeable, rounded people and leaders.
- Optimistic. They are optimists in life and work. This is an important one, because they have to believe that things will work out in their favour.
If you’re thinking about starting a business and want to talk to someone about whether or not your idea is feasible or not, why not book a Power Hour with me? https://go.scottmedia.uk/power-hour