What skills do you need to be an entrepreneur?
Successful entrepreneurs often possess good communication skills, salesmanship, unwavering focus, the ability to learn, and strategic business thinking. Communication and salesmanship tend to go hand-in-hand, as entrepreneurs will have to sell both their ideas to investors and physical products to customers. Being able to stay on course, learn from failure, and implement a solid long-term strategy are obviously useful skills for growing a business.
How do I know if I am an entrepreneur?
In addition to learned “hard” skills, those who have what it takes to be an entrepreneur tend to also possess personal “soft” skills that make them particularly suited to starting their own business. These character traits include (but aren’t limited to) being self-confident, frugal, detail-oriented, optimistic, flexible, thick-skinned, disciplined, and motivated to succeed. Entrepreneurs should also have a drive to create a business that adds value to the world, rather than only generating a profit.
Do entrepreneurs have a career?
Unless you’re solely making new businesses for a living, entrepreneurship is not, in and of itself, a career. As such, entrepreneurs will need to have a career at least until their company is off the ground, unless you have sufficient savings to keep yourself afloat while waiting for your business venture to take off. Once the business is self-sustaining, if you do not return to your old profession and instead continue to manage the growth of your enterprise, then you could consider business management your new career.
Who are the top five most successful entrepreneurs?
In terms of global impact, five of the most successful entrepreneurs are Andrew Carnegie, Henry Ford, Oprah Winfrey, Bill Gates, and Larry Page. Carnegie and Ford are both founders of major industrial companies that are still active today (though the Carnegie Steel Company is now part of the United States Steel Corporation). Oprah is an incredibly influential media personality, while Gates and Page each started one of the biggest tech companies in the modern era.
Service Corps of Retired Executives (SCORE)
The Service Corps of Retired Executives (SCORE) is a nonprofit whose members consist of both current and retired business owners and corporate executives. SCORE provides new business owners and aspiring entrepreneurs with free consultation services and advice.
Electronic Commerce (Ecommerce)
Electronic commerce refers to the sale and purchase of goods and services over the Internet. Ecommerce has made it significantly easier for consumers to find almost anything via online retailers and marketplaces.
An intrapreneur is an employee that is charged with devising an innovative idea on the behalf of their employer. Although intrapreneurs typically stand to gain less than a traditional entrepreneur, the overall risk of the enterprise is lower and they have access to a company’s resources and capabilities.
Intrapreneurship is the practice of allowing an employee to act as an entrepreneur on behalf of their employer as well as for their own benefit. Since an employer is able to absorb any potential losses, intrapreneurship is less risky for an individual than traditional entrepreneurship.
“Game-changer” is a moniker that indicates an idea, event, person, or business that will have a significant impact on the status quo. Creating or becoming a game-changer typically necessitates both innovative thinking and a long-term commitment of some sort.
Bleeding Edge Technology
Bleeding edge technology is a form of technology that is available to the public without having undergone significant testing. While this gives producers a chance to test out a product before its official launch, early adopters are often at risk should something go awry.
Business bondage refers to the feeling of being bound to or trapped by one’s business. This feeling is common amongst new entrepreneurs and small-business owners, as these enterprises require a significant investment with no guarantee of success, which can be incredibly stressful if everything isn’t going smoothly.
Alfred Nobel was (among other things) an inventor, entrepreneur, and philanthropist for whom the Nobel Prize is named after. In his last will and testament, Nobel dictates that his estate should be used to provide “prizes to those who, during the preceding year, have conferred the greatest benefit to humankind.”
Bill of Rights Institute. "Andrew Carnegie and the Creation of U.S. Steel." https://billofrightsinstitute.org/essays/andrew-carnegie-and-the-creation-of-us-steel