Entrepreneur Definition
According
to
the
Oxford
Dictionary
an
entrepreneur
is
defined
as
follows:
“a
person
who
sets
up
a
business
or
businesses,
taking
on
financial
risks in the hope of profit”
What Does This Really Mean ?
An
entrepreneur
is
typically
a
person
who
literally
sees
the
gap
in
the
market.
The
entrepreneur
see
a
need
for
a
specific
product
and/or
service
and
addresses
that
need
through
innovation,
new
ideas
or
utilises
an
existing
product/service
where
that
product
and/or service is required in a specific area.
Entrepreneurs
play
a
key
role
in
the
economy
addressing
specific
requirements in a specific market.
What are the Risks ?
An
entrepreneur
will
typically
assume
the
risk
of
any
venture
entered
into.
The
entrepreneur
will
assume
the
risk
of
the
business
start-up.
A
failed
start-up
or
business
can
cost
the
entrepreneur
a
huge
amount
of
capital,
reputation
etc.
It
is
not
easy
being
an
entrepreneur
and
many
famous
entrepreneurs
have
gone
bankrupt
before
becoming
successful.
It
is
a
recognized
fact
that
only 50% of start-ups make it through the first 5 years.
What does it take ?
It
takes
a
lot
of
hard
work
and
perseverance
to
become
successful.
In
a
world
where
instant
gratification
is
the
norm
an
entrepreneur
will
need
to
burn
many
hours
to
become
successful.
There
is
no
such
thing
as
a
free
lunch
and
the
entrepreneur
will
have
to
invest
time, effort and money to have a successful business.
What Is An Entrepreneur ?
Online Entrepreneur Training Courses
There
are
various
entrepreneur
training
courses
available.
It
is
however
advised
to
find
a
course
compiled
by
an
experienced
entrepreneur.
Many
courses
are
based
on
theory
and
compiled
by
academics
who
so
not
necessarily
have
the
practical
experience
as
experienced
entrepreneurs.
It
is
one thing to have book knowledge but completely something else to do it in practice.
An
entrepreneur
should
empower
themselves
with
knowledge
to
succeed
in
their
business.
A
mentor
should
be
obtained
to
guide
the
prospective
entrepreneur through the challenges of business.
Online mentorship and courses:
Can The Risks Be Mitigated and How?
The
short
answer
is
YES.
Risks
can
be
mitigated
through
education
and
following
tried
and
tested
processes.
It
is
not
wise
to
jump
into
a
new
venture
without
properly
analyzing
and
planning
for
that
venture.
Will
you
start
building
a
house
without
a
building
plan
?
It
will
surely
lead
to
chaos
and
the
same
with
a
business.
An
entrepreneur
will
require
a
plan before the construction of the business commences.
What is An Entrepreneur Explained