Being an entrepreneur means more than owning your own business. At its most basic definition, entrepreneurship is undertaking a new business venture. However, modern entrepreneurs do more than just open a new business. They go after new products and new markets that require more risk with more reward in return. You might call an entrepreneur a trailblazer. They lay the groundwork for others to follow them. They do not follow on the coattails of others. They might take someone else’s idea and take it in new directions. The idea is innovation and trailblazing instead of playing follow the leader.
Where are the qualities of modern entrepreneurs? If you ask a number of experts, the definitions you hear will be unique to each person. However, most can agree upon a few common traits. One of the most common characteristics is that a modern entrepreneur is a typical loner. They are the ones who always liked to work by themselves instead of group projects while in school. They are the ones that do better when left alone instead of micromanaged. Another common characteristic is that a modern entrepreneur is naturally competitive. Whether they have competed in sports or academics, these individuals always wanted to be at the head of their game.
The modern entrepreneur loves to take risks. They are the ones who see new opportunities and jump right in. They do not wait for others to blaze trails. They are the one blazing trails. That does not mean that they are foolish about. Most people describe the modern entrepreneur as having a head for business. While they are willing to take a risk, they are also willing to look at information and research before jumping in with both feet. If they see the potential rewards are worth the perceived risks, they are ready to go ahead. Some modern entrepreneurs live and breathe their business. However, more and more of them are making time for themselves as well as their family. They realize that to have a fully successful life, they have to integrate all parts of their lives.
As with anything else in life, there are risks involved with entrepreneurship. One of the classic pitfalls for entrepreneurs is putting their business above everything else. In the early stages of any business, you will spend a good number of your waking hours focusing on getting the business under way. However, it should not be at the expense of your family or your health. No one ever wish that he had spent more time in his business instead of with his family on his deathbed. It is important to spend time with family and friends. It is also important to take care of yourself through the process. You cannot enjoy the fruits of your labors if you neglect your health. Balancing your life will give you more energy and focus for your business.
Another classic pitfall is thinking that your great idea is the only thing you need for a successful business. Many people have great ideas every day. But to get it passed just being a great idea takes time, risk, and resources. That means surrounding yourself with the right people and using their expertise in order to keep your idea on track. You may be the only person at first, but in order to keep going forward you may need other hands. For individual business owner, it may be finding the right bookkeeper or accountant to do your taxes. For those that want to increase their online business but are not technically savvy, it might be finding an independent contractor who could build a website.
Another pitfall for many entrepreneurs is lack of understanding of their own business. You may be making great sales numbers, but if your cost for material and labor are too high, you are not making a profit. When you try a new sales or marketing strategy, it is important to link new sales back and see if that strategy is working or not. It can come down to making sure you are not spending too much on office supplies or on company coffee. It is all a matter of monitoring and making sure there is nothing dragging your business down unnecessarily.
Where is entrepreneurship going in the future? Entrepreneurship is going global. More and more people see opportunities all around them. As people become more educated, they have access to more opportunities to start their own businesses. There are dozens of new academic programs focused solely on entrepreneurship. The emphasis is going to be on taking what you know and making it your own. Whether you live in a modernized western country or Third World agricultural society, more and more people find gaining control over your own destiny appealing.
As technology evolves, opportunities evolve as well. The most common business startups now may be things of the past in 10 years. Being an entrepreneur means being ahead of trends before they are ever heard of.