Definition of Entrepreneur

So what makes an entrepreneur a true entrepreneur?

The word entrepreneur comes to us from the French. It defines one who launches a business, finances a new venture, or assumes the risks of administering and directing an endeavor.

The only constant in the business world is change. Many businesses fail. Some struggle to make a small profit. Many are bought out. Few grow into huge global success stories, but the few that do are most certainly being directed by a true entrepreneur.

Every business owner is an entrepreneur. However, true entrepreneurs bring key personal traits to running a company that others lack. In addition to developing, nurturing, and administering their start-ups, they actively search for better ways of doing business. They look to the future. A true entrepreneur is always on the lookout for the next big development in their respective industry.

Much of the definition of entrepreneur is embodied in the German word zeitgeist, which means the spirit of the times, the core of the era. Being aware of the zeitgeist is understanding the cultural, intellectual, or political climate of a nation or a specific group. One’s level of entrepreneurship lies heavily on this idea, and the ability to take advantage of opportunities it brings to light.

True entrepreneurs strive to find the best candidate for the job. They look for people who are motivated and excited about the business and the work. A true entrepreneur mentors, delegates, and expects excellence from the firm’s employees. When a true entrepreneur finds an employee doing something right, he or she acknowledges it. Appreciation of the company’s workers fosters productivity, cooperation and loyalty. True entrepreneurs intuitively grasp the importance of a workforce that likes to come to work every day.

The true entrepreneur understands the importance of communication. He or she is open to suggestions and new ideas and shares information that is necessary to meet the company’s goals.

He or she takes the risks and assumes responsibility for both the good and bad decisions.

While they are natural risk takers, entrepreneurs are not reckless. They investigate the unique and creative opportunities presented to them. They listen. They ask questions. Facts are considered and information weighed. However, a true entrepreneur will also follow his or her instincts.

The true entrepreneurial businessman or woman searches out ideas and concepts that will move the business forward. They are skilled at identifying factors that enhance the business, its assets, and its place in the global marketplace.

The enterprise is never permitted to stagnate under old rules and rigid formulas. True entrepreneurs live in the present but are always preparing for the future.

Now that you know what an entrepreneur is, check out these entrepreneur ideas for kids.