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Defining entrepreneurship

Thu, Sep 28, 2017

Management Tips

So finally I’m able to define what’s enterpreneurship and who’s an entrepreneur because I’ve become one this year onwards. I feel my old ego of self employed professional is fading away although i can’t totally let it go as i still depend on it to make a living. The charm of being an entrepreneur is slowly overcoming my fear of the same.

So here i go , entrepreneur is someone whose got an idea with a business model that requires various types of expertise to complete. He himself cannot specialise in any single process of turning the idea from concept to deliverable as it would cripple the business model. He thus identifies what expertise is needed , where to find it , how to make it work in his idea machine. He thus puts ask these people in place. Then they need to be paid and other resources also are needed. So the entrepreneur has to find ways to finance this idea by mitigating as much risk add possible so as not the stiffle the idea with debt payable too early.
He thus nurtures the idea , the team and the investors until the business machine is self sustaining with a expanding client base and product delivery mechanism. Once the machine is in full operation the entrepreneur should become a chairman or start a new idea or a full time ceo ever adding in the original idea.

Entrepreneurship is thus an expertise like training and consulting but the difference is that he’s paid not in fees but in profit and capital gain. There is risk in every profession out even in taking your car out. Entrepreneurship is thus is not about taking risk but recognising risks and mitigating them.

An entrepreneur is a leader who can and had to produce other leaders within the first year of start up. The bigger the idea the more leaders he’s got to produce the faster.

A great leader without an idea can be great ceo, not a great entrepreneurbut someone with a great idea but no leadership cannot be a successful entrepreneur or ceo. To be a great entrepreneur one must have both a great idea and a great leadership.