It is the art of turning an idea to a viable business.

Entrepreneurs assemble and then integrate all resources needed – (the money, the people, the business model), to transform an idea to a business.

It usually involves a lot of risks, organizing resources and often pioneering into new market territories. Successful entrepreneurs are known for their vision, resilience, and ability to identify opportunities in the market place.

Why Become an Entrepreneur?

• Desire to be their own boss
• Desire to pursue their own ideas
• Financial rewards

Characteristics of Successful Entrepreneurs:

• Four primary characteristics of successful Entrepreneurs.
• Passion for Business
• Product/Customer focus
• Tenacity despite failure
• Execution Intelligence

Passion for Business :

The number one characteristic shared by successful entrepreneurs is a passion for business, as this passion typically stems from entrepreneurs belief that business will positively influence people’s lives.

Product/Customer focus :

The second defining characteristic of successful entrepreneur is a product/customer focus. As their keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.

Tenacity Despite failure :

As the entrepreneurs are typically trying something new, the failure rate is naturally high. So this is basically their ability to preserve through setbacks and failures.

Execution Intelligence

The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.

Common Myths about Entrepreneurs :

• Entrepreneurs are born, Not Made :

This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs , the consensus of many studies is that no one is “born to be an entrepreneur” : everyone has the potential to become one. Weather someone does or doesn’t become an entrepreneur is a function of their environment, life experiences and personal choices.

• Entrepreneurs are Gamblers :

most entrepreneurs are moderate risk takers. The idea that entrepreneurs are gamblers originates from two sources:

1. Entrepreneurs typically have jobs that are less structured, and so they face a more uncertain set of possibilities than people in traditional jobs.
2. Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior that is often equated with risk taking.

• Entrepreneurs are motivated primarily by Money :

Money is rarely the reason entrepreneurs start new firms. In fact, some entrepreneurs warn that the pursuit of money can be distracting.

Entrepreneurs must be Young and Energetic :

Entrepreneur’s activity is fairly evenly spread out over age ranges. While It is important to be energetic, investors often cite the strength of the entrepreneurs as their most important criterion in making investment decisions.

Difference between Entrepreneur and Businessmen :

The terms “entrepreneur” and “businessman” are often used interchangeably, but they have distinct meanings and connotations. Here are the key differences:

Innovation vs. Operation:

Entrepreneur:

Typically associated with starting new ventures, they innovate and bring new ideas to the market. They often create something that didn’t exist before.

Businessman:

Generally involved in operating existing businesses, they focus on the day-to-day running and growth of the company.

Risk:

• Entrepreneur:

Willing to take significant risks to create and establish new products or services.

• Businessman:

Usually takes calculated risks within an existing market framework and tends to be more risk-averse.

Vision:

Entrepreneur:

Often driven by a vision to change the world or fill a gap in the market.

Businessman:

More focused on maintaining profitability and sustainability of the business.

Approach:

Entrepreneur:

Typically has a more flexible and dynamic approach, adapting quickly to new opportunities and challenges.

Businessman:

Usually follows established processes and systems to ensure steady business operations.

Goals:

Entrepreneur: Primarily aims to build and scale new ventures, often with an eye on innovation and market disruption.

Businessman: Focuses on maximizing profits, expanding the business, and ensuring stability.

Growth:

Entrepreneur: Seeks rapid growth and often looks for opportunities to pivot or expand quickly.

Businessman: Prefers steady and sustainable growth, often within a well-defined market.

In summary, while both entrepreneurs and businessmen aim to be successful in their ventures, entrepreneurs are more focused on innovation and creating new market opportunities, whereas businessmen concentrate on managing and growing existing businesses effectively.