What is an entrepreneur? We come across this term so often that we sometimes overlook the profundity of this word and the entirety of its meaning. An entrepreneur is more than just a noun that refers to business-minded individuals. It involves undertaking risks and drawing out intelligent plans. But the difference between entrepreneurs and everyone else is the former’s passion to do things differently and creatively. They feed on challenges and risks.
What makes a great entrepreneur is his spontaneous creativity and his ability to make wise decisions in spite of the absence of solid data. His risk-taking personality drives him to persistently create new things or build something that has never been done before. In fact, the Austrian School of Economics probably had it spot on when they described entrepreneurs a as being engaged in the creative destruction of existing products and services.
In general, an entrepreneur has the highest chance of success by targeting a market niche either too small or too new to have been noticed by established businesses. But not everyone who starts a venture is an entrepreneur. There are people who start business to fit in between jobs. Others do it on the advice of someone else. But entrepreneurs are different. Their involvement is dependent purely on their dream and vision.
There are various perks and benefits in being an entrepreneur.
First and foremost, you are your own boss. You don’t have to answer to anyone. Instead, they will answer to you. You hold a supreme position and this entails making decisions based on your good and sound judgment. Ultimately, the every decision regarding your business falls on your hands. The adage “You reap what you sow” as a matter of fact, fits just perfectly. You pay the price for bad calls, but you also get rewards for the good ones.
Entrepreneurs also hold a special place to every society. They are highly valued and esteemed. So to encourage their activity, most entrepreneurs are normally offered access to management advice and sometimes, tax deduction.