The allure of entrepreneurship is often echoed in motivational seminars and government programs. So far, the term entrepreneur is often equated with self-employment and refers to individuals or groups who set up small- or medium-scale businesses. Many also believe that working as an entrepreneur is far more profitable than being an employee. Is this a fact or a myth? Is an entrepreneur the same as being self-employed? To understand better, let’s read this article until the end to find out the meaning of an entrepreneur, as well as its objectives and examples.
Also read: What is Business Ethics and Why is It Important?
What is an Entrepreneur?
What is an Entrepreneur? The Definition, Objectives, and Examples
There are several definitions of an entrepreneur, according to experts. According to Burgess, an entrepreneur is someone who manages, organizes, and dares to bear all the risks of creating new business opportunities. Meanwhile, according to J.B. Say, entrepreneurs are those who can manage their resources economically (effectively and efficiently) and turn low productivity into high ones. Essentially, an entrepreneur is involved in a business or business activity in which the business actors play a full role in determining business strategy, creating new products, marketing products, and raising capital.
Then, is an entrepreneur the same as being self-employed? There is a debate about this. Some say they are the same, while others argue that an entrepreneur and someone who is self-employed are two different things. The difference lies in the ownership of the business. Entrepreneurs must have their own businesses, while the self-employed can also work for other people or companies owned by other individuals.
Also read: Business Risks Definition: Types and How to Overcome Them
Entrepreneurship Objectives
Most people think that the sole purpose of doing business is to make as much profit as possible. However, there are actually many objectives that can be achieved through entrepreneurship, namely:
- Creating products with higher value than before processing
- Helping to improve the welfare of society, including the residents
- Building the characteristics of a competent entrepreneur
- Spreading the spirit of entrepreneurship to others
- Creating a business with excellent quality
- Gaining profits
Also read: 14 Business Goals and Objectives Entrepreneurs Should Know
Entrepreneurial Characteristics
Running your own business and handling everything alone requires a strong and independent character. In addition to these two traits, there are many other characteristics that entrepreneurs generally have, namely:
- Being financially smart
- Having great leadership
- Being realistic
- Being visionary
- Being confident
- Being competent
- Being skilled
- Being responsible
- Being committed
- Being honest
- Being creative and innovative
- Having discipline
Also read: 10 Successful Young Indonesian Entrepreneurs Starting a Business from Scratch
Entrepreneur Categories
Before plunging into the world of entrepreneurship, it is better for someone to first understand which category of entrepreneur they belong to out of the several below.
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Inventor
Tasked with defining or creating a unique concept and providing novelty value, as well as methods for production and other activities.
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Innovator
An innovator is someone who creates a new technology or a suitable way to solve a problem in business.
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Marketer
As the name implies, a marketer’s job is to map the market and find solutions to potential customers’ problems.
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Opportunist
In the field, the opportunist type is usually a broker whose job is to match the needs of the services required and generate commissions.
Also read: 11 Business Presentation Tips That Attract Investors
Entrepreneurship Examples
What is an Entrepreneur? The Definition, Objectives, and Examples
There are many examples and types of entrepreneurship in this world, some of which are:
- Culinary
- Franchise
- Printing
- Retail
- Handicrafts
- Grocery store
- Clothes
- Laundry
Also read: What Is a Business Proposal, The Definition, and Benefits
Entrepreneurial Success Factors
After knowing the meaning, objectives, and types of entrepreneurship, you must also understand the entrepreneurial success factors. Here are a number of entrepreneurial success factors that you need to know:
- Having a strong determination
- Having sufficient capital or access to capital
- Understanding the target market
- Ability to find solutions to problems experienced by consumers
- Creativity
- Having a wide network
- Being quick in making decisions
- Being unwilling to give up in the face of challenges
Also read: The Difference Between an Entrepreneur and Entrepreneurship
How to be a Successful Entrepreneur
Lastly, how do you become a successful entrepreneur? Strong determination and capital alone are certainly not enough. There are several things you can do to become a successful entrepreneur, namely:
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Have entrepreneurial skills
Without entrepreneurial skills, an entrepreneur might succeed, but it takes longer. What skills are needed to become an entrepreneur?
There are several that have been mentioned before. Starting from the ability to map the target market, an understanding of market needs, the ability to read opportunities, good communication skills, and so on.
All these skills are essential to have and will significantly support an entrepreneur’s success. -
Have access to capital
Capital is often a challenge in doing business. Many entrepreneurs fail because they lack capital or stop halfway. So, access to capital is vital for the business to grow and survive. Not all entrepreneurs have money from the start. Capital can be obtained from sources other than your pocket. It can be from investors, banks, or fundraising. So, if you do not have your own capital, at least have access to other capital.
Also read: 15 Advantages and Benefits of Being an Entrepreneur
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Able to provide solutions
An entrepreneur must be able to provide solutions to problems faced by consumers. If presented as a product, the right solution will be easily accepted by the target market. That way, sales will increase, and the business will run smoothly.
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Quick to read opportunities and good at taking chances
Momentum or opportunity in doing business often comes in a short time. If it is not immediately taken, an entrepreneur can be defeated by others who move faster. Fierce business competition makes entrepreneurs shrewd and astute at reading opportunities. Opportunities right in front of us must also be seized immediately to aim for the targets that have been targeted.
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Clever in managing business
Lastly, entrepreneurs must also be good at managing everything, from production and distribution aspects to internal aspects such as financial reports and human resources.
So that is the meaning of an entrepreneur, its objectives, and examples. Becoming an entrepreneur is not an easy feat because you have to be able to do many things to maintain business continuity. Even so, many entrepreneurs have proven to succeed, and their products can penetrate the international market. It all depends on the astuteness of that entrepreneur.
