Every business begins with an entrepreneur: someone who develops an idea by identifying gaps in the market. They then try to start a company to bring a product or service to the market. Success can depend on the level of drive, innovation, perseverance, and business acumen the entrepreneur possesses.

What Is an Entrepreneur?

An entrepreneur is an individual who 澳洲幸运5官方开奖结果体彩网:starts and runs a business. This individual is responsible for all the risks and rewards of their venture. The business idea usually encompasses a 澳洲幸运5官方开奖结果体彩网:new product or service rather than an existing business model.

"Many entrepreneurs want to create positive disruption—calling a bluff on the s▨tatus quo," says Jessica Sublett, President and CEO of in Akron, Ohio.

Entrepreneurial ventures target high returns with an equally high level of uncertainty. The entrepreneur is willing to risk their financial security and career, spending time as well as capital on an uncertain venture. They arrange for the necessary capital, raw materials, manufacturing locations, and skilled employees. Marketing, sales, and distribution are other importan𝄹t aspects that are controlled by the entrepreneur.

The risk is still carried by the entrepreneur even if some of these functions are outsourced. This makes entrepreneurship different from inheriting and/or running an existing business, working for a startup or entrepreneur for a salary, being a commissioned agent, or selling already available goods or services as a 澳洲幸运5官方开奖结果体彩网:franchisee or dealership.

How to Be a Successful Entrepreneur

There's no one-size-fits-all model for successful entrepreneurship. It may originate from passion and/or by identifying suitable business opportunities.

"Contrary to popular belief, a primary goal isn’t becoming a millionaire, it’s passion about solving a particular problem," Sublett says.

For example, a person who is very passionate about developing electronic circuits might accidentally develop a great appliance. Such an individual may not necessarily have much business sense but they're driven by pure passion. They go with their gut and create a highly marketable product that offers extremely high returns. Th🌳ey fit into the first category of passionate e🌊ntrepreneurs.

Someone with a sharp business acumen who senses a profit opportunity can become a successful entrepreneur as well.

Myths About Entrepreneurs

There are several misconceptions about entrepreneurship. One of the most common is that entrepreneurs take on risks without any plans. The truth is that while entrepreneurs do take o🙈n risks, they plan as 🍸much as they can for dealing with the unknown.

Here are some other mytඣhs about what it m🧸eans to be an entrepreneur.

• Entrepreneurs start with a revolutionary invention: Not all entrepreneurial ventures are true breakthroughs. Most identify and capitalize on a mix-and-match approach. Google didn't invent the internet, McDonald's didn't invent the cheeseburger, and Starbucks didn't invent coffee. It’s the identification and capitalization of an idea and the rapid growth rate that make the venture entrepreneurial.
• Entrepreneurs have experience: Many 澳洲幸运5官方开奖结果体彩网:entrepreneurs are young, inexperienced individuals who follow their passions.
• Entrepreneurs complete extensive research: Entrepreneurs might start with very limited or even no research unless an existing business is setting up a business line on a new concept. They do have good awareness about the potential of their offering, however, and this gives them the confidence to assume the risk.
• Entrepreneurs start with sufficient capital: Capital is the foremost requirement of any entrepreneurial venture. Most entrepreneurs fail to secure sufficient capital from outside sources unless they have somehow proven themselves or have a marketable prototype. Most start with insufficient capital with an aim to secure more along the way.
  
• Entrepreneurs do it all by themselves: "Successful entrepreneurs rely on mentors, partners, and a community to help them on their journeys," Sublett says.

Types of Entrepreneurship

Entrepreneurship comes in many shapes and sizes. Each type depends on the idea, scope, and risks that individuals are willing to take.

Scalable Startup

A startup is a new company that's in the initial stages and has yet to begin full-scale operations. It focuses on one product or service that o𓂃wners want to develop and bring to market. A scalable startup is a fledgling company that attempts to grow at a rapid pace. These startups can be very popular because they identify gaps in the market when they're successful.

Small Business

Many entrepreneurs start as and remain small businesses. The majority of entrepreneurs are small business owners. According to the 澳洲幸运5官方开奖结果体彩网:Small Business Administration 🌊(SBA), 99.9% of American businesses are small businesses.

Small buꦇsinesses usually deal with known and established products and services. Limited growth with continued profitability is what many small business owners pursue. They remain confined to their own ♌domain and group as a result.

Large Corporation

This is 🐬the type of business most people are familiar with when they think of entrepreneurship. Large corporations are the most advanced and🧔 complicated versions of what it means to be an entrepreneur.

These companies may involve large-scale production, manufacturing, and 澳洲幸运5官方开奖结果体彩网:distribution and they're made up of various levels of management. Demand often keeps these companies at the forefront of people's minds. Examples include Walmart, Amazon, and Microsoft.

Examples of Entrepreneurship

KickStart International

Africa-based KickStart International designs and builds low-cost, low-effort, high-yield irrigation products to help African farmers and end poverty. Their main product is the MoneyMaker Max, a "high-quality, human-powered treadle irrigation pump" and they offer a lower-cost, hip-operated version. Future product plans include a starter pump and submersible solar pumps.

Airbnb

Airbnb (ABNB) implemented the mix-n-match entrepreneurial approach to build a network of r෴entals in a certain&nbs🍎p;area to make them available to tourists.

Their innovative business model offers a win-win situation for all parties. The owners get short-term, high-paying tourists instead of long-term, low-paying renters. Tourists benefit from relatively low costs and a secure, home-like stay. Airbnb benefits from service charges for offering this buyer-seller marketplace model, controlling the sales or 澳洲幸运5官方开奖结果体彩网:distribution channel without owning a single property.

🍎 This company is accountable for ensuring a reliable community of propert🐎y owners willing to offer proper facilities and takes on the responsibility for handling conflicts that might arise between various parties. 

The Bottom Line

Innovation, success, and profits are common goals for many entrepreneurs. These are individuals who identify what's missing in the market and they develop ideas to help fill those gaps. The spirit of entrepreneurs is what helps fuel the global economy while serving their own needs. They create businesses that not only put new products on the market but that create jobs and encourage people to spend as well.