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Become an entrepreneur - this is how you take your business to the next level!

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Become an entrepreneur - this is how you take your business to the next level!

The entrepreneur definition is derived from this French term, which translates as entrepreneur. In the English-speaking world, this term is used to describe self-employed persons and owners of companies. In this country, a distinction is made between an entrepreneur and an independent business owner. The common Entrepreneur meaning in Germany (also in Switzerland and Austria) is that not every entrepreneur is automatically an Entrepreneur. Learn more about becoming an entrepreneur in this article.

Definition of Entrepreneur

In terms of the official definition, an entrepreneur is the founder and owner of a company whose intentions and motivation go beyond the actual duties of a managing director. Starting a business is an extensive, complex process. Entrepreneurship, which is characterized by innovative action and the will to create new structures, has emerged as a special form of entrepreneurship.

Goal orientation, a willingness to take risks and a constant striving for improvement form the basis necessary for a start-up. The core competencies of an entrepreneur include creativity, persuasiveness and the ability to transform visions into profitable business models.

Entrepreneur: What does that mean?

The entrepreneur differs from a business person who starts a new company in that the entrepreneur strives to innovate, make visions scalable, and implement innovations.

Company founders are generally referred to as innovators. However, not every new company is characterized by new ideas or processes. Owners of a company are therefore not automatically entrepreneurs.

Are you an entrepreneur? These are the characteristics of successful entrepreneurs:

  • A flair for innovation
  • Passion for the business idea
  • Visionary thinking
  • Financial competence
  • Creativity
  • Willpower
  • Perseverance

Entrepreneurs play a key role in the economy. Successful further developments of operational processes, the development of new markets and the invention of new strategies are mainly due to innovative company founders.

Trait: resourcefulness, willingness to take risks, courage

A successful entrepreneur is characterized by a wealth of ideas, a willingness to take risks and the courage to bring something completely new to the market. The entrepreneur recognizes the growth opportunities of his company and his industry, while at the same time being aware of the associated risks.

Founding and building a company involves many challenges. The entrepreneur does not regard conflicts and complications as problems, but sees them as an opportunity to improve things.

The biggest difference between an entrepreneur and a businessman is that the latter has a strong will, makes independent decisions and does everything in his power to realize his vision.

In connection with the term Entrepreneur, the term Entrepreneurship is mentioned. Translated, entrepreneur means something like entrepreneurial spirit. It refers to various aspects, such as the development of creative ideas and approaches to solutions that did not exist before.

entrepreneur definition

Entrepreneurship examples

Taking advantage of entrepreneurial opportunities is also referred to as entrepreneurship. There is no such thing as a typical entrepreneurship; instead, a distinction is made between different types of entrepreneurship.

Entrepreneurship examples include:

  • Corporate Entrepreneurship
  • Ecopreneurship
  • High-tech entrepreneurship
  • Intrapreneurship
  • Regional Entrepreneurship
  • Social Entrepreneurship

Corporate Entrepreneurship

Corporate entrepreneurship uses the founding and innovative spirit to bring more dynamism to an already existing company. Restructuring of existing processes as well as the establishment of additional company divisions, external expansion and expansion are the focus of this form of entrepreneurship.

Ecopreneurship

Ecopreneurship is committed to the increasingly important environmental issues. The management strategy known as environmentally oriented entrepreneurship places particular emphasis on sustainability.

High-tech entrepreneurship

A high-tech entrepreneurship describes an entrepreneurial activity in which further start-ups are founded by an entrepreneur with the aim of bringing technical innovations, such as new, more efficient software, to the market. High-tech entrepreneurs usually have an academic education in the scientific field and are characterized by professional competence.

Intrapreneurship

Companies with flat hierarchies and an open communication culture cultivate an entrepreneurial spirit known as intrapreneurship. There are few rules and bureaucracy, but more freedom to develop new strategies and innovative solutions.

Regional Entrepreneurship

Favorable regional opportunities are used in Regional Entrepreneurship to successfully drive the business forward. Regional entrepreneurs are well connected locally and use their contacts for the benefit of their company.

Social Entrepreneurship

Social entrepreneurship is described as entrepreneurial activity that addresses social problems in society and/or important issues of general concern, such as environmental pollution, and contributes to positive change through innovation. One example of social entrepreneurship is foundations that work to help people.

The passion and determination to successfully manage one's own company and drive the business forward best describes the term entrepreneurship. An entrepreneur is a leader who devotes all his or her energy to realizing his or her vision.

entrepreneur meaning

The 4 types of entrepreneurs

Every entrepreneur brings individual ideas and perceptions of self-employment. There are four types of entrepreneurs. The four types of entrepreneurs are:

  1. wait-and-see type of entrepreneur
  2. conservative entrepreneurial type
  3. proactive entrepreneur type
  4. innovative entrepreneur type

A wait-and-see entrepreneur manages his company with prudence and caution. Unnecessary risks are avoided. However, fast and effective growth of the company is prevented by a wait-and-see management style. Waiting causes economic opportunities not to be recognized and opportunities not to be seized. Selecting the right opportunities is one of the core competencies of an entrepreneur.

The conservative entrepreneurial type focuses on consistency and reliability. This management style is often seen in family businesses that are passed down from one generation to the next. A conservative entrepreneur uses available resources very moderately to protect the business from financial loss. However, a lack of innovation can lead to a conservatively managed business no longer being competitive in the long term.

Goal: Generate growth

The proactive entrepreneurial type actively looks for good opportunities. Suggestions for improvement are taken into account and readily implemented. All available resources are used to achieve goals. Proactive entrepreneurs focus on the essentials. The main objective is to generate growth. However, developing new ideas and strategies is just as much a part of efficient corporate planning.

Achieving growth through innovation is what characterizes the innovative type of company. The innovator is a creative mind and revolutionary in one. Innovative manager types are diversely talented, have visions and want to realize new ideas. Innovative company leaders are considered doers. Of all four company types, the Innovative corresponds best to the Entrepreneur. Potential for improvement is recognized and realized as opportunities for positive change. An innovative company management accepts new challenges, motivates and inspires the employees.

The 7 most important skills of an entrepreneur

To become an entrepreneur and run your business successfully, you need more than a good idea. Entrepreneurs are characterized by professional competence, social qualities, leadership qualities and other character traits.

The seven most important skills of an entrepreneur are:

  1. Target orientation
  2. High level of self-motivation
  3. Endurance
  4. Risk appetite
  5. Critical faculties
  6. Creativity
  7. Multi-Talent

Much like a compass shows a world explorer the way, goal orientation is the guiding element of an entrepreneur. Successful entrepreneurs have clear goals and are committed to achieving them. Determination combined with organizational skills and thorough planning are necessary to ensure that the Company goals be achieved.

Founding a company and establishing it on the markets requires commitment as well as a high degree of self-motivation. Realizing visions and implementing ideas means overcoming challenges and having to accept failures. An entrepreneur is not discouraged by setbacks. Only if you motivate yourself will your employees be motivated to work.

In professional life, perseverance can be more important than talent. For an entrepreneur, "no" is not a final answer. An innovative company founder will look for alternative business opportunities to realize his or her vision. Experiences are analyzed and evaluated to make improvements. At the same time, perseverance is the ability to keep going despite great effort. An entrepreneur uses every conversation, situation, and event to connect with potential business partners and present his or her ideas.

Willingness to take risks is considered a basic entrepreneurial prerequisite

A willingness to take risks is considered a basic entrepreneurial prerequisite. A true entrepreneur is prepared to take certain risks in order to drive his or her own business forward. However, a company founder is not reckless. As an entrepreneur, you should be able to handle financial and economic resources.

The willingness to take risks includes the development of innovative ideas, the desire to try out new things and to make positive use of existing opportunities. Closely related to the courage to take risks is the ability to accept criticism. Accepting criticism and learning from bad decisions is important for being successful as an entrepreneur.

An entrepreneur is characterized by creativity and is usually multi-talented. Developing creative ideas requires skills and abilities that an entrepreneur should possess. However, only very few people are born with these qualities. However, most entrepreneurial skills can be learned.

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5 tips to become a successful entrepreneur

Want to start your own business and be successful with it? We have compiled five tips for you that will help you become a successful entrepreneur:

  1. Find the right business idea.
  2. Look at success stories of entrepreneurs.
  3. Collect useful information.
  4. Communicate with everyone.
  5. Work on your professional and social skills.

The business idea is the factor that decisively influences the success of a company. So that your Business model successfully developed, it must be interesting for the target groups. With the help of a market analysis, you find out whether there is a market for your idea, your products or services.

Watch success stories of entrepreneurs and get inspired. Develop your personal vision and commit yourself to making it a reality.

Become an entrepreneur: gather necessary information

Gather useful information that can be helpful in building your business. Knowledge is very important for a successful entrepreneur, because knowing something means being ahead of the competition. You should not make important decisions until you have the information you need to make them. Gather data and analyze it so that you can target your audience correctly.

To improve the transfer of information and knowledge, your communication skills are in demand. As a successful entrepreneur, you communicate with everyone. Already during the Company formation your communication skills determine whether and how quickly you find investors, business partners and customers.

Communicate your vision and describe your ideas to convince those around you. As an entrepreneur or self-employed person, you will always encounter resistance. Be aware of your strengths and weaknesses. Work on your professional and social skills. Your own inner orientation has a great influence on whether you will develop into a successful entrepreneur.

Conclusion

An entrepreneur is a leader with strong professional and social skills. A successful entrepreneur is characterized by a flair for innovation and viable ideas.

Do you know what type of entrepreneur you are and how to become an entrepreneur? Use the Online seminar for self-employed, entrepreneurs and business managers and learn how to inspire your business partners and customers for your projects and how to use your coaching skills to achieve your goals. Develop your own strategy that will drive your business forward and lead your company to lasting success.

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Reviewed by Dr. med. Stefan Frädrich

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