We’re answering more common questions on entrepreneurship to further and faithfully expand the unlimited world of entrepreneurship.
With it, we hope to bring our entire entrepreneur database closer to everything they need to know about how entrepreneurship works. And that includes going over precise startup definitions and concepts.
We won't dally.
We'd like to explain entrepreneurship this time around starting with a few words by the person who built Atari and Chuck E Cheese’s. By those companies alone, we figure they must know what’s good and fun in the world, no? Well, either way, Nolan Bushnell’s description of an entrepreneur goes something like this:
"The critical ingredient is getting off your butt and doing something. It's as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer."
And we could criticize or applaud style and word choice here, especially business vision. Yet, what’s clear from it is how entrepreneurs are definitely resilient people. And more than just strong in resistance, entrepreneurs are typically folks who have the audacity to take informed risks. And they use that ability to create, co-build, start, and/or run a business. It's just what they do!
Our point in the way we describe entrepreneurship is making clear how this idea is something to which we can all have unique answers.
Let's hear another sincere rendition by Roy Ash, for example. His description of an entrepreneur is someone who “ [...] tends to bite off a little more than he can chew hoping he'll quickly learn how to chew it.”
Like these, we’ve described what entrepreneurship is in a million different ways, too. And yet, we're always just hoping to nail the bullseye on whatever ticks a person’s zest for profitable entrepreneurship. And being able to describe that currently. But there are tons of tones and colors to it.
In that sense, answering how entrepreneurship works can also be given as Caya’s priority in this startup interview from 2017.
For our CEO, the top piece of advice he'd give new entrepreneurs back then was to make revenue the “ first, second, and third focus.” To which he added, entrepreneurs should “Make a profitable business first, avoid depending on future rounds of funding.”
We’ll now explain better how entrepreneurship works by outlining a list of common steps to becoming an entrepreneur.
Being an entrepreneur is all about doing business. It’s about owning or funding or even just bringing the necessary teams together to start a company. And sticking with it for its operation.
Therefore, to become an entrepreneur, get started on building or co-creating a new business. Run one that’s on the ropes or on its sure way to thriving. And help run it optimally. You can even just fund one. And be there when needed or ideal to help the company become profitable, grow further or increase revenue.
There are other possible side goals, such as innovation, industry leadership, eco-friendliness, and sustainability. Fair wages and so many other principles can be a part of that list! Yet, the choices you make in this regard would already have to do with doing business - as an entrepreneur.
If it matters, people from all sorts of backgrounds end up choosing entrepreneurship as a means of making a living. There’s certainly no “one size fits all” to becoming or being an entrepreneur.
For those who are more methodic and like punctual guidance, becoming an entrepreneur can be overwhelming because it can basically happen anyway or style we want. And anyone working more visually through examples can choose to build themselves up by following other (typically famous) entrepreneurs in different ways.
It's okay to look up to someone and learn to do business through their role modeling. Especially if they've failed and gotten back up to amazing results.
More generally, however, people work up to the role through initial product or service ideas. Commonly, the one thought for something unique or in high demand is what gets a person rolling as to how to get something relating in a given market.
Hopefully, those ideas are then backed by research, which is needed to understand the diverse company needs to formulate those into business projects.
Think about any time you’ve had a great business idea. You went to someone with the thought probably, no? And hopefully learned tons as you chewed that thought into different company needs, right?
Well, that’s already a few steps into becoming a great entrepreneur. Add value for clear knowledge and background as to the company’s finance, how you’ll do marketing for it, who and how it will be managed, and more, and you've got a secret recipe for startup success. Almost.
Drawing business plans is part of the process, especially as we seek to find ways to sort funding to get a company off the ground. From bootstrapping to series C or even an IPO, this is a perennial part of being an entrepreneur.
We might delegate areas, too, such as letting Human Resources deal with hiring at some point. Yet, that tends to be possible only once a company is large enough or has enough funds to even think of covering for that.
The hard reality is that entrepreneurs at times have to start doing all the hard work in numerous areas, including interviewing and actively seeking the best-skilled workers to bring their thoughts to fruition.
Think of a business person wanting to sell an improved version of a drone, for example. It’s doubtful that a person will have all the knowledge it takes to prototype, test, sell and improve any demos or final products in that area. But they’ll need a selected team of workers to put the best version of that product or service out into a competitive market. And that hiring is something they can do.
So, how do we upkeep or get clients? And, once traction is acceptable and funding on its way, how do we scale with the best business model? Which investors do we bring onboard and how do we knock on important parties’ doors?
This is all part of the diverse areas in which you can focus to become an entrepreneur. And a bit of what it takes to truly grasp all there is to know about entrepreneurship and how it works.
Anyone can run into a problem that still needs fixing in today’s world. At all times, everywhere and anywhere, anyone can suddenly come up with an idea that innovates a particular field. Especially one that solves a specific problem perfectly well. And it can just spark collaboration for a new business venture in a heartbeat.
As we’ve seen from famous entrepreneurs and all the data behind all you need to know about how entrepreneurship works, this profession is a lot about sticking to head-heartedly making the best of a business possibility for revenue-making and profitable companies.
Do you have what it takes to stick by business projects to make it as an entrepreneur?
We most likely agree by now that the answer lies within each individual. But let us know your thoughts. We’re always eager to share.
This is a functional model you can use to create your own formulas and project your potential business growth. Instructions on how to use it are on the front page.