What Makes an Entrepreneur?
Entrepreneurs such as Efraim Landa may build very successful companies seemingly out of nothing but a good idea. To many it may seem as if they are simply great risk takers, but in reality there wasn’t one of them that ever said they set out to see if they could find the riskiest financial venture out there. Actually, for the most part most entrepreneurs are more likely to lack funds than to have plenty of resources. Every single one of them is different but in general they see an opportunity and do not feel like they are kept from pursuing it simply because they do not have an abundance of resources. Instead they have some common characteristics which help propel them into entrepreneurship in spite of the obstacles and come out with a successful business venture.
What does an entrepreneur look like?
Sure, most entrepreneurs have figured out how to find business funding and create a successful business. It’s difficult to say how much of this is attributed to determination, creativity or just grit. When we look at some of the entrepreneurs such as Efraim Landa we may find that they do not share much more than this in common. Not all entrepreneurs are men; they have varying educational backgrounds, live in different regions around the world and have a wide range of nationalities. But there are a few characteristics that demonstrate they also have a lot in common.
Taking Calculated Risks
One of the characteristics of entrepreneurship is that they are generally willing to take calculated risks. They will have opportunities presented to them and they will need to make a choice as to whether or not they are willing to take “the leap” at that time or not. Tony Conrad is an entrepreneur who launched Sphere which was a company which was in direct competition with Technorati. He took a huge risk just a few months in and switched his business model to center around widgets. This was a risky, but bold move and ended up being one of the smartest calculated risks he ever took. It did not take long before there were some large company websites using his Sphere widget. Company sites like AOL, CNN and the New York Times were using it. After these and others started using the Sphere widget and he got over a billion page views in a month, AOL acquired the company for a healthy sum.
Many people have used the saying, “the bigger you are, the slower you move.” While it is true in many cases, it is not true in all. Mark Zuckerberg found this out with Facebook. The site is constantly being tweaked. Their business model is in a state of constant change. Just for a good perspective compare Twitter to Facebook. Even though both of these social media websites are large companies and are both growing very quickly, Facebook is able to evolve much faster than Twitter even though they have over 10 times the number of employees. Entrepreneurs are willing to be in a constant state of change and adaptation in order to ensure success.
Entrepreneurs are Smart, But not Necessarily Educated
Bill Gates and Michael Dell are two household names of successful entrepreneurs who made billions of dollars without a college degree. Lesser known is Jeremy Schoemaker. He did not make as much as Gates or Dell, but he has made millions of dollars without a college education. Even though he did not graduate from college, he loved computers. He had a decent job, but hated the 9 to 5 (like most entrepreneurs). He started a business that revolved around ringtones. He ended up creating a successful ringtone site and ended up bringing in 6 figures on a monthly basis. He was just smart enough to find out what customers wanted. His intelligence was one of his most valuable assets.
Entrepreneurship will take a lot of initiative which goes beyond just coming up with a good idea, although that’s a good place to start. They will have to find business funding, draw up business plans and many other seemingly unrelated tasks beyond an innovative thought. Entrepreneurs are creative, smart, constantly evolving and willing to take certain risks.