What is an entrepreneur? Ask ten people and get ten different answers. These often include:
- “Being self-employed”
- “Business risk-takers”
- “Someone who works for his/herself”
- “Individual capitalists”
- “Quitting the J.O.B. to do your own thing”
But really, with the tremendous variety of viewpoints in the public’s eye, and even the plethora of publications and programs dedicated to it in the professional world, is there a consensus? More importantly, what is a 21st century entrepreneur going to be? Has it changed? Are you ready?
Technically, the word “entrepreneur” is originally (1852 at first report) from the Old French “entreprende” meaning “to undertake.” Essentially that meant just starting something, with no mention of the follow-through. Over time this has evolved to include the modern expansions: “one who organizes, manages, and assumes the risks of a business or enterprise” (Merriam-Webster) or “someone who starts their own business, especially when this involves seeing a new opportunity.” (Cambridge Online)
One might argue that the purpose of business overall is “to make money”, which was typically true in the past. But in the global world we now live in, an increasing percentage of our commodities is no longer measured in tangible goods, or even financial profits. Thus, there is one main feature that has become (and clearly will continue to be) critical to the success of 21st century business and thus entrepreneurial ventures as well: bringing value to the customer in the form(s) they desire or require. Answers, service, comfort, understanding, connectedness, etc have more value than ever.
So as an existing or potential entrepreneur, how much are you focused on just ‘undertaking’ new activities that you think would be valuable, compared to one that brings true value in any of a variety of forms to the wants and needs of your customers? Give this concept a large amount of your focus and your chances of not just ‘undertaking’ a venture will actually increase as you will see many more opportunities open before your eyes, but also the long-term success of what you do select and follow-through on. Watch for future articles where I’ll delve into much more detail as to the methods and forms of doing this.