Whether you run your own business or you’re close with somebody who does, there’s one thing that you’ll start to notice over time- entrepreneurs change the world around them. Sometimes these changes are small and sometimes they rock the surrounding world.
Entrepreneurs are a breed apart from the usual people who are content with a 40-hour work week and a steady salary. They have the guts, instinct, charisma, and pure luck to succeed where the average person would fold under pressure. When the storm comes, they stand strong and keep on going.
What are some of the functions that an entrepreneur must be capable of? What drives them to be these kind of people?
Unless their dad happens to be Jeff Bezos, most people aren’t born to be entrepreneurs. They spend their lives consciously and subconsciously developing the skills and qualities that all successful entrepreneurs must possess. Some start this journey at a young age, and others catch the itch later in life.
What are these functions and qualities that create a successful entrepreneur, though? Today, we’re going to take a look at the main functions of the entrepreneur, both in society and in the workplace.
The Main Function Of The Entrepreneur Is To Provide
While some entrepreneurs come from a wealthy background, most do not. Growing up without the resources that the wealthy take for granted, one develops a hunger. Hunger, when combined with quick-witted business savvy and a constant desire to learn and work harder than everybody else, creates a dangerous cocktail.
These are the kids who are 13 and 14 years old cutting grass, selling candy in school, and writing their friends’ papers for money. One of life’s most important lessons is that it takes money to make money. The sooner that you learn this, the better off that you are in life.
The kid who’s cutting grass at 13 will have saved up enough for a cheap car by the time he’s 16. With transportation and years of strong work ethic under his belt, he’ll be well-equipped to go out into the workforce, learn new skills, maintain a healthy balance between work and school, and be far more independent than most of his peers.
This brings us to the main function of the entrepreneur, which is to provide. If most people had their way, they wouldn’t want to work 12-hour days, deal with the stresses of running a business, and put up with their friends and family doubting their every move. The entrepreneur, however, can see past all of these “roadblocks” to the future; a life where they make the rules, and where they can provide for themself and the people who they care about.
As self-gratifying as being your own boss is, being an entrepreneur is a sacrifice. You’ll work harder and later than everybody else, and you may not be able to get an hour of free time until years after you start your business. If a person wants to provide and give back to the world around them, then this is the sacrifice that must be made. Most people aren’t willing to make this sacrifice, which is why the entrepreneur is special and why they go on to impact the world more than anybody else.
Other Functions That Define An Entrepreneur
To be a provider, however, requires the development of other functions. Unless you just won the lottery, you’re going to have to work hard for the money that you need. When it comes to running a business, anything other than 110% effort, creativity, and decisive leadership will lead to failure.
Let’s take a few minutes to look at some of these functions, and how the aspiring entrepreneur can develop them.
Innovating The Marketplace
One of the first things that people think of when they hear the word “entrepreneurship” is innovation. In a capitalist society, the small businesses are the players who change the world, drive progress, and find innovative new ways of doing things. Innovation through native advertising like Stack Adapt.
A great example of this is Apple and Samsung’s longtime rivalry. This rivalry has done more to improve mobile technology than any amount of independent research. When two companies are constantly trying to out-innovate their competitor, the result is rapidly advancing technology and business growth.
People like a fresh perspective, and if you can give it to them, they will reward you with their money. Entrepreneurship is as simple as that. Dyson became the world’s most popular vacuum because they introduced a funnel system that didn’t clog and a vacuum the could roll around on a ball. They’re some of the most expensive vacuums on the marketplace, but people are willing to pay the price for the innovative new experience.
As an entrepreneur, you should always be thinking of ways to innovate your products and your services. Look at your competition, ask your customers what they want to see, investigate common problems and find solutions to them. If you can do all of these, then you’ll be an innovator.
Making The Tough Choices
Entrepreneurship isn’t the path for the indecisive. It requires constant thinking, quit decisions, and sometimes dealing with the consequences of those decisions. On a daily basis, you’ll be required to make tough choices and see them through. Perhaps you’ll have to fire an employee who hasn’t been doing their job, maybe you’ll have to make the final decision on a marketing campaign, or take out a loan for your company’s survival.
Leading Your Team
Unless you’re just working for yourself (which never goes far in the long run), then you’re going to build and lead a team. A company can either be built or ruined based on the quality of the team. The quality of the team is based on how good that their leader is. As a company-leader, you’ll need to prove yourself capable and worthy of respect. Remain stable, give constructive criticism, be demanding, and reward those who go the extra mile.
Any entrepreneur whose never had to take risks in their life is not telling the truth. Risk-taking is something that entrepreneurs will never stop facing. The more you grow, the bigger your risks will get. However, it’s important to develop a discerning eye that can tell the difference between a bad risk and a good risk. Bad risks offer require a lot of sacrifice and very little reward. Good risks require a decent amount of sacrifice, but have the potential to give you a huge reward.
How To Develop These Functions
Nobody can develop these functions overnight. You can go to as many conferences, saddle up to as many influential mentors or attend as many live webinars from seasoned thought leaders as you like, but until you experience sacrifice, innovation and leadership first-hand, you won’t understand them to your core. They’re drilled into your head through experience over the course of months and years. To be an entrepreneur, you need to possess a strong desire to provide and be successful. Those who are just looking to “get by” never last very long.
However, if you have large goals, the willpower to do what’s necessary, remain firm and decisive, and constantly innovate your products and services, then you’ll be the entrepreneur that you always wanted to be. Your time will be your own, you’ll walk into work with a sense pride and accomplishment, and you’ll be able to provide for the people who you care about the most.
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