Entrepreneur is kind of a funny word.
It’s obviously of French origin.
I’ve been hunting for years to find its English counterpart, but have not yet come up with a suitable substitute.
Maybe we don’t need an English word for entrepreneur – it’s used so commonly these days in the English language that most business-minded people, at least, have a pretty good understanding of the term.
My dictionary states the word “entrepreneur” comes from the Old French “entreprendre” which means, “to undertake.”
An entrepreneur is one who undertakes the creation, organization, operation, and risk of a business venture.
I also looked up the definition of “entrepreneur” in two other places.
In each case, it was stated that this is the guy that initiated the venture and took the risk for its success.
I have my own definition of an “entrepreneur.”
It’s “a guy with a can’t fail idea and no money!”
May I suggest to any entrepreneur that is seriously considering investing time and money into a new venture: begin your business journey with some thoughtful planning and research up front.
We are all in love with our own business and product ideas.
We all have fantasies and dreams about how successful they’ll be since everyone’s going to want what we offer! And they will pay handsomely for it!
But before you push away from the shore with a business launch, please make the effort to lay out a research-based plan that begins with a thorough review of your targeted customers in the marketplace.
This market research doesn’t need to be super complicated, or lengthy, or costly.
It doesn’t need to be conducted by an expensive research firm. You can do it yourself.
But unless you have a firm grasp on the probability that your business model and strategy are going to be embraced in the niche marketplace that you’re entering, it would be a big mistake to spend lots of time and money in planning for and setting up your business!
How many successful businesses have been started by entrepreneurs that simply had a “hunch?”
Part of the dilemma is the fact that operating a small business is a career worthy of a college education and a full time internship for a couple of years. Really!
There is so much to learn, to experience, to discover in being a profitable business owner. Yet, how many come to their market with a lot of study, hands-on experience, and the credentials needed to be fully prepared? Very, very few.
Some have likened owning a business to warfare! It’s a no-holds-barred, full contact sport where you battle, struggle, get kicked around, stomped on, and try to keep your head above water (financially, and otherwise) long enough to give your business traction in the marketplace.
Many do not have the temperament, persistence, discipline, and “thick skin” needed to run a business. They come to the table ill prepared to execute a workable business plan and unaware of all the fine details needing to be accomplished every day of the week.
Just what are they thinking? I believe the almost non-existent barriers to entry into online business combined with all the hype about how easy it is to make money online combine to create the perfect atmosphere and setting for mass failure.
I would recommend to anyone thinking about becoming an entrepreneur to carefully examine their motives, abilities, preparation, and fitness for the career before they spend any time creating a business plan or dreaming of all the cash coming their way.
To your online business success,