(Becoming the Entrepreneur Series – Part 1 of 3)
The term entrepreneur has been thrown around a lot lately, but what does it mean exactly. By definition, entrepreneurship is the development of a business from the ground up; coming up with an idea and turning it into a profitable business.
However, while the definition of entrepreneurship is simple, the execution is much more difficult. While over 43% of American’s believe the “entrepreneurial dream” to be completely achievable, only 12% of the population is actually pursuing this dream. Stop being a believer and become an achiever!
Great innovative ideas or new concepts are a great way to get started; however, your passion may belong to a business idea that already exists. That’s okay! The purpose here is to find what you are a passionate about and find a way to add value to that idea.
For example, what would set your business apart from another of its kind? Take the fruit basket for instance. One company took an already existing idea, the fruit basket, and by combining it with the idea of floral arrangements, the company now grosses more than $195 million per year. Not too bad for fruit baskets.
Entrepreneurship entails lots of hard work. Therefore, it’s critical to ensure you’re following the right path, says Elizabeth Amini, CEO and co-founder of Anti-Aging Games LLC, and an adjunct professor at the University of Southern California’s Marshall School of Business.
“If this is something you really want, then think long-term, and be persistent,” Amini said. “The vast majority of great entrepreneurs failed multiple times before they finally found the business idea that took off and brought them success.”
Stay Tuned for Part 2 of 3 of Becoming the Entrepreneur: Five Ways to Succeed as an Entrepreneur.
“A river cuts through rock, not because of its power
but its persistence.”