We were in discussion about this today, and quite interestingly all the definitions I received all stem to something of a high figure status in business.
Is this right?
So why do so many business owners refer to themselves as entrepreneurs? Are they/we?
Here is the true definition:
‘a person who sets up a business or businesses, taking on financial risks in the hope of profit.’
I have always viewed an entrepreneur as an individual that you aspire to be. Someone who built a company from scratch and sold it after 5 years for 1.2 billion. Like Brian Acton who is now worth 6.8 billion from his sale of Whatsapp to Facebook, or Zuckerberg himself. Richard Branson and Alan Sugar are prime examples.
But what about Warren Buffett?
Is one of the richest people in the world classed as an entrepreneur?
Don’t we just call him a businessman?
But he started from nothing?
You see I think the job title ‘Entrepreneur has been completely taken out of context.
I set up a company from scratch with no money, i’m sure a lot of you reading have done the same. Does that make you and I an entrepreneur?
Personally, I would feel arrogant or way above my station to put that into my LinkedIn profile. Not that it’s wrong in Richard or Marks profile!
But that is my point. At what point does it become ok to call yourself and entrepreneur?
Is it ok to call yourself an entrepreneur if you have simply started a business?
Here are a couple of examples I received today:
Someone with a vision and passion for business and the drive and motivation to take a project through to its end. Someone who can see attributes in others and have faith and give them the confidence to fulfil their potential. A team Builder. I think !
Brave Risk taker with a good gut instinct backed up by positive business acumen.
Someone who starts something from scratch with the intention of making money from it.
My personal definition of an entrepreneur is someone who goes out of one’s comfort zone to pursue a dream/goal.
What is your definition?
I would love to read all your views on this.
(And if Elon Musk is reading this. I would love to know your definition!)