Gary Vaynerchuk of Vayner Media breaks down entrepreneurship and tech investing in blunt terms. Follow @garyvee and https://www.youtube.com/user/GaryVaynerchuk.
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An entrepreneur is someone who takes on the financial risk of initializing and administrating a new business enterprise. The business enterprise can be based on a completely new scheme, an original way of doing something, a new location, or endeavoring something no one else has ever done before. Usually, entrepreneurs start with a small business and if it proves to be successful, the business will slowly expand.
Managing Expectations – As an entrepreneur, one expects a certain amount of returns, whether big or small, depending on the business he or she has started. By setting up a small business, one expects limited returns, but by setting up a big business, one expects to earn more profits. The choice will depend on the availability of capital and resources.
Guarantee – There is no guarantee or assurance that the business venture will become a success. However, if the business proves to be a success, the entrepreneur will reap all the payback and remunerations in terms of the profits. In case of a failure, the entrepreneur too, will also be the one to bear the losses.
Responsibilities – Assuming business responsibilities is definitely not a simple operation. Not many individuals are willing to take huge responsibilities or all the risks. Only an experienced and knowledgeable individual will dare to become an entrepreneur. The ultimate purpose of an entrepreneur is to earn profits.
Risks – An entrepreneur has to take risks when investing in and managing a new business venture. Generally, the entrepreneur decides which product or service to offer, obtains the essential amenities, employs the necessary personnel, acquires production supplies, and provides for the capital. The choice will depend on the availability of capital and resources.
Decisions – As the most important person in a business venture, an entrepreneur needs to decide on which product or service to offer. He or she must be able to determine the needs of consumers and provide answers to their problems. A careful research of the targeted market is essential. This takes time because one can’t decide immediately what product or service to offer. The decision will also depend on whether or not one is able to produce the product or offer the service with good returns to sustain and expand the business.
Setup – Once the products or services are identified, it is now time for you to obtain all the needed facilities. This will include the building or the place of the business. Along with it are the other things needed such as the office furniture, fixtures, and other office equipment. The capital is usually provided by you or your partners and a part of it will be allotted for the acquisition of the facilities. These facilities and equipment are considered the assets of your business venture.
Recruitment – Human resource recruitment is a very important part of being an entrepreneur. The business will not succeed if it does not have capable and loyal employees. Everyone should work together in order to achieve success. It is therefore of utmost importance to hire the right people for the jobs in your business venture.
Management – As an entrepreneur, you must be able to manage several things all at one time, from finances to employees. Sometimes your home situation may affect your business decisions. This too could affect your mental and physical wellbeing. You must be fit both physically and emotionally to face the daily challenges that lay ahead.
As you can see, the entrepreneur has to manage many things. This may be one reason why not many individuals are willing to become one. Whether the business succeeds or fails, it is all because of the entrepreneur. Now that you know what an entrepreneur is, would you like to become one?
Well, if you have what it takes as stated above, you can become an entrepreneur. Set and goal, but embark on a humble beginning to work your way towards the goal. Do not attempt to reach the peak of success all at once. It takes hard work, dedication and time. Take one step at a time.