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For most entrepreneurs, the term “entrepreneur” conjures up visions of self-made millionaires operating empires with computer systems and secret formulas that earn them six-figure incomes each year. While there are certainly many individuals who fit this description, it would be a gross oversimplification to say that entrepreneurship is simply about achieving financial success. Entrepreneurship involves far more than money, at least in the eyes of the average person. Instead, it is an attitude toward how one earns value. It is an attitude that can transform relationships, create wealth, and impact the world.
Simply put, entrepreneurship is the extraction or creation of value from something offered for sale. By contrast, with the more conventional definition, entrepreneurship is defined as the process of acquiring or building upon something offered for sale. With that definition, entrepreneurship is seen as risk, typically involving greater risk than what would typically be encountered in beginning a new business, which can also include other intangible values such as those of character, personality, knowledge, creativity, and innovation. This type of risk is what makes the typical new entrepreneur stand out from the crowd, and it also why many successful businesses fall into the category of being an entrepreneur rather than a manufacturer, retailer, or distributor.
Most aspiring entrepreneurs start out by creating a product or service that solves a problem, although this is not always the case. In fact, many entrepreneurs come up with ideas for new business that solve problems in areas that are not of their expertise. For example, an aspiring entrepreneur might create a website to sell greeting cards online. However, if the website were to fail, the idea could still be considered entrepreneurship because it was based upon something that was already available. The aspiring entrepreneur would still have generated revenue and a profit because of their hard work and dedication to solving the customer’s problem.
The final common trait associated with entrepreneurship is a diverse skill set. All of these traits must be combined in order for an aspiring entrepreneur to stand out from the crowd, and in turn generate revenue. A person with a diverse skill set, that exhibits creativity, flexibility, knowledge of marketing strategies, customer service skills, and financial management skills all put together like a puzzle, and each of these traits represents the different skills needed to stand out in the entrepreneurial marketplace. Each of these skill sets represents one of the many ways to make money online.
All of these traits require that the individual be willing to accept some risk, even though this may involve taking a long term financial risk. One of the primary reasons why so many businesses fail within the internet industry is because the individuals behind these businesses did not take the time to consider the risks that they were taking, and failed to recognize the opportunities for profit that could arise. If you have been considering starting your own business, but you haven’t yet taken the time to consider the implications of entrepreneurship, here are some things that you should think about.
First, do you think it is possible for anyone to earn a living online? The truth is that the answer is absolutely no. Not only is the competition on the internet very fierce, but the world of entrepreneurship itself is very unique. It is estimated that less than 1% of entrepreneurs actually succeed in their businesses. As such, there is a sizable risk that you will fail as well, and you must be prepared for both.
Second, when you examine the numbers associated with entrepreneurship on the internet, you will quickly realize that there is a lot of potential for growth. In fact, this is true of just about every type of business that is launched online. There are a number of tools that you can utilize in order to help you grow your company and take your opportunity for growth. As such, if you are willing to invest in the tools necessary for your business to succeed, you will be able to experience a successful journey into entrepreneurship.
Last, you need to be willing to make mistakes. This is something that many people who are looking to get into entrepreneurship are not. While being prepared to take ownership for your failures and learn from them is important, it is also critical to understand that in many cases, small businesses failed because they were trying to do too much at once. The key is to strike a balance between ambition and execution, and to always try to think of ways to grow your business at the same time.