Can You Identify Yourself With the Definition of Entrepreneur?

definition of entrepreneurThe definition of Entrepreneur is one of the most over used and least understood words in the business world.

In all the definitions of Entrepreneur in the dictionaries entrepreneur goes hand in hand with high risk.

Here is a more real definition without the risk involved.

A person with a vision who manages the time, talent, money and other resources of other people to make his/her vision real.

No risk is mentioned. The secret of a successful entrepreneur is to pass on the risk to others.

You act like a projects engineer. Your only skill set is getting other people to put up their time, talent, money and other resources to get to a result.

This is all about leverage. One person acting alone can not accomplish all that much. One person alone can not be the master of finances, the master of the factory, the master of human resources and on top of all that the master of visions. You will be totally exhausted and burnt out.

entrepreneurYou can theorize on the definition of entrepreneur, but the only way is to get started. Start small with a low investment and the market will tell you quickly what they think of your product.

Maybe you need to twitch and tweak it to be more acceptable by the market. Once you got the prototype going, go bigger but remember to outsource and delegate. The sooner you teach your staff to the palm of your hand the sooner you will have time to grow your business.

Try to make your product better than the opposition’s products. Get to know your customers well and listen carefully what they really want. Satisfy your customers and don’t be afraid of change.

By changing your product you give the customer what he wants. At the end of the day your customer is the person that is going to put money in your pocket. Forget the complicated financial models. It is all about trade.

You need enough customers to make your business a viable proposition. You need to sell.

If you sell enough products, you will be a successful entrepreneur. Your products must be priced correctly so that you have enough profit which in turn will give you a good cash flow.

Leverage starts at this point. You have a healthy cash flow and you can increase the cash flow by accelerating your business.

You can open franchises in other towns or cities or grow your existing business to its full capacity.

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