Can You Learn to Be an Entrepreneur, or is it Just a Natural Talent?
From Side Hustle to Startup: What You Need to Know About Entrepreneurship
Entrepreneurship can be taught, but are you willing to learn?
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We all have a vision of that scrappy, hustler entrepreneur. They are so self-confident. They seem to have that unwavering belief that they will make it and that their business will be a massive success.
I am here to tell you today that that is not true. There are millions of entrepreneurs globally, and their dispositions run the entire gambit of human nature. Anyone can be an entrepreneur once they pick up the right habits and mindset.
You can do this. You have the ability within you to start a successful business and quit your 9-5. Or, you can create a side hustle to market your crafts.
In this post, I will:
define entrepreneurship,
explain why it is crucial not only to you but also to your community,
describe the qualities essential to being a successful entrepreneur,
and explain how entrepreneurship can be taught to the receptive individual.
I will also supply examples of different types of entrepreneurship.
If you are looking for that sign to start. This is it. Start right now with this article. You don’t even need any money to start. What you need are drive and tenacity. Read on to see what habits are most important to the entrepreneurial spirit, then start planning your own massively successful business.
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What is entrepreneurship?
Entrepreneurship is the process of taking calculated risks to gain monetary returns. Entrepreneurs will start companies or engage in ventures hoping their efforts will yield high financial rewards.
Entrepreneurship can take on many forms. We often imagine people who start their own brick-and-mortar businesses as entrepreneurs. With the constant expansion of online commerce, entrepreneurship is becoming more accessible than ever and wearing more hats every day.
Influencers, content marketers, and Etsy sellers can all count on themselves as entrepreneurs. You see examples of larger and larger paychecks from ventures no one had ever imagined marketable.
When Atari first hit the streets, telling parents that one day kids would be making millions off playing video games would have been unheard of. Today, people amass fortunes by sharing photos of their vacation destinations and even eating for breakfast.
The question is, how do you get in on this?
Entrepreneurship is not necessarily a trait that you’re born with. This is something that can be nurtured and fine-tuned as you go. Learning the steps to becoming a successful entrepreneur is an ongoing process.
There are a lot of ups and downs along the way. That is the process of learning. You must discover many lessons as you launch and refine various business ideas. Some of them will prove to be profitable, and some of them will end up failures.
Failures are, in themselves, extremely valuable experiences. They teach you lessons that you may not have been initially aware of. They should keep you humble, and most importantly, they should keep you innovating. Take each failure at face value and learn from it.
“Failure is simply the opportunity to begin again, this time more intelligently… A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”
-Henry Ford, founder of Ford Motor Company
Many highly successful entrepreneurs have attributed much of their success to their failures. The key is that you must take calculated risks. Ones you can afford to take a loss on. Then, extract what did and did not work out of that experience.
Why is entrepreneurship important?
Entrepreneurship is the backbone of business and our society. Entrepreneurs’ ideas drive innovation, growth, and evolution in many sectors.
Anyone can start a business venture through entrepreneurship to create wealth or fulfillment. Entrepreneurship also can elevate the community by increasing job opportunities, access to products and services, and competition with existing companies. This will encourage the market to innovate by creating new ways to improve value and supply their customers with new products and services.
Without entrepreneurship, large companies would have no reason to innovate. Eventually, products and services will become stale because there is no reason to revamp their offerings.
Entrepreneurs continually push the limits to offer new and better customer services, products, and experiences, keeping the market moving.
Entrepreneurship definition:
The definition of entrepreneurship is any endeavour that endures some level of risk in return for the possibility of a financial reward.
This venture is often business-related, but that is not always the case. Some entrepreneurs might invent things and then sell the idea or even license the patent in exchange for royalties. Others may market their services.
The key here is that they risk one thing in return for another, usually financially.
How to learn entrepreneurship
Entrepreneurs are not always born with unique, innate abilities that allow them to have business-starting superpowers. While some people will be more prone to living an entrepreneurial lifestyle, others only have to learn a few habits to embrace this spirit.
If you want to learn entrepreneurship, you will have to pick up a few habits:
You have to have a desire for success.
You have to be able to tolerate uncertainty.
You have to be comfortable with taking calculated risks.
You must feel like you can control the outcome of events.
You must be a self-starter.
You must be willing to practice.
Anyone willing to learn these habits can easily be taught entrepreneurship.
You must have a desire for success.
If you don’t have the drive to succeed, you won’t. It’s that simple. As an entrepreneur, you have to want to be successful. You have to have at least some level of drive that will push you to carry out the steps necessary to build your business. If you don’t care if you succeed, there isn’t much of a point to all this work.
“Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week.”
- Lori Greiner, Shark Tank
Your passion and desire for success will be the only thing to drive you through some of these long hours.
You have to be able to tolerate uncertainty.
There is a high degree of uncertainty in building a business. Especially in the early days when money is not coming in. You must be comfortable with that uncertainty. You need to have a clear vision of how you will get through it to the other side.
Even proven companies have to tolerate some level of uncertainty. The market can be unpredictable, and there will always be things you don’t know. Recognizing the risk, avoiding failure, and adapting quickly will be a priceless asset.
You have to be comfortable with taking calculated risks.
Notice I said calculated risks. Never risk recklessly, and never risk more than you can afford to lose. Because there will always be a level of uncertainty, there will always be a level of risk. Unfortunately, you will not be able to avoid risk entirely. Still, there are some things you can do to increase your comfort level:
Become as knowledgeable as you can about the risk.
Never engage in an all-or-nothing decision.
Never risk more than you can afford to lose.
You must feel like you can control the outcome of events.
Many people believe that “whatever will be, will be.” That might be fine for wandering through life, but it does not make for a successful entrepreneur.
Entrepreneurs believe that actions have consequences, and these actions can result in different possible outcomes. You have to trust that your efforts will affect your business, good or bad. You have to believe that you can influence the outcome. Otherwise, you cannot walk away from the experience with any takeaways.
It is imperative that you learn from every iteration of our entrepreneurial journey. To effectively do this, you need to know that your successes and failures were, at least in part, influenced by your actions or decisions.
You need to be a self-starter.
There are many types of workers in any business. Some people may be excellent workers but require daily direction to tell them what duties must be completed.
This will make for a frustrating conversation if you are the only one in the office. You will need to be a great self-starter or have enough passion to keep you motivated throughout the project. You are solely responsible for regulating your own activities and keep progressing toward your goals.
Entrepreneurship takes practice.
When doctors set up shop after medical school and start seeing patients, it is called their “practice.” This is because you constantly have to practice medicine to be good at it. While med school sets you up for a lot, you will not be the best Doctor you can ever be when you graduate. Instead, as you practice, you get better.
Entrepreneurship is the same. You must practice it over and over again, every day, to become better. Decisions will become easier because you have dealt with similar circumstances before. Processes will simplify, and scaling will be more significant.
Practice entrepreneurship, take the losses, learn from them, and then practice more. You will get exponentially better as time passes.
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Types of entrepreneurship
SMALL BUSINESS ENTREPRENEURSHIP
This is what many people think of when you say “entrepreneurship.” Small business entrepreneurs start small businesses online or in their communities. These businesses may eventually scale but generally start servicing their neighbourhood and slowly expand.
SCALABLE START-UP
Scalable start-ups are generally founded by entrepreneurs who believe they have a revolutionary idea or invention. These Entrepreneurs will start a business with the immediate intent of going global. Rather than bootstrapping or growing slowly, they often seek out investment to scale for their national or international launch.
CORPORATE ENTREPRENEURSHIP
This is generally the process of creating new products, services, or ventures within existing large organizations. Usually, employees working within the company will take on these expansions, and the project remains the corporation’s property.
SOCIAL ENTREPRENEURSHIP
Social entrepreneurs tend to seek out ways to improve conditions around the world. This may be delivering access to safe drinking water, combating food insecurity, or any number of things. These entrepreneurs often start non-profit organizations.
INNOVATIVE ENTREPRENEURSHIP
These entrepreneurs may also call themselves inventors. Innovative entrepreneurship focuses on developing new products and services to address issues. Innovative entrepreneurs may be regarded as trailblazers for creating incredible ideas that completely change how we live or disrupt the markets upon their release.
There are other nuanced versions of entrepreneurship. You may identify with a combination of more than one of these categories. The important thing is that you have a vision.
Start today. Put your pen to paper and write down your idea and your plan. Taking an entrepreneurial leap is only the first step of your journey.
It may be uncomfortable, but the risk always is. Let your first act as an entrepreneur be enduring the discomfort of taking that first step. When you have built your company, you will look back and be so grateful that you did.
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Embarking on the entrepreneurial journey is an adventure that requires courage, resilience, and the right tools at your disposal. Remember, entrepreneurship isn't reserved for a select few born with innate talents; it's a path open to anyone armed with the right mindset, knowledge, and resources. Whether you're dreaming of turning your side hustle into a full-fledged startup or seeking to infuse your crafts with a touch of business acumen, the journey starts with a single step—armed with the right information and a strategic approach.
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I want to be transparent so that there are no misunderstandings. As an affiliate, I may earn a small commission from any products linked in this post. This is not a sponsored post, and I was not asked to recommend these products. These are products that I genuinely love and wanted to share with my audience.