What Do We Call People Who Start Their Own Businesses?

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What do we call people who start their own businesses? Who put their ideas into action? Who create opportunities for others? The term is ‘Entrepreneurs’, they are people who take advantage of a profitable opportunity and take the risk to create and start up their own business. They try and achieve the unmet wants and needs of society. Entrepreneurs have inspired what we now call the ‘Entrepreneurial Spirit,’ which could be defined as an attitude and approach to thinking that actively seeks out change, rather than waiting to adapt to change. It’s a mindset that embraces critical questioning, innovation, service and continuous improvement (Entrepreneurial Spirit, 2013 October 22). Entrepreneurs are becoming more and more common as one of the…show more content…
Invention is to bring about a new product which has not yet been done, but innovation is to build on an existing product. High energy levels are important because most business people may already be working a full time job and use weekends & nights to work on the schematics of their business. Some may work up to 70 hours a week, this can affect one’s personal life, work, and health at the start of their venture. Though challenging entrepreneurs feel the need to achieve and are driven to do well through competition. They do not mind setting and fulfilling difficult goals, because in the long run the goal is to impact lives in a positive manner. Entrepreneurs are self – confident and believe in themselves, that they will succeed and make a change within the business culture. There is also an internal locus of control, they are aware that they control their future, and do not point fingers for their successes or failures. They own up to them. Last but not least, capitalists have a tolerance for failure. They do not give up! Setbacks are seen as learning experiences rather than failures and are not easily discouraged or disappointed when things do not go as planned and again they take ownership of their mistakes. The last trait is tolerance for ambiguity. Entrepreneurs’ understand the uncertainties of starting a business and learn how to
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