What Does It Mean to Be an “Entrepreneur"?

hat does being an “entrepreneur” really mean? There is no one, easy definition for the word, but many have attempted to figure out its meaning. In some ways, an entrepreneur means you’re a business owner. However, being an entrepreneur is also deeply connected with your life decisions and experiences.   Read on as we define what it means to be an entrepreneur.  

What Is an Entrepreneur?

We define “entrepreneur” as: “A person who runs a business venture that brings about innovation, and takes on most of its risk and reward.” As we’ve already covered, this often means you’re a business owner, but the second half of that definition is just as important.   An entrepreneur must “bring about innovation.” If you are in the entrepreneurial game, chances are you are looking to break new ground. You have the opportunity to bring a new product or service to the world to fill a gap in an industry. And in the process, you could change lives for the better.  

Novo at our company retreat  

However, you also have to recognize that being an entrepreneur is no simple gig. If your business venture doesn’t pan out, you could be on the hook for any losses it incurs, financial or otherwise.   The life of an entrepreneur is for those willing to venture into the unknown without the certainty of success. It ultimately takes a great deal of planning, courage, and adaptability to succeed in the role.

How Can I Make It as an Entrepreneur?

Feed your entrepreneurial spirit. Every first-time business owner is essentially a rookie, but you can develop your entrepreneurial spirit long before you launch their biz. Take our customer Jared Blitz for example. He is the founder of Blitz Creative, a content creative studio that makes professional videos of athletes.  Jared launched his business earlier this year, but his motivation to become an entrepreneur began as a child when he first started shoveling snow for his neighbor. He also played basketball in school, developing his passion for sports. Now, he runs a business that combines his early aptitude for business with his love of physical activity.  Are there any experiences or interests you’ve had over the years that have led to your business? Everyone has a unique story, and recognizing the value of your story can help feed your entrepreneurial spirit.

Best Advice for Entrepreneurs?

When asked to share his wisdom with budding entrepreneurs, Novo Co-Founder and CTO Tyler McIntyre had this to say:

Most people think successful founders have all the experience and knowledge of running high-growth companies. But when you actually start running your own business, you realize that great founders learn as quickly as they can on the job.

You won’t have all the answers right away, but you can figure them out by staying on your toes and being adaptable.  

We also got input from Mark Tsigounis, founder of utility water bottle company Hibear. He believes the four most important things for an entrepreneur is to “stay curious, keep focused, be generous, and embrace ‘the suck.’”  How would you define what it means to be an entrepreneur?

The Takeaway

No one has an exact definition of the word “entrepreneur” because everyone has a unique story. And it is through this story that we all develop a set of traits that make up our entrepreneurial spirit. Some leadership qualities we associate with the word entrepreneur are innovation, grit, passion, strategy, flexibility, and curiosity.

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