Entrepreneurship – an overused word?

Everyone wants to be an entrepreneur, right?

These days we see so much reference to the word entrepreneur. For small business owners, everywhere we turn, the word entrepreneur crops up. Many see it as an exciting role but one that only refers to those young, fast-paced, cash rich, go-getters, but that is where you are wrong.

Entrepreneurship – making the ideas reality.

What does entrepreneurship mean?

The term entrepreneur in dictionary terms means ‘a person who sets up a business or businesses, taking on financial risks in the hope of profit’. So, all of us small business owners are entrepreneurs; you don’t need to make headlines or have a world changing product. If you have had a business idea, have used your skills and knowledge to put the idea into place and have set up a business, then you are an entrepreneur. You could argue the need for entrepreneurs is greater than ever, especially with the need for ideas to pivot and refocus businesses emerging post lock-down.

Entrepreneurship, something we should all embrace

So, what type of entrepreneur are you?

There are five types of entrepreneur and you will probably fall into one of these categories

The Innovator – Those that come up with a completely new idea and turn it into a viable business.

The Hustler – Starting small, thinking about effort, as opposed to raising capital to grow the business. Focusing on starting small with the goal of becoming big in the future.

The Imitator – Specialising in copying certain business ideas and improving upon them, looking for ways to make things better to gain an upper hand in the market.

The Researcher – Even with the idea they will take time to launch products and make decisions because they need the foundation of deep understanding. Reliant much more on data and facts than instinct and intuition.

The Buyer – Defined by wealth, having the money to acquire and specialise in buying promising businesses.

Irrespective of your type there are certain factors that can hinder many entrepreneurs’ progress namely time, skills and commercial knowledge.

Start-up’s – support is never far away.

As an Entrepreneur I feel I am expected to know everything!

That’s not the case; if you have an idea, you want to focus on product development, customer relationships and growing your business. You shouldn’t feel like you are overwhelmed with the demands all the commercial aspects of your business, as there is more advice and guidance available to small business owners and entrepreneurs than ever before, you just need to know where to look for it. Why not research support and advice on the internet, there are so many organisations and specialists out there who are more than willing to help, for example you can take advantage of networking groups and businesses like ours offer free informal chats, which can be used as a sounding board with no commitment or cost attached. The major banks also offer learning opportunities and networking events on key business areas. Eventbrite is another good website to search for local business events, post lockdown more are free than ever before. All these avenues are great opportunities that can help you to develop your skills and knowledge and improve your commercial understanding of running a small business. It really doesn’t need to be a scary process.

Mindset, do you need to change yours?

In conclusion, entrepreneurs have more opportunities than ever to seek support from within the local community and the world is changing. The institutionalisation that comes with the corporate 9-5 job is a thing of the past, flexible working, working from home and work-life balance have become an important part of most jobs and working as an entrepreneur is no different. Loving what you do doesn’t mean you have all the answers straightaway, but it’s a good reason to start! Embrace the exciting work you are doing, keep reviewing your goals and don’t shy away from seeking the support of fellow entrepreneurs or specialists and taking advantage of the raft of support that exists.

Most importantly, focus on that growth mindset and you will succeed!!

Ian & Suzie @ Newboldology

Helping you with the small business growth journey.

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