So What's an Entrepreneur?

There is a common definition embraced by most of us including universities that is a person who can not only spot opportunities it uses the limited resources to supply to the market with that need.  An entrepreneur is more complex than the definition and is a title, a sort of badge of honor that you get to proudly wear after such great dedication, struggles, thick skinned push through and a lot of late nights.

During my  businessschool years, the textbooks tried to convince us that an entrepreneur is even someone who simply buys franchises and runs them.  If you go by the definition provided by textbooks, then yes it is. I have never agreed and here is why:

1.       Entrepreneurs are good at spotting market needs in a larger scheme of things, while those who simply have money and buy franchises might not necessarily know anything about supply and demand, just have money and buy one for their neighborhood or the parent company lets them know where to put it.

2.       Entrepreneurs take a huge risk often borrowing against their homes and other assets but even on a more personal level. Entrepreneurs often risk their jobs, as is estimated that half of all to be business owners use their employer’s resources for their startup preparations. The money invested in opening a location, buying equipment and merchandise or hiring a team, is all a great risk that is taken by us, entrepreneurs. This risks make us better leaders, while the ability to fill out a bank form and call yourself franchise owner does not.

3.       The dedication and ability to focus and see past all the noise and negativity that might be provided by social media and those around you. Entrepreneurs are great at staying focus and seeing opportunity in anything that can be otherwise perceived as an obstacle by others.

Now, I don’t want to take away from franchise owners, being an owner of any kind does take risk and a lot of franchise business owners do risk their own money or other assets to acquire and operate a franchise, but the level of complexity involving character, knowledge, agility and hardcore determination is unparalleled to a full pledged entrepreneur who spots opportunities on his own and sets out to change the world.

Entrepreneurs are the rocks stars of the economy, we make things happen and drive innovation for an ever evolving need.

Are you a business owner? A franchise owner? What do you think, would you agree with me in that franchise owners are typically not entrepreneurs?  Leave your comments J