Why Entrepreneurship is About What You Know, and Not Who You Are

“You can’t go back and change the beginning, but you can start where you are and change the ending.” ― C.S. Lewis

RND4IMPACT INC.
Feb 27 · 5 min read
Photo by Content Pixie on Unsplash

What is an Entrepreneur?

There has been debate over the true definition of an entrepreneur. Some believe an entrepreneur starts their own business, while others believe an entrepreneur is someone who runs a business. However, I think this definition of entrepreneurship by Howard Stevenson is best: Entrepreneurship is the pursuit of opportunity beyond resources controlled, which means that an entrepreneur spots an opportunity and pursues it regardless of what resources they have.

Can Anyone Be An Entrepreneur?

Using Howard Stevenson’s definition, anyone can be an entrepreneur, as long as they have the dedication and passion for pursuing their “opportunity”. For example, Steve Jobs started Apple, a company now worth over $2 trillion, in his garage when he saw an opportunity to sell computers. He did not have many resources on hand. He had to get a loan from the bank to continue with his entrepreneurial pursuit.

How do I Start a Business?

First, you need a product and good background knowledge of that product. That is why most entrepreneurs start their businesses with things that they enjoy. Suppose you feel passionate about a certain subject. In that case, you will most likely have lots of background knowledge on it, so you do not need to do as much additional research about your product. Also, starting a business on what you are passionate about can make work easier. Since you enjoy, for example, technology and gadgets, you would not feel that you are “working” if you are creating a new device. Instead, you may be having fun and enjoying yourself, which can also help prevent you from losing your drive and giving up early in your entrepreneurial journey.

  • Andrew Kortina and Iqram Magdon-Ismail founded Venmo after they had trouble paying each other back by check.

What Skills Do You Need to Become a Successful Entrepreneur?

One of the essential skills in entrepreneurship is strategic thinking and planning. We’ve all heard the saying, “If you fail to plan, you plan to fail.” Planning is vital as you need to understand your end goal and what steps you need to take to achieve it. If you do not plan at first, you will be blindly stumbling, and you will get confused while creating your business.

Conclusion

To become a successful entrepreneur, you must have a particular set of skills and have good background knowledge of the product you want to sell. These skills are planning, understanding of your niche, and marketing. You also must have some prior experience of your product to market it effectively.

Contributing Author

Ivan Yuk is a high school student with the passion in writing. He is aspiring to be a successful entrepreneur, and is also an avid stock trader. He also loves learning more about the world around him and how things work.

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RND4IMPACT INC.

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The Startup

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RND4IMPACT INC.

Written by

A 501(c)(3) nonprofit organization that exists to inspire and improve anyone’s capabilities and knowledge through volunteerism and charitable giving.

The Startup

Get smarter at building your thing. Follow to join The Startup’s +8 million monthly readers & +800K followers.

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