By Isa Siewert
In business, the word entrepreneur is thrown around quite a bit when talking about new enterprise. But what is entrepreneurship? And what does it actually mean to be an entrepreneur?
What is entrepreneurship?
To establish a baseline, the definition of entrepreneurship is the act of starting a business and taking risks in hopes for a profitable return. While an entrepreneur starting a business seems quite intuitive, the aspect that sets entrepreneurship apart from simply being a business owner is that element of risk.
When starting any new chapter, taking calculated risk is what bring us the greatest rewards. The real secret is business planning and risk mitigation. So, if you are looking to go higher, start thinking like an entrepreneur in your business and in life.
What does it mean to be an entrepreneur?
While entrepreneurship is a series of actions and rewards, an entrepreneur is a state of constant being. By definition, an entrepreneur is a business owner who takes on greater than normal financial risk.
Being an entrepreneur is not necessary for your success, but it may carry you further than always playing it safe. Entrepreneurs generally see greater returns, more sustainable growth, and are economically beneficial to the market. Entrepreneurs make the economy richer by pushing themselves and those around them to new heights every day.
There is a plethora of articles out there that will say the key to being an entrepreneur is meditation, sleep, and green tea. But, in reality, everyone’s mind is different and what works for some may not work for you. When it all boils down, here are the main three tenants of being an entrepreneur:
- Taking calculated risk – financial or personal, entrepreneurship is not about throwing everything at a wall to see what sticks. The real secret behind making your risky decisions is to plan, mitigate the risks and prepare your business in case of worst case scenarios. Yankee can be a good resource for planning and risk mitigation information.
- Strive for innovation – great entrepreneurs create something new. Common practice for innovators is to identify what is missing and being the first to act on filling that void. Whether this is achieved by invention or modification, making that investment puts you ahead of the curve and identifies you as the business to emulate.
- Learn from your mistakes – Mistakes happen and not every idea works even with a solid plan. But these are the most vital times in your entrepreneurial career! Foster your growth mindset by adapting to, preparing for and learning from the bumps in the road.
The entrepreneurial mindset should seep over into your non-business life as well! Taking calculated risks, striving for innovation, and learning from your mistakes in your day to day will only serve to strengthen your culture of entrepreneurship.
At Yankee Farm Credit, we are here to foster your entrepreneurial spirit through our business services and lending. When you are ready to take the next step, Yankee will be here to assist you along the way.