Around the world people and organisations hold events and competitions in mid-November to celebrate and support local entrepreneurs. This year’s theme was “Entrepreneurship is for Everyone,” and celebrated the power of innovation and inclusion.
According to the Natwest Global Entrepreneurship Monitor, entrepreneurship is on the rise in the UK:
- Just under one in three UK adults (30%) now either run their own business or plan to start a business within the next three years.
- 10% of women are now engaged in early-stage entrepreneurial activity – a three-fold increase since 2002.
- Immigrant and non-white ethnic populations continue to be the most entrepreneurial groups in the UK.
Who are the entrepreneurs? What does it take to be one? How is ‘entrepreneur’ defined?
The dictionary definition of an entrepreneur is “A person who starts a business and is willing to risk loss in order to make money”. It’s not just someone who starts a business, but someone prepared to take the associated risks. Risk is part and parcel of entrepreneurship, which is why it’s important to take as much of that risk out of the business before you start, by having as much of the information that will help you run a successful business as possible, at your fingertips such as how to get paid quickly and fairly, and having the support of good advisers and peers who can coach and mentor you to success.
However, it’s so much more than that. It’s about passion. It’s about recognizing opportunities and having creative ideas. It’s about keeping a laser focus and letting go of fear, especially the fear of failure. You can be an entrepreneur with any size of business in any sector but entrepreneurship is about taking action, pursuing opportunities and boldly going into the unknown.
You also have to implement and deliver. The idea is the lightbulb moment. It’s a concept, thought, or creative spark in response to a problem, need, or opportunity. Ideas can come from anyone and be as simple as a new feature or process. Then someone takes the initiative and comes up with a structured plan which sets objectives, defines tasks, allocates resources, establishes timelines, and makes the project deliverable. All of which leads to Innovation.
Innovation is the ultimate result, the significant and meaningful change or improvement that adds value. Innovation is about introducing new ideas, products, processes, or solutions that give you a competitive advantage. It transforms ideas into practical, real-world applications. That’s what Global Entrepreneurship Week celebrates.
Lots of people can address the problems and challenges they face with original and innovative solutions. But an entrepreneur is someone who has those skills and is also willing to take the necessary amount of risk to get to that real-world application. As an entrepreneur you are probably spending your own money. You are not afraid to do or create things you would like to see. You’re fearless and willing to surround yourself with people who inspire, help, and challenge you. You’re never afraid to ask for help. An entrepreneur keeps on keeping on.
Many of us have the talent and skills but without the courage. There’s a sad stat in the Natwest Entrepreneurship monitor: more than half of UK adults say fear of failure would stop them starting a business. It’s understandable. Entrepreneurs often become the people bringing the income into the family and fear of failure will often be tied up in that fear of losing that income. However, it’s sad that for many the entrepreneurial spirit exists but is quashed by the need to earn. Being an entrepreneur means starting a business around something you are passionate about, but you have to be prepared to embrace failure instead of fearing it. Think what we’d be missing in life if the entrepreneurs behind electricity, steam engines and the wheel had been too afraid to take the risk of failure. Think how much further forward we might be now had we all had the opportunity to embrace our inner entrepreneur. You too can be an entrepreneur. Next November we could be celebrating you.
