ENTREPRENEURSHIP 101: What Is an Entrepreneur and How Can I Become One?

Entrepreneurship has gained increased popularity and reverence in recent decades, though self-made individuals have always been held in high esteem in American culture. The success of tech giants Alphabet (formerly Google) and Meta (formerly Facebook), both making their founders incredibly rich, in the 21st century has further fueled the romanticization of entrepreneurship among people. We talk about job creation, decrease in unemployment, rise in the standard of living, increase of GDP and innovation. It is a key driver of economic growth and job creation in the European Union (EU). According to Eurostat, in 2019, there were approximately 25.3 million enterprises in the EU, with the majority being small and medium-sized enterprises (SMEs). Still a large number of people find themselves asking: 

What is an  Entrepreneur and how can I become one?

Entrepreneurship is such a complex activity that some even call it a lifestyle. When it comes to its definition in the majority of  versions we can find it refers to a set of activities. There are, however, small differences which present the ambiguity of entrepreneurship, and validate the confusion around its meaning. For instance, only taking definitions published by the European Union bodies and agencies we can notice deviations:

1. AMECO is the annual macro-economic database of the European Commission’s Directorate General for Economic and Financial Affairs. Their definition of entrepreneurship is “the ability and willingness to develop, organize, and manage a business venture in order to make a profit.”

1. The European Union Intellectual Property Office (EUIPO) defines entrepreneurship as “the activity of designing, launching, and running a new business, creating value or bringing about social change through innovative ideas, products, or services.”

What is the most evident difference between the two is that one considers entrepreneurship an ACTIVITY, while the other refers to it as an ABILITY.  This debate is present when looking through more and more definitions. The YEEP-Youth Entrepreneurship Education Programme, combined the experience of the partnership and concluded that in their perspective entrepreneurship is an ability that can be developed and trained throughout life. That is what the project Developing cross-sectoral cooperation for youth employability in the Western Balkans is continuously working for.

Becoming a successful entrepreneur requires more than just having a good idea or a unique product. It also requires a lot of hard work, dedication, and patience. Here are some key steps to take in order to become a successful entrepreneur:

• Develop the Entrepreneurial Mindset: The first step to becoming a successful entrepreneur is to cultivate the essential traits of an entrepreneur. This includes passion, persistence, flexibility, willingness to learn, and the ability to take calculated risks.

•  Identify a Need or Opportunity: The first step to entrepreneurship is to identify a need or opportunity that you can fill or address with your product or service. This could involve researching the market, identifying gaps, and developing a unique value proposition.

• Develop a Business Plan: Once you have identified an opportunity, you will need to develop a business plan that outlines your goals, strategies, and tactics. Your business plan should include information about your target market, competition, marketing and sales plan, financial projections, and more.

• Secure Funding: Starting a business requires capital. You will need to secure funding in order to launch, grow and sustain your business. This might involve seeking investment from investors, crowdfunding, or taking out a loan from a bank.

• Build Your Team: As your business grows, you will need to build a team to help you achieve your goals. This might include hiring employees, consultants, advisors, and more.

• Execute Your Plan and Adapt: Once you have your plan in place and the right team in place, it’s time to start executing. However, remember that entrepreneurship is a journey with a lot of ups and downs. You will need to be flexible and willing to adapt your plan as you learn and grow.

Whether you’re a seasoned entrepreneur or just getting started, the journey of entrepreneurship requires discipline, hard work, and persistence. The good news is that there are many resources available for aspiring entrepreneurs!