If many of you read some of the previous articles that I wrote on this blog, you would wonder why I write most of the time about the following:
- What makes a good business?
- Understanding the definition, changes the whole game.
- What makes a good business strategy
- What does a great leadership mean?
Recently I had a conversation with one of my friends who runs a real estate consultancy in Turkey. I asked him what makes a great entrepreneur, someone who takes risk and seizes an opportunity he said. I asked him to elaborate more on this, seizing a market opportunity and pouring some money to invest in the right time is the spirit of great entrepreneurship, he added up. This is the most common agreed definition among people who start their ventures. Google confirms this notion when you type the word “Entrepreneur” which is defined as a person who sets up a business or businesses, taking on financial risks in the hope of profit”.
To some extent, I agree with my friend about the qualities which are necessary for any entrepreneur with regards to risk taking, bravery, the ability to spot the chances quickly and follow passion but passion, motivation and risk taking do not make great entrepreneurs. This begs the question, what makes great entrepreneurs? The problem is that there are many traits and characteristics that all entrepreneurs must possess, but they do not make up the right formula for success. There should be a standard that is unanimously & universally agreed by most people to work towards it. To me, great entrepreneurs are problem solvers, purposeful and selfless people who work towards something bigger than themselves and genuinely benefit and empower other people.
Being passionate and motivated is great but if you are purposeless, uncaring and problems’ creator is bad. Starting a business does not make it remarkably entrepreneurial because you started it and took the risk. Starting a business that solves a problem facing people in a business model is extraordinarily entrepreneurial because it will bring true value to people’s lives. Inspiring people to join you to advance your business mission and looking after them while doing that is the most important aspect of entrepreneurial leadership. Entrepreneurial leaders come up with great ideas that solve a big problem for people and invest time, energy and money to bring them to life.
- What is the challenge that you are overcoming?
- What is your purpose? And what is the purpose of your business?
- Is it the amount of value created by companies or the amount of money generated by them?
- How will you empower people while running your entrepreneurial venture?
These are some of the questions that help to come up with a definition and agree on a standard that inspire a worthwhile conversation about entrepreneurship.