What makes an ‘entrepreneur’ an entrepreneur?

Business How To’s

21 February 2019

What makes an ‘entrepreneur’ an entrepreneur?

  • Posted by Awfis Editorial

Your neighbour’s kid, instead of taking on a 9-5 job, decides to open a restaurant. Would you say that is enterprising? Yes, it is. It takes courage to get off the expected, beaten path and do something different.

Does that make him an entrepreneur though? Umm, not so sure of that. There is a lot more that goes into making an entrepreneur an entrepreneur.

Is the idea or business likely to revolutionise the industry or marketplace? Your neighbour’s kid again, if the restaurant had a theme, like ‘cook with the chef’ or an idea that took it beyond food as we all know it, then perhaps he could qualify as an entrepreneur.

Yes, it can be confusing. Let’s understand this a bit more.

Meaning: what’s in a word?

The dictionary defines the word entrepreneur as ‘a person who sets up a business or businesses, taking on financial risks in the hope of profit.’ So, shouldn’t that mean every businessperson is an entrepreneur, since all people start business to make profit, and they take on financial risks?

Apparently not.

An entrepreneur is often seen, and rightly so, as an innovator – one who comes up with new ideas and new business processes. A strong set of management skills and team building abilities are a must-have to become a successful entrepreneur.

As is with many things in the English language, turns out the word ‘Entrepreneur’ is also not an original. This has been borrowed from the 18th century French word ‘Entreprende’, which meant ‘to undertake’. An interesting twist to this is, the word was mainly used to describe a ‘manager or promoter of a theatrical production’. And that’s not too far from the performance of a successful entrepreneur, now, is it?

As the world, and its languages, evolved, so did the word. Through the years, the word ‘entrepreneur’ has seen plenty of changes in its meaning, particularly in relation to business and commerce.

History: how did the term originate?

Much credit goes to Richard Cantillon, an Irishman living in France, who first used the word ‘Entrepreneur’ in his book ‘Essai sur la Nature du Commerce au General (Essay on the Nature of Commerce)’, published in 1755. He uses the term ‘entrepreneur’ to describe anyone who bought or manufactured goods at a certain cost to sell them at an unknown price. It was Cantillon’s usage that established an entrepreneur as a ‘risk-taker’.

This was just the beginning. Soon after, Jean Baptiste Say, a French economist, described an ‘Entrepreneur’ as an ‘adventurer’ or ‘one who undertakes an enterprise, especially a contractor, acting as intermediary between capital and labour’. He even went on to define the entrepreneur as someone who ‘shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.’

It was in 1934 that Joseph Schumpeter, an Austrian American political scientist and economist, gave us a more modern definition of an entrepreneur as ‘the person who destroys the existing economic order by introducing new products and services, by creating new forms of organization, or by exploiting new raw materials.’

And finally it took US business consultant, Peter Drucker, to espouse that an ‘entrepreneur’ should only be that person who creates something new, something different. According to him, an entrepreneur ‘always searches for change, responds to it, and exploits it as an opportunity’.

There you have it, the modern day definition of what started as a manager of a theatrical production.

Rise of the Intrapreneur

Today the word ‘entrepreneur’ is no longer limited really. It is rapidly evolving and starting to mean so many different things for so many different people. In fact, entrepreneurship has gone on to include social entrepreneurship into its for-profit-only folds. Here, companies seek to fulfil social, environment and even humanitarian obligations alongside business goals.

Unlike what you might have been led to believe, entrepreneurship is not just the domain of start-ups. As a trait and a business model, it can be found within an existing firm or large organization as well. Intrapreneurship, as it is called, is when an organisation sets aside substantial funds and even has dedicated talent that focuses on special ideas or projects. These teams are instructed to treat the project like an entrepreneur would, and successful ideas are many times ‘spun-off’ as subsidiary organizations.

Intrapreneurs have all the resources and capital of the firm at their disposal and the environment to think like entrepreneurs, without the typical risks that come with the territory.

Conclusion

Do not confuse the term ‘entrepreneur’ with a ‘small business’ or even used it interchangeably. While it is a fact that most entrepreneurial ventures start out as small businesses, the converse is not strictly true – not all small businesses have an entrepreneurial streak. Many consist only of the owner, or a few employees at best, and most of them might offer an existing product or service. They do not aim at growth or are not looking to change the market.

Entrepreneurial ventures, on the other hand, offer an innovative product or service, and the entrepreneur has plans to scale up by adding employees, looking at international markets, etc. This is made possible through venture capital and angel investments. Successful entrepreneurs must have the ability to steer a business in the right direction through planning, by adapting to changing environments and by building on their own strengths and weakness.

7 Types Of Colleagues Found In Every Successful Organization

Business How To’s

25 August 2021

7 Types Of Colleagues Found In Every Successful Organization

  • Posted by awfis

A dynamic enterprise usually thrives on a cocktail full of spunky personalities. Each brings in their unique talents and habits that fit like perfect pieces in a puzzle. From the sassy boss to the clingy colleague, here’s some types that you are bound to bump into…

7_types_of_colleagues_found_in_every_successful_organization
1. The compulsive foodie(s)

Instead of clients, this one’s got all the city’s restaurants on speed dial. From Domino’s to the latest hotspot in town, their peckish appetite will ensure that there’s plenty food circulating all around office. Whether, you’ve got random board meetings or your team’s working at odd hours – you’ll never be hungry ever.

2. The witty assassin

This one will ‘slay’ you more lethally than Beyonce or Eminem ever will.  Come hell or sunshine, he or she’s got the perfect comeback for every painful person and situation. Known for having their fair share of haters, they’re also true entertainers. But, it’ll do you good to remember that it’s a war of words that’s not worth playing….

3. The jack-of-all trades

From sweet talking to https://www.https://www.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg.com/inspiration/wp-content/uploads/2016/03/Awfis-is-your-new-Office1.jpg to executing any kind of project – you name it & it is done.  This breed seldom takes no for an answer.  Whatever is touched turns to gold and they will leave you wondering how it got done. If you need a helping hand, an insightful shrink, or someone to walk your dog, rest assured you can depend on this pro multi-tasker with your eyes shut!

4. The road runner

This famous few will be on their toes, always on the phone, pretending to be busier than the Kardashians.  Your’re more likely to see them at the office door as a permanent fixture. All the worlds’ people know this person and this social butterfly is likely to know everyone. Constantly on the move, you’ll need this PR pro to take your business to places.

5. The tech geek

You’ll always find this genius, behind a bunch of wires, computers and applications. Broke a light bulb, had a short-circuit or you found your desktop suddenly crashed… Fret not. Dexter’s got the perfect fix. Quiet and demure, he probably takes pride in being faster than a normal computer. But, if you’re a know-it-all, then you might not like this mister…

6. The swear champion

This person believes in pure tough love. Yeah, ouch! When the pressure builds up and clients turn demanding, then be sure to hear a spew of gushing swears. Whether it’s loud and clear or below the belt, this one is feared and they sure know how to get work done. Tip: They are usually in positions of power and you’d rather never cross the line with them

7. The constant complainer

This one’s a problem magnet. Even on the brightest day where there’s plenty of reason to rejoice, this type loves telecasting their worries. This includes the coffee machine, that might have broken down or the weather that suddenly turned rotten – there’s always something to say. However, their minute observation constantly keeps you in check and hey! Be assured that you’ll get plenty feedback for the tiniest things on agenda.

But whether you like it or not… take each of these types with a pinch of salt, because they make for the big brains and even bigger learning curves…

Things Every Entrepreneur Can Learn From Pursuit of Happyness

Business How To’s

25 August 2021

Things Every Entrepreneur Can Learn From Pursuit of Happyness

  • Posted by awfis

Pursuit of Happyness is an iconic movie which was released in 2006. It has been 10  years since it released, but never fails to inspire the viewer. It fills the person with a determination to fight for their dreams irrespective of the hindrances that come along.

Based on a true story of Chris Gardner, a man who loses everything , but manages to get everything because of his perseverance. They show how Chris and his son battle a period of homelessness selling medical bone density scanners while being enrolled in an internship as a stock broker.

pursuit_of_happyness poster

Here are the important things that every entrepreneur can take from the movie:

1. Be ready for extreme hardships:

We’ve seen in the movie that Chris Gardner goes through numerous hardships. Whether it comes to selling his bone density scanners or taking up an internship while managing to take care of his son and provide for him. He doesn’t lose his determination even when everything seems bleak. It’s important not to give up and go on and try to overcome the problems that we come across, daily.

2. Aim for the stars

Always aim high! Believe in yourself and everything can be conquerable. Chris Gardner took a chance and went for an option of interning as a stockbroker where only one person at the end would be given a job! He took a chance when the odds were against him and proved that all you need is an opportunity to achieve things when you set your heart at it.

3. Put In all the effort

When you want to achieve something make sure you give your best shot. A half hearted attempted is a good as not giving it a try. Chris Gardner has many close calls, where anyone else would have given up. He even fixes a bone density scanner at the homeless shelter to make the ends meet.  He has proved that if one wants anything eagerly in life, they should work as if their life depends on it.

4. Never let anyone’s judgement cloud your decision

Do not forget to believe in yourself, even if everyone gives up on you. Your decisions should be made on the basis of your logic and intuition rather than someone else’s judgement. Chris does not give up on the internship even when his wife leaves him. Instead he gets even more determined to succeed. Listen to your heart and no one else’s opinion. Immerse yourself in your dream idea!

5. Never show signs of weakness

Always show your strengths. The moment you do that, everything will fall into place. Fear is the toxin, hope and belief is the antidote. Chris always greeted everyone on a positive note and did not even flinch when he has to shell out his last 5$ to pay for executives cab fare. Quick thinking and how you transform your weaknesses into strengths is what matters eventually.

Chris Gardner’s remarkable achievements show that no matter how many obstacles you face, the rules for success are the same for everyone. If you follow the rules, no matter how difficult it gets, you will reap the reward of your own “Pursuit of Happyness.”

5 Effective Strategies to Market Your Freelance Career

Business How To’s

25 August 2021

5 Effective Strategies to Market Your Freelance Career

  • Posted by awfis

What’s better than doing the job that you love and getting paid for it? That’s the life of a freelancer. You get the best of both the worlds where you get to mix passion and profession together. Freelancing is no magic, you can either be an individual with your own website or a part of a team who has been taking up projects from various clients for over a period of time.

Freelancer

If you are a freelancer and are wondering about the next steps to make it successful, here are some strategies that we think will help you make it a long term career.

  1. Create a checklist of your deliverables:

The first step to promote your freelance career is to list down your skill set in the order of strength. It can be writing, graphic designing, creating video content or anything else that you think is your forte. Once you have this list ready, your reality will be in front of your eyes. The strengths can eventually result into a niche market of your own, via freelancing.

  1. Make sure your content reaches your target audience:

In today’s world identifying your potential client, plays key while marketing for the freelancer. In order to ensure this, make sure that your content is shared on all the social media platforms. For example, if you have created a video make sure you maximize it on YouTube, Facebook, Twitter and other relevant social media platforms. With this you can increase the visibility of your content and influence them with your content.

  1. Do not forget to focus on e-mail marketing:

E-mails are the best way to reach the correct target audience. The click through rate might be less compared to other social media platforms but around 90% of the audience using e-mails check it daily. People sign up for various sites knowing that they would be receiving mails from that particular website. It is the easiest way to cover a large network area. If you are a little shy or lack the opportunity to connect with the right market, cold emailing will be the best way to reach out to your target.

  1. Maintain your website traffic and Inquiry section efficiently:

The easiest way for people to contact you is through the inquiry section on your website. Do respond to inquiries as soon as you can as this will uplift the credibility of your brand. Along with that make sure Search Engine Optimisation and Search Engine Marketing for your page/website is up to mark. As they say, optimizing the page is better than being lost somewhere amidst millions of similar searches.

  1. Get referrals from your clients:

Referrals provide authenticity to your work. Word of mouth is better than any other form of marketing. Use it as an advantage and get credibility for your work. Effective relationships are built over a period of time. They not only enable you to reach out to your potential clients, but also motivate you to perform better. Do not hesitate to get testimonials from clients you’ve delivered great service to!

Using these strategies will prove beneficial for kick-starting your freelancing career. If you are ready and confident about your freelancing skills, it’s time to implement these strategies in reality!