Entrepreneurship is the process of designing, launching and running a new business. By starting a small business offering products and/or services for sale, entrepreneurs are a foundation in the economy as innovators.
They build new ideas and businesses. They start their businesses with business plans, financing by themselves or others, product ideas, and management for their future business. Their very first risk is that of creating and owning their own business. “Working from a larger company, you see firsthand the inefficiencies... pitfalls come slowly in large companies. [We] created something we wanted to use and looked for it in the market place and saw that it didn’t exist,” said Michael Savino, an entrepreneur now working for M1 Finance.
So, what makes a successful entrepreneur?
Successful businesses don’t have an ending point, which means there’s always room for growth and production. Successful entrepreneurs have the determination to keep production going. Often, small businesses are self financed but many times money is borrowed from friends and family or sometimes provided from investors. According to Investopedia.com, a successful entrepreneur has the following characteristics: “Dedicating a lot of time to get projects done, executing ideas, researching, working with a team full of a great work ethic, sacrificing for the growth of the business, having courage to follow through with creative / entrepreneurial ideas [makes for a successful entrepreneur]” , commented David Mabry, entrepreneur and One Summer Chicago graduate.
There are many ways to become a successful entrepreneur simply because of the many businesses that can be started. However, according to Entrepreneur.com, “entrepreneurship is a game of attrition or uncontrollable reduction.” Entrepreneurs must have the dedication and the finances to make sure their business doesn’t fail. Once an entrepreneur has a successful business idea, their main objectives from that point are growing sales, overcoming obstacles, and producing products that will make profit.