What is an entrepreneur and how can you be a successful entrepreneur? Grant Sabatier has built many successful $1,000,000 businesses and he shows us how we can become entrepreneurs and be successfully unemployed.
Learn from the millennial money man Grant Sabatier how to be an entrepreneur.
What Is An Entrepreneur?
In the simplest of terms, an entrepreneur is someone who starts a business. This person has ownership over a business entity and has control over the success of the venture. An entrepreneur has a spirit of freedom and a drive to win.
There are so many characteristics that make up an entrepreneur and so many ventures that one can create and operate.
An entrepreneur has a strategic mindset and a wide-cast vision. They see the big picture of what an opportunity can turn into, the success it can bring to the people involved, and the return on the investment.
An entrepreneur is not afraid to take risks, and he/she is not afraid of failure. The rewards that a new endeavor can offer an entrepreneur significantly outweigh the chance of failure.
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What is the Definition of an Entrepreneur
A definition of an entrepreneur is a person who creates and operates a company or set of companies, taking on the burdens of financial responsibilities involved with running a business. An entrepreneur sees an opportunity and seizes it.
Who are some successful entrepreneurs that you can think of?
- Mark Zuckerberg, founder of Facebook
- Bill Gates, founder of Microsoft
- Ariana Huffington, founder of Huffington Post
These are all entrepreneurs who started companies from the ground up. They are now world-known names and recognized as leadership figures, running global organizations that make millions, if not billions, each year.
Now, not everyone is going to be the next Mark Zuckerberg, but that doesn’t make them any less of an entrepreneur. The qualities that that these millionaire (and billionaire) entrepreneurs exhibit are the very same qualities that anyone willing to chase a dream with an overwhelming possibility of failure embody.
What is entrepreneurship
Entrepreneurship is the actual venture taken on by an entrepreneur. It is starting something from nothing, rejuvenating a dying organization, or even upheaving an existing company.
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Most often entrepreneurship refers to the creation of a new business, but many entrepreneurs start with the creation of one and then continue on their journey through starting a second or taking on opportunities to aid existing organizations in finding success.
All companies had to start somewhere, by someone. It takes a person built for entrepreneurship to create and shape a business into a successful and profitable entity.
Entrepreneurship is on the rise as more and more individuals are looking to escape the rate race and the traditional 9 to 5 experience. Entrepreneurship can start from a simple side hustle or can begin as a dive into the deep end of business creation.
What To Do As An Entrepreneur to Be Successful in Business
This is where the creative nature of an entrepreneur kicks in. The options for business opportunities is almost beyond fathom.
However, the idea has to be viable and feasible, though viable and feasible mean something different to each person.
Your financial situation, your connections, your passions will all have an effect on the path that you take on the journey of entrepreneurship.
If you have the knowledge and experience (or are willing to take the time to learn), there are numerous online businesses that can be started.
These businesses can prove to be very lucrative, but will eventually hit a threshold unless you plan to scale the business (setup passive incomes streams, add employees/grow clients, etc.)
Here are a few examples of online businesses that an entrepreneur can start:
- Digital Marketing Agency
- Technology Startup
- Real Estate Sales
- Dropshipping/Amazon Seller/Etsy Seller
- Home/Corporate Cleaning Company
- Freelance Writing/Design
- Web Development Agency
- Tutoring Services
- Travel Consultant
- Interior Design Firm
- Photography Business
Opening a small, local business is another type of entrepreneurship. These options are going to require some capital as opening a storefront requires a physical location, furniture, point of sale equipment, inventory, etc.
Some small, brick-and-mortar businesses to start include:
- Restaurant
- Liquor Store
- Boutique Clothing Store
- Convenience Store
- Coffee Shop
- Specialty Store (CBD shop, tech store, dance studio)
These are just a handful of example businesses that can be started by almost anyone. If you have a passion that you can monetize or an idea that you believe could be the next Google, then go for it. No one else is in control of your future but you.
How much does an entrepreneur make a year
The answer to, “How much does an entrepreneur make a year?”, is a complex question.
An entrepreneur is a title given to someone who starts a company, but it is not as simple as a job title that typically comes with an annual salary range for a specific region or state.
As an example, when one applies for a digital marketing management position near Boston, MA, they know that the salary range will fall between $80K and $120K. We know this range exists because there are various positions at numerous companies requiring different levels of experience.
One with lesser experience will fall into the lower half of the range and a person with more years of experience with a wider set of skills and knowledge would fall into the upper range.
The same doesn’t go for entrepreneurs. As there are innumerable opportunities for new business ventures, there’s no way to put a true figure on how much an entrepreneur makes a year.
The one thing to remember about an entrepreneur’s ability to make money is that the sky is the limit. The scalability of the business is completely up to the operator, and as a company grows, oftentimes the revenue and profits do as well.
Most entrepreneurs do start businesses with hope of financial success. No one opens a business hoping to run in the red every year. Yes, there must be passion, but there must also be moneys to fund the company and pay a salary to the owner. Financial success looks different to everyone.
One might be satisfied with $75K a year, but another won’t be satisfied until he/she is earning $200K a year, or another won’t be happy until he/she nets $3M a year.
What are the entrepreneur characteristics of successful business owners
A successful business owner knows what he/she excels at and what responsibilities should be delegated to employees or third-party vendors. This is a key facet of a business owner who operates by putting the business first, understanding when to have a professional fill a role that he/she cannot.
There are a handful of traits that an entrepreneur must exemplify.
Risk-Taking as an Entrepreneur
Starting a company from nothing is, as one would suspect, not a simple undertaking. It is a gamble and a huge risk, especially if life savings are being invested, security-filled jobs are being quit, and investors are relying on your success.
It is an overwhelming high percentage of new businesses that fail so the statistics are already not in an entrepreneur’s favor. None of this stops a true entrepreneur from chasing that opportunity.
Creative as an Entrepreneur
An imagination for the impossible and a mind that can create that vision is essential. Creative doesn’t mean that someone is an artist.
It simply means that they are capable of thinking and working outside of the box.
Motivated/Self-Starter as an Entrepreneur
An entrepreneur must be a self-starter and motivated. If he/she is not, then starting a business might not be for them. No one is holding your hand, and no one is managing you along the way. You are the creator of your future.
Passionate For Your Business
Passion is an overused word, but for good reason. It helps immensely to have a passion for the product or service that an entrepreneur plans to sell.
However, that passion really comes to the forefront for the business as a whole. The person has a passion for success. A passion to see a project come to life and flourish.
A passion to see something through to completion.
Dedicated To Being Successful
It is going to take hours of time to make your business a success. This isn’t a regular 9-5 situation, no matter the type of business or industry.
A business is being built from the ground up and dedication will be required to make it happen. Dedicated hours, dedication resources, and a dedicated mindset are vital.
Entrepreneur examples and how they make money
The types of entrepreneurs and the businesses they operate are sprawling. How they make their money depends on the type of business, the product/service, add-on products/services, warranties, and so much more.
Let’s take an example of a startup marketing agency. This person, let’s name her Sarah, who is the entrepreneur behind the new marketing agency, will make money in a few ways.
Of course, our entrepreneur, Sarah, is selling a service. These services might include consultancy, digital marketing plan creation, digital marketing execution (actually running the ads), and analysis and reporting.
These might be the main components of the business, but Sarah has set up a few other revenue streams.
Sarah has created a blog and contributes to it regularly. She has also hired a couple writers to help keep the content up to date. Since Sarah knows her way around digital marketing, she knows how to promote her blog.
So now, her blog is bringing in new clients, but it’s also a passive income stream. She has set up advertisements and affiliate marketing as a way to monetize her blog.
Sarah is doing so well with her business, and clients continue to roll in that she has had to hire an assistant to handle administrative work and a digital specialist to help her implement campaigns. Now she has the time to handle higher-level components of the job such as the consultancy
Entreprenurs are always creating more businesses or making their business better
Extremely successful entrepreneurs don’t keep all of their eggs in one basket. Once they have a secured business entity, they begin to branch out and create other types of income. They may start another business, create passive income, become a speaker, offer consultancy services, and so much more.
Here is a brief list of popular entrepreneurs and their respective companies/industries:
-Jeff Bezos
The founder of Amazon, a company that started in the e-commerce industry but has evolved to be part of the cloud computing, artificial intelligence, consumer electronics industries.
-Steve Jobs
The co-founder of Apple, Inc., part of the consumer electronics industry.
-Walt Disney
The founder of The Walt Disney Companies, part of the entertainment and media industry.
-J.K. Rowling
The author of Harry Potter, who spun a bountiful career out of her successful books on fantasy and wizardry. She is not only an author, but also a film and tv producer.
How to become a successful entrepreneur
The meaning of successful is hard to quantify as it means something different to each person. Some believe that success has a dollar figure attached to it. Others believe that success simply equals happiness.
If you plan to pursue a journey of entrepreneurship, you have to determine what success means to you.
That meaning can evolve over time, as your business evolves. Maybe your business exceeded your wildest expectations and you can create goals that you never imagined. Well, if you wrote down that successful meant making six-figures in four years, but you’ve already reached it in just two years, then your definition of success—the accomplishments and victories you experience—will inevitably update based on your business’s victories.
There are a few things that an entrepreneur must remember to become successful, where successful means a profitable business. You must have at least a few of the traits discussed above: risk tolerance, creativity, passion, motivation (self-starter outlook), and dedication.
The business mst turn a profit, eventually. Of course, when you are first starting out there will be expenses that put you in the red, and you might stay there for a longtime while the business gains traction. However, at some point, you will need to make money to sustain and grow. Real success comes when the business is not only profitable, but is bringing in your goal figure.
Successful entrepreneurs read. They learn. They listen. They evolve. Increased knowledge is always a benefit to any business, but even more so to an entrepreneur.