essay for being an entrepreneur

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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Entrepreneurship Defined: What It Means to Be an Entrepreneur

Table of Contents

The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks and dead ends. There are lots of sleepless nights, plans that don’t work out, funding that doesn’t come through and customers that never materialize. It can be so challenging to launch a business that it may make you wonder why anyone willingly sets out on such a path.

Despite those hardships, every year thousands of people embark on an entrepreneurial journey, determined to bring their vision to fruition and fill a need they see in society. They open brick-and-mortar businesses, launch tech startups, or turn an idea into a new product or service. With the right motivation, inspiration and game plan, you can be a successful entrepreneur, too.

What entrepreneurs do

An entrepreneur identifies a need that no existing business addresses and determines a solution for that need. Entrepreneurial activity includes developing and starting a new business and implementing a business marketing plan , often with the end goal of selling the company to turn a profit.

An entrepreneur who regularly launches new businesses, sells them and then starts new companies is a serial entrepreneur. Whether a business owner should be considered an entrepreneur often depends on whether they created the business, and other legalities. That said, any founder of a successful household-name business began as an entrepreneur. 

If you want to become an entrepreneur yourself but you worry you don’t have the money for it, finances don’t have to stop you from achieving your career goals . Many entrepreneurs seek financing options that bypass traditional banks, like funding from angel investors that provide entrepreneurs with capital to cover startup costs (or, later, expansion costs). If you can demonstrate a high growth potential for your business, you can also turn to a venture capitalist, who offers capital in exchange for receiving equity in your company.

Examples of successful entrepreneurs

Many people whose names no one knew decades ago exemplify entrepreneurial success today. Here are just a few examples:

• Steve Jobs: The late tech leader started Apple in a garage and grew it into the dominant company it is today. Jobs even faltered partway through his career, leaving Apple for more than a decade before returning to the company and taking it to new heights
• Elon Musk: He founded SpaceX and has since become known for putting the billions of dollars his company has earned him toward some benevolent projects, including providing clean water to Flint, Michigan, and donating FDA-approved ventilators to hospitals fighting COVID-19.
• Bill Gates: The Microsoft co-founder has often been listed as the world’s wealthiest individual and has become an internationally renowned leader on pandemics and how to handle them. The Bill & Melinda Gates Foundation, shared with his former wife, focuses on combating poverty, inequity and disease globally.
• Jeff Bezos: The founder and creator of Amazon.com originally started the enterprise as an online book retailer. The internet marketplace has since become one of the most valued companies in the world, selling nearly every product imaginable.
• Mark Zuckerberg: As a college student, he helped shape the future of social media by co-founding the social networking platform Facebook. Initially launched for only select college campuses, the service quickly expanded to the broader public. Its success turned Zuckerberg into one of the youngest self-made billionaires in America.
• Sara Blakely: She took $5,000 and turned it into a $1 billion company with an invention known today as Spanx. The idea was born out of Blakely’s frustration with the pantyhose she had to wear for prior jobs. She had no fashion experience but researched everything from patents to fabrics. 

Many of the biggest businesses had humble beginnings and evolved into highly successful enterprises over time. Don’t be afraid to change your initial idea to fit shifts in your market.

The motivations of successful entrepreneurs

What motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Though each person’s inspiration is nuanced and unique, many entrepreneurs are spurred by one or more of the following motivators:

• Autonomy: Entrepreneurs are people who want to be their own bosses, set their own goals, control their own progress and run their businesses how they see fit. They recognize that their businesses’ success or failure rests with them, but they don’t view this responsibility as a burden. Instead, it’s a marker of their freedom.
• Purpose: Many entrepreneurs have a clear vision of what they want to accomplish and will work tirelessly to make that happen. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to keep pushing ahead. They hate stagnation and would rather fail while moving forward than languish in inactivity. [Check out the major reasons entrepreneurs fail by their second year.]
• Flexibility: Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance , or work at times and in ways that may be unconventional. This doesn’t mean they’re working fewer hours – often, especially in the early stages of growing a business , they work longer and harder – but, rather, they’re working in a way that is instinctual for them.
• Financial success: Most entrepreneurs realize they aren’t going to be overnight billionaires, but that doesn’t mean they aren’t interested in the potential to make a ton of money from a hugely successful business over which they have full control. Some want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing.
• Legacy: Entrepreneurs are often guided by a desire to create something that outlasts them. Others want to develop a brand that has longevity and becomes an institution. Some want to pass on a source of income and security to their heirs. There are also entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves people’s lives in some tangible way.

See more reasons entrepreneurs start businesses and the traits that lead to entrepreneurial success .

Advice from successful entrepreneurs

If you’re contemplating whether to become an entrepreneur, first identify which of the above motivators serve as your guiding forces. Then, consider if you have the specific character traits and attributes that will enable you to thrive as an entrepreneur.

To help you determine if you’ve got what it takes, here’s what 25 company founders and business leaders told us about what they think makes a truly successful entrepreneur: 

• “Entrepreneurship is at the core of the American dream. It’s about blazing new trails , about believing in yourself, your mission and inspiring others to join you in the journey. What sets [entrepreneurs] apart is the will, courage and sometimes recklessness to actually do it.” – Derek Hutson, managing partner at Morgan Creek Strategies
• “Entrepreneurship is a pursuit of a solution , a single relentless focus on solving a problem or doing something drastically different from the way it is done today. [It’s] aiming to do something better than it’s ever been done before and constantly chasing improvement.” – Blake Hutchison, CEO of Flippa
• “Entrepreneurship is … the constant hunger for making things better and the idea that you are never satisfied with how things are.” – Debbie Roxarzade, founder and CEO of Rachel’s Kitchen
• “At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value . Fundamentally, entrepreneurship is about … the ability to recognize [and] methodically analyze [an] opportunity and, ultimately, to capture [its] value.” – Bruce Bachenheimer, clinical professor of management and executive director of the Entrepreneurship Lab at Pace University
• “The most successful entrepreneurs are the ones who possess grit . Grit is made up of persistence, passion and resilience. It’s the passion to achieve long-term goals, the courage to try again in the face of rejection, and the will to do something better than it has been done before. The most successful entrepreneurs tend to be gritty ones … They do not give up until they exceed their goals. When the going gets tough and they get knocked down, gritty entrepreneurs bounce right back up and try again.” – Deborah Sweeney, vice president and general manager of Deluxe Corp.
• “ The ability to listen , whether it be to the opinions of customers or employees, is also integral to success. While … you must have the confidence to make your own choices, it is still incredibly important not to become detached from the people whose needs you are trying to meet.” – Tirath Kamdar, general manager of luxury at eBay
• “Being an entrepreneur is like heading into uncharted territory. It’s rarely obvious what to do next, and you have to rely on yourself a lot when you run into problems. There are many days when you feel like things will never work out and you’re operating at a loss for endless months. You have to be able to stomach the roller coaster of emotions that comes with striking out on your own .” – Amanda Austin, founder and president of Little Shop of Miniatures
• “To be a successful entrepreneur, you must have a passion for learning – from customers, employees and even competitors.” – James Bedal, president and CEO of Bare Metal Standard
• “Being a successful entrepreneur also means being a good leader . Leadership is the ability to bring people to a place where they want to follow you, not feel like they are forced to follow you. This takes investing in your team personally. They must know you’re not only going to hold them accountable and drive them to be better, but [you will] also look out for them when they are struggling. It’s not transactional; it’s a relationship.” – Steve Schwab, founder and CEO of Casago
• “Entrepreneurship is the ability to recognize the bigger picture, find where there’s an opportunity to make someone’s life better, design hypotheses around these opportunities and continually test your assumptions . It’s experimentation: Some experiments will work; many others will fail. It is not big exits, huge net worth or living a life of glamour. It’s hard work and persistence to leave the world a better place once your time here is done.” – Konrad Billetz, founding partner at Outliant
• “A key skill an entrepreneur must possess is self-awareness . An entrepreneur must know who they are and what they need. Self-awareness is the first step for an entrepreneur to build their team.” – Krystal Nelson, founder of I-Impakt Consulting

Family and friends are a key lifeline for entrepreneurs . Make sure you have a stable support system before embarking on a business venture.

• “[Entrepreneurs] have to be people-oriented . Your business will die without a good team to back you up. Study management techniques, learn from great leaders, [and] review where you’re succeeding and failing so you can help others improve. An entrepreneur has to be able to build a team who cares about its work, and to do that, you have to care about how you create your team.” – Jonathan Barnett, president and CEO of Oxi Fresh Carpet Cleaning
• “To be a successful entrepreneur, you need perseverance . Most successful businesspeople or entrepreneurs have never given up on their idea. When challenges arise, they have found innovative ways of overcoming them. You must be able to adapt to changing economic conditions, and innovate and embrace technological advances to keep your customers engaged. These things take determination and a strong focus on the end goal.” – Stacey Kehoe, founder and director of communications at Brandlective Communications
• “Entrepreneurship is the mindset that allows you to see opportunity everywhere . It could be a business idea, but it could also be seeing the possibilities in the people who can help you grow that business. This ability to see many options in every situation is critically important; there will be unending challenges that will test your hustle.” – Preeti Sriratana, co-founder of Sweeten
• “Entrepreneurs and business owners definitely need to get used to taking risks . … You have to get comfortable being uncomfortable. Trying to grow a company or execute on an idea is difficult. It’s not always going to be roses and unicorns. At some point, you’re going to run into issues, lose customers and have financial constraints. It’s at this point you need to get back on the horse and take another risk, whether it’s in the form of a new product, new marketing campaign or a new customer recruitment strategy.” – Matthew Ross, co-founder and chief operating officer of Slumber Yard
• “Successful entrepreneurs look past [the] ‘quick buck’ and instead look at the bigger picture to ensure that each action made is going toward the overall goal of the business or concept, whether or not that means getting something in return at that moment.” – Allen Dikker, CEO of Galk Consulting
• “Being an entrepreneur is ingrained in one’s identity . [It] is the culmination of a certain set of characteristics: determination, creativity, the capacity to risk, leadership and enthusiasm.” – Eric Lupton, president of Life Saver Pool Fence Systems
• “Entrepreneurship is an unavoidable life calling pursued by those who are fortunate enough to take chances. [They are] optimistic enough to believe in themselves, aware enough to see problems around them, stubborn enough to keep going, and bold enough to act again and again. Entrepreneurship is not something you do because you have an idea. It’s about having the creativity to question, the strength to believe and the courage to move .” – Jordan Fliegel, managing director at Techstars
• “You may need to also be a bit of a contrarian. Sometimes it takes a person who thinks differently than the herd to start something new and defy the odds.” – Akshay Khanna, founder and CEO of CareClinic
• “Entrepreneurship is seeing an opportunity and gathering the resources to turn a possibility into a reality . It represents the freedom to envision something new and to make it happen. It includes risk, but it also includes the reward of creating a legacy.” – Maia Haag, co-founder and president of I See Me! Personalized Books and Gifts
• “An entrepreneur must be able to accept failure. Everyone thinks they can accept failure until they come face to face with failing at a major thing they have put their everything into. To be a successful entrepreneur, you have to be someone who is able to risk failure at the deepest personal levels .” – Steven Benson, founder and CEO of Badger Maps
• “[Entrepreneurs] must be able to pivot. If something isn’t working, keeping at it won’t make you successful. But changing your approach, changing your business model, changing your plans to make it work is the power of the pivot . You’re adaptable regardless of what’s thrown at you.” – Michael Maher, chief idea officer of Cartology
• “Entrepreneurship is about always moving forward : never stopping, never allowing self-doubt or fear to take over and believing wholeheartedly that even a wrong decision is better than no decision.” – Adam Sherwin, founder of Viakix
• “Entrepreneurs are the dreamers and the visionaries . Without them, the world stagnates and progress stops. Society needs entrepreneurs the same way the body needs air.” – Cynthia Kirkeby, founder of Seasonally Fresh

How to become an entrepreneur

There’s no single path to becoming a successful entrepreneur. A lot of it can come down to having the right skills, mindset and ideas at the right time to resonate with the public. However, there are a few things you can do to increase your chances of starting a thriving business.

• Find the right idea. Entrepreneurship isn’t just about finding a profitable idea; it’s about finding one you’re passionate about pursuing. Almost any industry has room for new entrepreneurs, and identifying the subject you care about most can motivate you to stay on course.
• Develop a plan for your business. It’s not enough to say you want to start a business; you also need a solid plan for how to do so. A business plan can help solidify the financial goals you’d like to reach. It can also tell you how to reach them while enticing potential investors to fund your venture.
• Determine your clientele. Not many businesses become successful without serving customers or clients. Most ventures won’t appeal to every member of the public equally, but you can gauge interest in your idea before opening your doors. The demographics of the people most interested in your business can help you make other decisions, like your store location and ad buys. 
• Sell your idea. Even if your product or service has garnered interest among friends, family or online forums, that’s a small sample size. You need to get a sense of what the public thinks. Marketing your idea in the right places and highlighting what sets it apart from competitors can help draw people to your business. [Related article: What Is a Unique Selling Proposition? ]
• Meet others in your field. There are most likely people in your industry whose expertise in certain areas can benefit your fledgling business. Proper networking can connect you to people from whom you can draw valuable knowledge or gain monetary support. It’s even worth following business Instagram accounts to learn from peers and experts.

The internet has made many resources available for people without college degrees to learn the necessary skills to run a business.

The value of entrepreneurship

Being a successful entrepreneur isn’t an easy path. It can often take far more hard work, ingenuity and perseverance than the typical 9-to-5 job and yet still not pan out in the long run. However, succeeding as an entrepreneur can be one of the most rewarding experiences, because you’re doing so on your own terms and affecting society at the same time. For many, those rewards are invaluable. There’s never a guarantee that an idea will succeed, but you’ll still see many people starting their own businesses anyway. After all, failure is just as uncertain.

Isaiah Atkins and Paula Fernandes contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article. 

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Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

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What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

About entrepreneurship is a dynamic journey that involves the pursuit of innovation, creation, and the realization of opportunities. It is the process of identifying gaps in the market, envisioning solutions, and taking calculated risks to bring new products, services, or ventures to life. Entrepreneurs are...

Best topics on Entrepreneurship

1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

9. 300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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10 Characteristics of Successful Entrepreneurs

• 07 Jul 2020

Multiple factors go into starting a successful business venture, including a strong concept and initial funding. But, perhaps the most important ingredient is the entrepreneur. These are individuals who must transform their ideas into a fully operational business.

If you’re thinking about launching your own venture, you might be wondering if you have what it takes to be an entrepreneur . But first, what’s an entrepreneur, and what do they do?

Access your free e-book today.

What Is Entrepreneurship?

While entrepreneurship is commonly thought of as the process of starting a business, there are several nuances to consider.

In the HBS Online course Entrepreneurship Essentials , entrepreneurship is defined as “the pursuit of opportunity beyond the resources currently controlled.” An opportunity can be a myriad of things, but the course describes it as "a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.”

Entrepreneurs —either as individuals or in teams—discover opportunities throughout their personal and professional lives. They form hypotheses on ways to deliver value to customers and perform structured tests to validate their ideas. This often involves recruiting teammates through networking and investing funds to determine how they’ll deliver a product or service at an acceptable cost.

Great entrepreneurs come from all walks of life. In Entrepreneurship Essentials, it’s noted that “there’s no single personality profile, and it’s important to pay attention to the entrepreneurial team, rather than focus on the individual.” And while that's true, there are certain characteristics and skills that are particularly important for entrepreneurs to have when starting and leading a venture.

Here are 10 characteristics shared by successful entrepreneurs.

1. Curiosity

Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. An entrepreneur's ability to remain curious allows them to continuously seek new opportunities. Rather than settling for what they think they know, entrepreneurs ask challenging questions and explore different avenues.

This is validated in the online course Entrepreneurship Essentials , where entrepreneurship is described as a “process of discovery." Without curiosity, entrepreneurs can’t achieve their main objective: discovering new opportunities.

The drive they have to continuously ask questions and challenge the status quo can lead them to valuable discoveries easily overlooked by other business professionals.

2. Willingness to Experiment

Along with curiosity, entrepreneurs require an understanding of structured experimentation, such as design thinking . With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue.

For example, if you have an idea for a new product or service that fulfills an underserved demand, you’ll have to ensure customers are willing to pay for it and it meets their needs . To do so, you’ll need to conduct thorough market research and run meaningful tests to validate your idea and determine its potential.

3. Adaptability

Entrepreneurship is an iterative process, and new challenges and opportunities present themselves at every turn. It’s nearly impossible to be prepared for every scenario, but successful business leaders must be adaptable.

This is especially true for entrepreneurs who need to evaluate situations and remain flexible to ensure their business keeps moving forward, no matter what unexpected changes occur.

4. Decisiveness

To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation.

Being decisive doesn’t always mean being correct. Entrepreneurs need the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.

Check out our video on the characteristics of successful entrepreneurs below, and subscribe to our YouTube channel for more explainer content!

5. Self-Awareness

A great entrepreneur is aware of their strengths and weaknesses. Rather than letting shortcomings hold them back, they build well-rounded teams that complement their abilities.

In many cases, it’s the entrepreneurial team, rather than an individual, that drives a business venture toward success. When starting your own business, it’s critical to surround yourself with teammates who have complementary talents and contribute to a common goal.

Related: 10 Tips to Help You Boost Team Performance

6. Risk Tolerance

Entrepreneurship is often associated with risk. While it’s true that launching a venture requires an entrepreneur to take risks, they also need to take steps to minimize it.

While many things can go wrong when launching a new venture, many things can go right. According to Entrepreneurship Essentials , entrepreneurs who actively manage the relationship between risk and reward position their companies to “benefit from the upside.”

Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts; however, their risk tolerance is tightly related to their efforts to mitigate it.

7. Comfort with Failure

In addition to risk-management and calculated decision-making , entrepreneurship requires a certain level of comfort with failure.

“Of startups that have more than one employee, 70 percent survive at least two years, half last at least five years, and a quarter last 15 years,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials . “Even then, only a small fraction of the survivors get to be significant employers.”

The reasons for failure are vast and encompass everything from a lack of business scalability to low product-market fit . While many of these risks can be avoided, some are inevitable.

Despite this, entrepreneurs must prepare themselves for, and be comfortable with, failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward.

8. Persistence

While many successful entrepreneurs are comfortable with the possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and grow.

Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and some ventures fail altogether. Part of what makes an entrepreneur successful is their willingness to learn from mistakes, ask questions, and persist until they reach their goal.

Related: How to Become a More Resilient Leader

9. Innovative Thinking

Innovation often goes hand-in-hand with entrepreneurship. While innovation in business can be defined as an idea that’s both novel and useful, it doesn’t always involve creating an entirely new product or service. Some of the most successful startups have taken existing products or services and drastically improved them to meet the changing needs of the market.

Although innovation doesn’t come naturally to every entrepreneur, it’s a type of strategic mindset that can be cultivated. By developing your problem-solving skills , you’ll be well-equipped to spot innovative opportunities and position your venture for success.

10. Long-Term Focus

Most people associate entrepreneurship with starting a business. While the early stages of launching a venture, such as securing funding , are critical to its success, the process doesn’t end once the business is operational.

According to Entrepreneurship Essentials , “it’s easy to start a business, but hard to grow a sustainable and substantial one. Some of the greatest opportunities in history were discovered well after a venture launched.”

Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from beginning to end to ensure long-term success.

How to Develop the Qualities of an Entrepreneur

There’s no right or wrong way to be an entrepreneur. Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

This post was updated on August 14, 2023. It was originally published on July 7, 2020.

About the Author

Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

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The 12 best entrepreneurial skills

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The importance of entrepreneurial skills

12 essential entrepreneurial skills

More entrepreneurial hard skills to brush up on

How to improve your entrepreneurial skills, lead a successful business (and life).

Successful entrepreneurs are often jacks of all trades — and never experts at none. 

Running your own business means you have to pull from a deep toolbox of hard and soft skills to push your business off the ground and keep it growing. But because entrepreneurs are constantly on call and keep never-ending to-do lists, it can be difficult to prioritize learning the entrepreneurship skills that will help you and your business stay healthy. 

Whether you’re getting ready to transform your side hustle into a new business or want to audit your current skill set to improve your ability to lead , working on your transferable skills is a great way to bolster a growth mindset . And though you can’t master everything, building well-rounded know-how will empower you and your teams to support the business. 

As an entrepreneur , your responsibilities may feel never-ending and all-encompassing. After all, turning your dreams into a successful business doesn’t happen overnight — and once your business begins to gain traction, the work required to keep the lights on never ceases.

Business leaders with an entrepreneurial spirit must accept this challenge and continuously make calculated and informed decisions to keep their business plans moving forward.

It’s up to you to identify opportunities, make smart decisions , and chart the course when challenges arise. And as your startup grows, you must learn to effectively allocate your resources and create value propositions for your employees and clients. 

But don’t worry — this hard work pays off. According to the U.S. Business Administration Office of Advocacy, small businesses employ 46.4% of private sector U.S. employees , meaning business owners stimulate local economies and create important lifelines for local communities. Here are a few other ways your entrepreneurial skills leave a positive impact:

• Entrepreneurs can drive social change and create products and services that improve lives
• Disruptive innovation stimulates economic growth and opens new markets for other entrepreneurs
• Great entrepreneurs grow together with their employees, providing valuable personal and professional development opportunities
• Working on your skills builds adaptability and dynamism , allowing you to work efficiently alone and as part of a team
• Building your entrepreneurial ability helps you set realistic goals and hit objectives, which can fill you with purpose and boost your satisfaction with life

While you don’t have to excel at everything, developing a breadth of know-how helps you delegate tasks realistically and empathize with your employees

12 essential entrepreneurial skills 

Getting a business off the ground and moving is no small task. In a world of ever-changing market trends and economic challenges, you have to think on your feet without losing sight of your company mission . Be ing able to switch from one competency to another is crucial to maintaining a solid business foundation. 

The following skills aren’t exclusive to entrepreneurs — they’re indispensable to any industry and job role. If you’re getting ready to make the transition to entrepreneurship, you may be surprised by how many transferable skills you already have under your belt.

Of course, others may need a little cultivation or refining. But fine-tuning them will ensure you’re qualified to roll with the punches and keep your business moving forward. 

Here are 12 key skills every entrepreneur should strive for:

Budgeting: All business ideas are limited by budgets. Successful entrepreneurship requires a firm grip on your business’s financial reality, which means learning to manage budgets , analyze financial data, and understand cash flow patterns. 

This knowled ge is invaluable to your business’ security, as it facilitates sound decision-making and allows you to build realistic action plans for investments, expansions, and cuts.

Problem-solving : Entrepreneurship has no finish line, no matter the industry. Your business journey will be chock-full of new challenges and obstacles requiring problem-solving and critical-thinking skills . Strategic thinking is what allows you to step back from today’s problems and see the bigger picture, aligning short-term goals with long-term objectives . 

Communication skills: Business owners are the voice of their companies. Whether you’r e emailing a client , delivering an elevator pitch to a potential investor , or delegating tasks on Slack, practicing adaptability in tone and delivery is essential to effective communication , no matter the scenario. 

Time management: With so many responsibilities and decisions to make each day, you might feel like several tasks are competing for your time and attention. Learning to manage your time and leave r oom for flexibility provides you with the necessary structure to move through your day without wasted resources or missed deadlines. 

Creative thinking: The business landscape i s ever-changing, and adaptability is essential to staying competitive. An entrepreneurial mindset means inserting creative thinking into every aspect of your business strategy, from differentiating your products from the competition to creating incentives that retain the best talent . 

Practice keeping an open mind by challenging traditional ideas, embracing new perspectives, and encouraging experimentation. It’ll keep your teams inspired and your business forward-thinking. 

Leadership skills: As the head of the company, your team looks to you to set the tone. Whether you demonstrate a strong work ethic or cut corners, your behavior tells your employees what is and isn’t acceptable behavior.

Leadership is a 24/7 responsibility, but fostering a positive and productive work environment will pay off in strong collaboration and continuous improvement from your teams. 

Management skills: While you may be tempted to juggle a dozen roles, you (and your mental health ) can’t do it all. When small-scale day-to-day tasks constantly occupy your time, b ecoming a future-minded leader is difficult.

As your business grows, building structures that allow your employees to thrive and take on more responsibilities is vital. That way, you can delegate to your growing team and dedicate more time to overseeing long-term planning.

Decision-making: As the head of the business, your days are fraught with important decisions. Successful entrepreneurs mix analytical thinking and intuition, as they may face situations with limited information or uncertain results. Learning to weigh pros and cons, consider risks, and surround yourself with diverse perspectives empowers you to navigate complexities confidently. 

Networking: Hard work is just one part of the equation to keep your business healthy. The relationships you cultivate are the other. After all, your familiarity with industry peers, potential partners, and clients keeps your business on people’s minds.

Regular networking helps you gain insights into your target market, stay up-to-date on emerging trends, and open doors to new opportunities.

Collaboration: You depend on your teams to keep business moving forward, so you need to arm yourself with tools to give them support and guidance. Demonstrating gratitude , open-mindedness, and reliability are interpersonal skills that build the trust that keeps your workforce productive. 

Active listening:  Team members want to feel heard a nd respected. After all, we all dedicate a lot of time and energy to our jobs. Workers who feel understood are more productive , so aim to practice emotional intelligence and value your team’s work-life balance . You’ll see hap pier and more effective teams. 

Public speaking: Management is the face of the company. Throughout your career, you’ll have plenty of opportunities to speak in front of a crowd. Whether delivering a TED Talk or l eading a team meeting, you can motivate and inspire people to rally around your vision. 

Hard skills are explicit knowledge that helps you perform specific tasks. Most people learn technical skills through formal education and refine them through supplemental training and on-the-job experiences. 

Here are 15 of the most important skills that’ll come in handy while building your business: 

• Social media 
• Accounting and bookkeeping
• Inbox management
• Basic financial knowledge
• Sales and negotiation
• Digital marketing
• Market research and analysis
• Project management
• Customer service and management
• Data analysis
• Legal and regulatory compliance
• Supply chain management
• Basic computer skills
• Presentation development

Entrepreneurship is a commitment that requires continuous learning and skill refinement. When you’re ready, choose from the entrepreneurship examples above and get to work on your skills. 

Here are a few tips to help you constantly improve your ability to lead a business: 

Take online courses: There’s a class for every aspect of business management. Quick courses in social media advertising, financial forecasting, and supply chain optimization can help you develop your skill set. 

Even if you don’t directly oversee a specific task, developing a working knowledge can improve your collaboration with other departments and your ability to make informed decisions with your team.

• Seek out mentors: You’re not alone in the business world. Plenty of entrepreneurs have already navigated decisions that are brand new to you. Mentors can provide you with a sense of connection and bolster your confidence. Tapping into an experienced professional network can give you the clarity to help you move forward, no matter your business situation. 
• Create a practice plan: You don’t have to learn everything at once. Identify the most pertinent skills to your success, and create a plan to refine them. This could mean being more conscientious of writing clear communications, regularly showing gratitude, or attending a seminar every month. Regardless of your goals, practice and consistency make perfect. 
• Join a local business organization: Running a business is difficult, but having the support of colleagues navigating similar professional spheres can help you maintain your sense of purpose. Local business associations are also great places to network, stay up-to-date on trends, and find new opportunities. 
• Work with a coach: Entrepreneurs provide constant guidance to their teams, and they benefit from the same support. Coaches are incredible allies to entrepreneurs, and they can assist you in setting clear goals and staying on track to reach your wellness and professional objectives. 

If you have the characteristics of an entrepreneur , you already possess valuable soft skills, including passion, drive, and self-confidence. Now it’s time to level up your entrepreneurial skills and equip yourself with the tools to transform your dreams into reality.

Practicing time management, learning to lead a team, and developing know-how about various business management topics can all help push your business forward. And as your company grows and earns successes, so will you.

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Elizabeth Perry, ACC

Elizabeth Perry is a Coach Community Manager at BetterUp. She uses strategic engagement strategies to cultivate a learning community across a global network of Coaches through in-person and virtual experiences, technology-enabled platforms, and strategic coaching industry partnerships. With over 3 years of coaching experience and a certification in transformative leadership and life coaching from Sofia University, Elizabeth leverages transpersonal psychology expertise to help coaches and clients gain awareness of their behavioral and thought patterns, discover their purpose and passions, and elevate their potential. She is a lifelong student of psychology, personal growth, and human potential as well as an ICF-certified ACC transpersonal life and leadership Coach.

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Home » Home » Essay » Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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Essay on Why Do I Want To Be An Entrepreneur

Students are often asked to write an essay on Why Do I Want To Be An Entrepreneur in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Why Do I Want To Be An Entrepreneur

Introduction.

I want to be an entrepreneur because it gives me the freedom to express my ideas. It’s like being a painter, but instead of a canvas, I use business strategies to create my masterpiece.

Independence

Being an entrepreneur means I am my own boss. I can make decisions and set my own rules. This freedom allows me to shape my business in a way that matches my vision and values.

Entrepreneurship allows me to be creative. I can come up with new ideas for products or services and bring them to life. This is exciting and fulfilling, like solving a puzzle.

I want to make a difference in the world. As an entrepreneur, I can create jobs, solve problems, and contribute to the economy. This gives me a sense of purpose and accomplishment.

Entrepreneurship is a journey of constant learning. I can learn about different industries, technologies, and cultures. This broadens my perspective and makes life more interesting.

In conclusion, I want to be an entrepreneur because it allows me to be independent, creative, impactful, and constantly learning. It’s a challenging but rewarding path that I am excited to embark on.

250 Words Essay on Why Do I Want To Be An Entrepreneur

Passion for creativity.

Being an entrepreneur means creating something new and unique. I want to be an entrepreneur because I love the idea of turning a simple thought into a successful business. It’s like painting on a blank canvas, where the colors are my ideas and the brush is my hard work.

Freedom and Control

As an entrepreneur, I get to be my own boss. This means I can make my own decisions, set my own goals, and work at my own pace. This freedom and control are very appealing to me. It’s like being the captain of my own ship, steering it in the direction I want.

Opportunity to Learn

Every day as an entrepreneur brings new challenges and opportunities to learn. From managing finances to understanding customer needs, every task is a learning experience. This constant learning and growth is something I look forward to as an entrepreneur.

Making a Difference

Entrepreneurs can make a positive impact in people’s lives through their products or services. I want to be an entrepreneur because I want to make a difference. I want to create something that can bring a smile to someone’s face or make their life a little easier.

Financial Independence

Entrepreneurship can lead to financial independence. While it’s not easy, and there are risks involved, the potential rewards can be great. This chance to achieve financial independence is another reason why I want to be an entrepreneur.

In conclusion, becoming an entrepreneur is about much more than just making money. It’s about passion, freedom, learning, making a difference, and financial independence. These are the reasons why I want to be an entrepreneur.

500 Words Essay on Why Do I Want To Be An Entrepreneur

Being an entrepreneur means starting your own business and taking on financial risks in the hope of profit. It’s a path that requires courage, creativity, and a strong desire to succeed. I want to be an entrepreneur for several reasons.

One of the main reasons I want to be an entrepreneur is the freedom and control it offers. As an entrepreneur, I can make my own decisions and steer my business in the direction I want. I won’t have to follow someone else’s rules or meet someone else’s expectations. I can work on something that I truly care about and believe in.

Opportunity to Innovate

Being an entrepreneur gives me the chance to bring new ideas to life. I can find creative ways to solve problems and make people’s lives better. This is exciting because it means I can make a real difference in the world. I can create products or services that people need and want, and that can change the way we live and work.

Personal Growth

Running a business is a great way to learn and grow as a person. I’ll face many challenges and obstacles, but overcoming them will make me stronger and smarter. I’ll learn about different aspects of a business, like marketing, finance, and management. I’ll also learn about myself – my strengths, my weaknesses, and my ability to handle stress and uncertainty.

As an entrepreneur, I have the potential to earn more money than I could as an employee. If my business is successful, it could provide financial security for me and my family. I could also create jobs for other people, which would be a great way to give back to the community.

Leaving a Legacy

Finally, I want to be an entrepreneur because it gives me the chance to leave a legacy. My business could be something that lasts long after I’m gone, benefiting future generations. It could also inspire others to pursue their own entrepreneurial dreams.

In conclusion, being an entrepreneur is about more than just making money. It’s about having the freedom to pursue your passions, the opportunity to innovate, the chance to grow as a person, and the possibility of leaving a lasting legacy. It’s a challenging path, but one that can be incredibly rewarding. And that’s why I want to be an entrepreneur.

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Becoming an Entrepreneur

Being an entrepreneur is a responsible and difficult task, so people need to understand their goals and capabilities. In any case, despite the difficulties, it is an exciting activity that brings valuable life experience. If I chose to become an entrepreneur, I would start my coffee shop. In my opinion, this type of business does not lose its relevance. This is a place where people can chat with each other, work, or just have a delicious drink and a snack. The inviting atmosphere of the coffee shops allows visitors to relax and slow down at the fast pace of modern life. In addition, with a large flow of customers, this business is profitable and can generate high income.

I think being an entrepreneur is exciting. This allows you to gain a lot of experience and do exactly what you want. Entrepreneurship opens up many opportunities for development in different areas. This makes people flexible, ambitious, and interesting. In addition, with successful work, this is an opportunity to make good money. However, there is no doubt that there is always a chance that the project will not perform well enough, and the business will burn out. Therefore, it is important to consider all the risks at the start and competently approach entrepreneurship.

Undoubtedly, knowledge and motivation are useful at all stages of starting a business. Knowledge helps to correctly distribute funds, choose the right niche, and quickly promote a project. Motivation allows entrepreneurs to do it quickly. In addition, it helps to cope with the difficulties that arise in any job. Thus, being an entrepreneur is a fun and rewarding activity worth trying.

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While entrepreneurship is exciting and rewarding, it has some difficulties early on in the process. This means that becoming an entrepreneur doesn’t just come easy as one has to go through dozens of hardships and challenges along the way. If somebody asked me what the hardest thing about being an entrepreneur is, I would not hesitate to say it is the part of making decisions. Entrepreneurs every day in their businesses are forced to make some hard decisions on market conditions, accepting or declining business deals, prices, and costs.

There are a million reasons to love being an entrepreneur. However, if someone asked me what I do think would be most fun about being an entrepreneur, I would consider the part of being my own boss where I can set my own schedule with no one to dictate what I should do (FEDERICO, 2015). I love this freedom where I can only answer to myself.

While a good entrepreneur has to be a good manager, a good manager may not necessarily be a good entrepreneur. Most managers have a strong dislike in taking risks. On the other hand, a good entrepreneur has a high propensity for taking risks. Entrepreneurs are also higher in achievement motivation and preference for innovation compared to managers.

For a business to succeed, there has to be good management. There are common attributes that make good managers and, it is these attributes that determine the success or the failure of the business. Some of the characteristics that make a good manager include; good leadership, exemplary communication skills, willingness to innovate, willingness to focus on diversity, accountability, effective decision making, honesty, problem-solving, assertive, goal-oriented, open-minded among others (Leddy, 2017).

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More From Forbes

What it takes to be a successful entrepreneur—and why it's partly a mind game.

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By Rieva Lesonsky

The reality of starting a business is usually very different from the expectation.

The startup surge is still in high gear. Last year, according to the U.S. Census Bureau, Americans filed a record-breaking 5.5 million applications to start new businesses . From January through March of this year, 1.5 million new business applications have already been filed. (These numbers are not seasonally adjusted.)

Recent research from Zen Business reveals that 80% of Gen Z think they will “become the most entrepreneurial generation in U.S. history,” and 75% want to be entrepreneurs.

Obviously, these startup business owners enter the entrepreneurial fray filled with grand dreams, innovative ideas, and hope. But are they prepared for the reality of entrepreneurship?

To get an entrepreneur’s perspective, I talked to Clate Mask, the CEO and co-founder of Keap , a small business automation software company. Mask just released a new book, Conquer the Chaos: The Six Keys to Success for Entrepreneurs , an update to his New York Times best-seller released in 2010.

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Rieva Lesonsky: You say you wrote this update to Conquer the Chaos for “the entrepreneur who went into business looking for freedom and instead found chaos.” Do you think most entrepreneurs start businesses expecting a chaotic ride, or do they think they’ll experience a relatively smooth path to success?

Clate Mask: Most entrepreneurs are visionaries with big ideas but often struggle with how to execute them. They know that building a successful business won’t be easy, but their ambition and excitement can cause them to underestimate how truly difficult it can be. So, they probably expect some chaos throughout the journey, but they’re shocked by just how chaotic things really become.

Lesonsky: Why do so many choose business ownership, knowing it’s not easy?

Mask: Entrepreneurship dangles a very appealing carrot. The idea of time freedom, limitless earning potential, and being your own boss is a draw that’s hard to ignore. Most people, especially entrepreneurs who already possess great grit, are willing to push through some pain to get to the rewards on the other side.

Lesonsky: Can you define “chaos” as you mean it in the book? Has the chaos changed in the 14 years between the publication of both editions?

Mask: In the book, I use the analogy of stepping into a gym for the first time, all geared up to kickstart your fitness journey. You hop onto a treadmill and initiate a warm-up walk. Suddenly, a gym trainer approaches and cranks up the treadmill speed. You transition into a jog, feeling apprehensive yet overcoming the initial challenge.

But the trainer doesn’t stop there. They increase the speed further and elevate the incline. Now, you’re struggling to keep pace. Despite feeling out of your depth, you persist, driven by a reluctance to give up or appear inadequate. Deep down, you realize this isn’t quite what you envisioned when you stepped into the gym. You continue, feeling trapped on the relentless treadmill.

The chaos of managing a small business mirrors this treadmill experience. Customer demands loom constantly. Leads require attention, projects await completion, bills must be paid, and crises demand resolution. Meanwhile, technology advances rapidly, complicating data management, while administrative and compliance tasks remain challenging. Industry dynamics evolve, competitors encroach, and economic fluctuations add further complexity.

And that’s just the business side of things! Amid all this, entrepreneurs also juggle their children’s schedules, neglected health, personal finances, household maintenance, and crucial relationships. The moment prospects and customers enter the picture, chaos ensues. Inputs multiply, leading to disorganization, and priorities blur, with overwhelm looming ominously.

Lesonsky: Can you briefly describe how someone can conquer the chaos?

Mask: Conquering the chaos starts with mastering “the game between your ears.” Once you’ve done this, you can focus on your vision and rhythm, preparing you for the business keys to success (strategy, automation, and leadership).

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How to change your mindset for success

Lesonsky: How do you cultivate a “winning mindset?”

Mask: Small business chaos is in the mind even more than in the physical world, which is why overcoming the negative thoughts and emotions that arise inside you as an entrepreneur is the number one Key to Success in your business and personal life.

When I was young, my dad always talked about the importance of staying positive, but I didn’t pay much attention as a teenager. Then, when I was struggling to keep my small business afloat and facing personal financial problems, a book he had recommended years ago caught my eye: The Power of Positive Thinking by Norman Vincent Peale.

Reading that book changed everything for me. It not only turned my life around but also saved my business. If I hadn’t learned to change my way of thinking during those tough times, Keap wouldn’t exist today. I’ve spoken to many other entrepreneurs who’ve been through similar challenges because running a business often feels like dealing with one failure after another.

Every day, it’s important to focus on having a mindset geared toward success. That means deliberately practicing positive thinking and performing mental exercises to train your brain to overcome obstacles and achieve your goals. Two of the top ways I recommend doing this are creating a morning routine that helps you feed positivity and purge negativity, and exercising every day. Even 20 minutes of exercise can be a game-changer for your mind and mindset.

Lesonsky: You say you need a “life vision” to be successful. How do you figure out what your life vision is? And does it change as you get older?

Mask: Establishing your vision involves thoroughly examining your identity, purpose, values, mission, and goals. It’s a process of introspection and self-definition, starting with a clear understanding of who you are. It includes:

• Defining your identity. This sets the stage for understanding your purpose—why you’re here and what you aim to achieve in life.
• Delving into your values. This helps identify the principles that guide your actions, while crafting your mission allows you to outline the overarching objectives you seek to fulfill during your time on earth.
• Setting goals. Putting goals in place across various facets of life, such as in physical, spiritual, social, business, and financial areas, provides a roadmap for actualizing your vision.

The journey to clarify your vision involves asking yourself fundamental questions about your identity, purpose, values, mission, and goals. This process can take various forms, from solitary reflection to seeking input from trusted friends and family. There’s no one-size-fits-all approach, but commitment and intentionality are essential.

Your goals may evolve as you engage in this process, and your life mission may adapt over time. However, the key lies not in setting it and forgetting it but in integrating it into your daily routines and periodically reassessing it to ensure alignment with your evolving aspirations. By incorporating your vision into your regular rhythms of life, you create a framework for continuous growth and fulfillment.

Lesonsky: You talk about “conscious capitalism,” which you write means a business should be “used to do good for everyone associated with the business," in other words, customers, employees, partners, owners, and the community. But the reality is not all entrepreneurs feel that way. I know—I’ve worked for a few. So, how do you convince business owners that being a conscious capitalist is worth it?

Mask: I fully believe in following the practices of conscious capitalism, but you’re right—some business owners don’t feel the same way. Sometimes, their ambition or short-sighted view of what it will take to make their own business thrive gets in the way of embracing the long-term advantages—to everyone involved—of conscious capitalism.

All I can say to these people is that using your business to do good for every person who interacts with it is more fun and fulfilling, and, in the end, following this path will leave you with fewer regrets.

What successful entrepreneurs have in common

Lesonsky: Now, let’s discuss Keap’s new survey and report, The State of Business Growth 2024 . What are the traits of business owners you classify as “growth achievers?”

Mask: Our report is eye-opening about what currently separates the entrepreneurs who are growing from the ones who are stagnant or even on the decline. The “growth achievers” are the 80% of those surveyed who have exceeded or met their goals, while the “underperformers” are the 20% who missed their goals.

This year’s report showed some compelling patterns among the growth achievers. The research made it clear that this group is far more likely than underperformers to have planned investments in AI, process automation, partnerships, and software. Growth achievers embrace innovation and focus their investments on these key business areas that continue to fuel their growth.

Lesonsky: In one of the questions in the survey, owners of emerging businesses cite “building credibility and trust” as a challenge. In another question, all three types of companies (emerging, scaling, and mid-market) say “building customer loyalty” is challenging. What’s your advice for building credibility, trust, and customer loyalty?

Mask: Building credibility, trust, and customer loyalty hinges on several key principles. First and foremost, you must set accurate expectations and avoid overpromising. By being transparent about what you can deliver and then meeting or exceeding those expectations, you establish trust and reliability with your customers.

Secondly, investing time and energy into your relationships with customers is essential. Whether through personalized communication, attentive listening, or going the extra mile to address their needs, you’ll foster loyalty when you show genuine care.

Additionally, staying focused on your target area rather than trying to cater to everyone’s demands ensures you can consistently deliver high-quality service. Finally, maintaining consistent follow-up and follow-through shows your commitment to customer satisfaction and reinforces their trust in your business.

About the Author

Rieva Lesonsky is CEO of GrowBiz Media and SmallBusinessCurrents.com and has been covering small businesses and entrepreneurship for over 30 years. Get more insights about business trends by signing up for her free Currents newsletter .

RELATED: What Is the Value of Curiosity in Entrepreneurship?

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Chip Conley’s advice to leaders: You don’t have to be a jerk

Hello and welcome to Modern CEO ! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company . If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.

It’s time to stop lionizing megalomaniac founders. Some of the world’s most famous entrepreneurs, from Thomas Edison to Henry Ford, were ruthless, single-minded in their pursuit of success, and by all accounts, exercised huge control over all aspects of their enterprises—traits we see today in Elon Musk, for example. In a trenchant reported essay for Inc. about the “ cult of the entrepreneur ,” editor-at-large Bill Saporito writes: “We find ourselves at the high-water mark of the cult of the entrepreneur, where excess supposedly leads to success. The message to would-be founders is that a good idea and solid execution aren’t enough to achieve greatness. You have to add the histrionics, the blog and social-media posts, and the worshipful fan base ready to do your bidding.”

It doesn’t have to be this way. Chip Conley, founder and CEO of Modern Elder Academy, has created Entrepreneurship at Any Age, a workshop in collaboration with Inc. , to help entrepreneurs become better businesspeople and better humans. “Sometimes [founders] feel like, ‘If I’m successful, I’ll become a better human.’ What I have found is being a better human has made me successful in business,” Conley says. “You have to be smart. You have to negotiate well. But that doesn’t mean you have to be an asshole.”

Reimagining midlife

To be sure, Conley has always been a bit of an iconoclast. After earning his MBA from Stanford Business School in 1984, he eschewed corporate gigs in favor of a $24,000-a-year job working for a commercial real estate developer in San Francisco. He started the Joie de Vivre boutique hotel chain at age 26. “You’re making no money, you’re living in San Francisco, and you’re naming your company for the emotion of joy. You’ve become very New Age,” he recalls friends saying. “But I wanted to remind myself of the mission, and the name of the company was the mission statement.”

After selling Joie de Vivre to John Pritzker, whose family started Hyatt, Conley began doing some consulting work for Airbnb, which quickly led to a full-time role at a company where he was called a “modern elder” at age 52. In 2018 he launched Modern Elder Academy to reimagine “midlife”—which Conley defines as the years between 35 and 75—and give people tools to navigate that period of their lives.

While Modern Elder Academy offers retreats and courses for people from all walks of life, Conley understands firsthand the unique challenges entrepreneurs face. “Corporate executives often have road maps or a company strategy, and their job is to execute. Entrepreneurship is like surfing: There’s a wave and you have to figure out, ‘How am I going to surf this?’”

On being human

Entrepreneurship at Any Age features sessions and conversations on core business and leadership topics such as time management, growth tactics, and exit strategies. But Conley and his fellow instructors and coaches expect attendees—the workshop capacity is 20 to 24 people—to get personal in their quest to become better founders and better people.

“It’s about people getting to know each other as humans first. What, as a human, are you dealing with in your company? How do you create the crucible for life-changing conversations to happen? That’s really what we specialize in,” he says.

Do you agree with Conley’s assessment that being a better person makes you a better business leader? Or do you think every entrepreneur needs to be a little like Henry Ford or Thomas Edison to build and scale a business? Send your responses to me at [email protected]. The best responses might form the basis of a future newsletter. And there’s still time to enroll in Entrepreneurship at Any Age, which takes places at Modern Elder Academy, in Santa Fe, New Mexico, September 23 to 28.

Read more: defying the cult of the entrepreneur

Chip Conley on how Southwest Airlines founder Herb Kelleher put employees first

From the Inc. archives : Patagonia’s Yvon Chouinard on social mission

Meet the cofounders of Canva, who are donating 97% of their stake to their foundation

This post originally appeared at fastcompany.com

Subscribe to get the Fast Company newsletter: http://fastcompany.com/newsletters

Successful Entrepreneur: Main Characteristics Essay

An Entrepreneur is a person who owns an enterprise; he/she manages the enterprise and assumes all the risks of that enterprise. “The difference between a successful entrepreneur and a failed one is that a successful entrepreneur is the one who lives in the future and is creative,” (Scarborough, 2003). They will always thrive on any change that is before him. When we relate this character to Bill, we see Bill as innovative and a good craftsman to the point of him being loved by the customers including Mr. Hugo.

There are some characteristics traits which make Bill to be a self confident man, this has been seen when the owner wants to give the control of the shop to Bill after he retires from the shop and he knows that Hugo Shop will prosper under the control of Bill. Bill is realistic, he accepts the management of Hugo shop because he knows the problems Mr. Hugo was going through in maintaining the shop and thus is in a position to deal with those problems if they arise. “Mr. Hugo and his wife found satisfaction in the symbol of success in their business and they wanted to continue that tradition of success with the shop; they are leaving the shop to Bill because he is the right candidate” (Scarborough, 2003).

There are some characteristic traits which can hinder Bill from succeeding in his new business. Firstly lack of planning, business planning is so important, “it requires one to analyze every business situation and problems which may occur in the day to day running of the business” (Scarborough, 2003), and it is through business planning that one is able to achieve set goals that you have set for your business. Secondly if Bill does not manage his money wisely he is bound to fail miserably because the lifeblood of any business is the cash flow. Bill needs to buy inventory and pay for the raw materials that are needed in the shop and at the same time he needs money to pay for his wages. Bill should be keen when handling money, he should make sure that the cash flow in the Hugo shop keep flowing and the bills are paid right on time because many business have wound up due to the owner negligence with the cash of the business.Bill should take everything seriously in order not to fail, but if he become lazy he will be easily be sidetracked by the business and he will no longer be motivated in the running of the business.

In order for Bill’s business to succeed he must take many things into consideration. Firstly, Bill should remember it is through the customers and not about the products or the services that he will be selling or the price that he will be selling his products, “but if the customer is satisfied, the business will succeed “(Moore 2005). Anything Bill will do to his business must be focused on customers including all the policies of the business and he can achieve this through advertising, “opening early and closing late than the normal business around that location and lastly he must be friendly to his customers” (Moore, 2005).

The terms of sales by Mr. Hugo were good because instead of being given a lump sum of money at a go. Mr. Hugo knew Bill was a hardworking man and he can turn the shop into a successful one when it is under Bill management, part of the profit which will be realized under Bill’s ownership will go directly to Mr. Hugo, with that he will have a say on the shop even if he retires.

Reference List

• Moore, C.W. (2005). Small business management: an entrepreneurial emphasis . New York: Cengage Learning Publisher.
• Scarborough, N.M. (2003). Effective small business management: an entrepreneurial approach . London: Prentice Hall Publisher.
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• Chicago (N-B)

IvyPanda. (2021, December 26). Successful Entrepreneur: Main Characteristics. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/

"Successful Entrepreneur: Main Characteristics." IvyPanda , 26 Dec. 2021, ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

IvyPanda . (2021) 'Successful Entrepreneur: Main Characteristics'. 26 December.

IvyPanda . 2021. "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

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Bibliography

IvyPanda . "Successful Entrepreneur: Main Characteristics." December 26, 2021. https://ivypanda.com/essays/successful-entrepreneur-main-characteristics/.

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Watch CBS News

Sophia Bush comes out as queer, confirms relationship with Ashlyn Harris

By Lucia Suarez Sang

Updated on: April 30, 2024 / 10:46 AM EDT / CBS News

"One Tree Hill" star Sophia Bush addressed her recent divorce and rumors of infidelity in a candid personal essay for Glamour magazine . In the cover story for the fashion magazine, Bush also came out as queer and confirmed that she is dating retired U.S. Women's National Team soccer player Ashlyn Harris.

In the essay, she described the cold feet she experienced before tying the knot with Hughes in July 2022.

"In April of 2022 I was close to calling off my wedding. Instead of running away, I doubled down on being a model wife," she wrote.

Bush said she kept trying to tell herself that "relationships are hard" and that "marriage takes compromise" but that the "heartbreak of the fertility process" led her to reassess her marriage.

"Six months into that journey, I think I knew deep down that I absolutely had made a mistake. It would take my head and heart a while longer to understand what my bones already knew," she wrote.

Bush filed for divorce from entrepreneur Grant Hughes in August 2023 after a year of marriage. A month later, Harris filed for divorce from her former teammate Ali Krieger . Shortly after both divorces became public, it was reported Bush and Harris were dating.

In her essay, Bush said the decision to file for divorce took time – and came after many conversations with "groups of women in my life [who] started opening up about issues they were going through in their own homes." Harris, she said, was one of those women. They had met in 2019.

"She's been such a kind ear for those of us who opened up about our problems during a shared weekend of speaking engagements at a fancy conference in Cannes, and soon it became clear that she needed our ears too."

Bush said she didn't expect to find love in this support system and felt her feelings for Harris developed slowly and simultaneously overnight.

"And I think it's very easy not to see something that's been in front of your face for a long time when you'd never looked at it as an option and you had never been looked at as an option," she wrote in the essay.

Elsewhere, social media viewed their love as an affair.

"The online rumor mill began to spit in the ugliest ways. There were blatant lies. Violent threats. There were accusations of being a home-wrecker," she wrote in the essay. "The ones who said I'd left my ex because I suddenly realized I wanted to be with women — my partners have known what I'm into for as long as I have."

She added: "The idea that I left my marriage based on some hysterical rendezvous — that, to be crystal-clear, never happened — rather than having taken over a year to do the most soul crushing work of my life? Rather than realizing I had to be the most vulnerable I've ever been, on a public stage, despite being terrified to my core? It feels brutal."

Elsewhere in the essay, Bush said that while she sort of hates the notion of having to come out in 2024, she is acutely aware that "we are having this conversation in a year when we're seeing the most aggressive attacks on the LGBTQIA+ community in modern history."

"There were more than 500 anti-LGBTQIA+ bills proposed in state legislatures in 2023, so for that reason I want to give the act of coming out the respect and honor it deserves. I've experienced so much safety, respect, and love in the queer community, as an ally all of my life, that, as I came into myself, I already felt it was my home."

As for a label, Bush said her sexuality exists on a spectrum and believes the word that best defines her at the moment is "queer."

"I can't say it without smiling, actually. And that feels pretty great," she wrote.

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Lucia Suarez Sang is an associate managing editor at cbsnews.com. Previously, Lucia was the director of digital content at FOX61 News in Connecticut and has previously written for outlets including FoxNews.com, Fox News Latino and the Rutland Herald.

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Catching up with — and rooting for — an entrepreneur taking a chance on fixer-upper newspapers

Jeremy Gulban was trying to pause, after a spree of acquiring newspapers in small towns where Wall Street firms had milked their local papers dry.

But he couldn’t resist the opportunity when Alden Global Capital closed a group of six Minnesota papers in late April.

Gulban’s CherryRoad Media is launching two new papers in the coming week to serve communities abandoned by Alden.

Perhaps he’s foolhardy. But America needs more entrepreneurs like Gulban, willing to take a chance on fixer-upper newspapers that thousands of local communities and millions of voters still rely on to stay informed.

The 49-year-old New Jersey tech executive began buying newspapers four years ago, believing that his management and software skills could turn things around.

Since then Gulban acquired or started 85 papers in what might otherwise be news deserts in 18 states. Most are weeklies but three print five days per week and around a dozen print two or three days per week.

“I think it’s been rewarding overall,” he said. “But it’s been really hard work and really kind of tough to figure this out. I think we’re coming up with a model that makes smaller market newspapers sustainable … focusing on local, real people producing local content, and figuring out how to do everything else as efficiently as possible.”

CherryRoad Media also acquired presses in Minnesota, Kansas and Ohio that are also printing surviving papers in surrounding communities. It employs around 500 people and Gulban expects revenue to be around $30 million this year.

The company is also offering “newspaper as a service” software, including cloud-based storage and circulation systems, which was part of Gulban’s original vision.

Gulban bought his first masthead, the Cook County News-Herald, in Minnesota in late 2020. It turned out to be a good market for newspapers and CherryRoad will shortly have a dozen in the state.

With encouragement from community leaders, CherryRoad on April 26 announced plans to launch weeklies replacing the Hutchinson Leader and Litchfield Independent Review, two of eight Minnesota papers that Alden just closed.

“That made it a really easy decision, we were already there,” he said.

Key staffers at the Alden papers were hired by CherryRoad. Gulban believes they can retain “the vast majority” of roughly 2,000 subscribers the two papers each had before closing.

I’m rooting for Gulban to find the right formula, not just for his company but hopefully to encourage other potential publishers.

If he succeeds, that will help prove that there’s still opportunity in the business, demand remains for local papers and their public-service mission can be sustained, with an infusion of resources and technology.

“It’s a lot of work and it’s hard, there’s a lot of setbacks,” he said. “But at the end of the day I just really enjoy what I’m doing and I would really encourage others to do it or pull together resources in the community” to publish local papers.

I interviewed Gulban in 2021 and caught up with him again last week. Here are edited excerpts of our conversation:

Q: Is CherryRoad Media profitable yet?

A: It hasn’t been up until now but I believe this coming month, we will finally turn the corner on that, so that’ll be good.

Q: Did that take longer than you thought?

A: Totally. I was naive coming into this, with how quickly things can be turned around. We have some properties that are really, really strong and we have others that are really poor performers financially. We try to take the approach “we don’t want to give up on the market, we want to make this work.” Other people in the industry advised “you’ve got to be more prepared to just walk away from the bad markets” but we’ve really tried not to do that.

Q: Are you offloading some papers?

A: We consolidated a couple small papers into neighboring papers and we closed some free weeklies that have only been around a few years and really weren’t serving a purpose. We sold four to our local staff in each place. But we’ve not given up on any of the core markets, which financially has hurt us, but we’re trying to see this through, trying to keep papers in these communities.

Q: I fear some small, less economically robust communities may not be able to support a newspaper.

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A: The news desert problem, in my opinion, is the size of the market and the income of the market. A lot of our counties are 10,000 people or maybe less, which is very small, and different parts of the country have lower incomes than you find in the Northeast or Northwest. That all comes into play and I don’t see anything that’s being discussed really solving that problem. A lot of the philanthropy movement is not looking at those communities because people who have means don’t live in those communities. So there’s not enough wealthy people to fund something like that, there’s not enough income to drive the subscriber base and there’s not enough businesses on Main Street to be advertisers. All of that is really, to me, where a lot of the news desert problem comes from.

Q: I wonder if Wall Street chains will shed more papers in the next few years, creating more opportunities for locals or small chains.

A: Probably. There are a few factors. Print revenue is obviously declining and it takes work to transition over to a digital future. We have a long-term perspective on this, 10 years or 20 years, whatever, we’re in it for the long run. But if you’re not and you’re a financial organization, the return of running the St. Paul paper is so much better than running papers in Hutchinson and Litchfield, so you’re going to focus your energy on the St. Pauls of the world, not the smaller markets, so you’ll see more of that.

Q: How big are your newsrooms?

A: Most are one or two full-time equivalents. In small markets some are half that and some of our larger ones have more people. But we’ve pretty much figured out how we get one or two people in the market, out on the street, getting information, getting stories, and that’s where we’re spending the money.

Q: What’s your sweet spot?

A: A county population of about 20,000 to 25,000 is good for us. We feel like we can get 15% of the households in that market to be a paid subscriber, bring in our fair share of advertising and then we’ve got a viable economic model.

Q: What’s the option in smaller places?

A: Local ownership is probably one of the best models for this going forward. It played out in the four markets I spoke about earlier, where (employees) could run the paper way better than we ever could because they’re there every day and they have sweat equity in it.

The opinions expressed in reader comments are those of the author only and do not reflect the opinions of The Seattle Times.

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Logan Paul's Energy Drink Company Accused of 'Forever Chemicals,' Excessive Caffeine in Class-Action Lawsuits Prime Hydration is facing two class-action lawsuits. Paul says the suits are "absolute bull."

By Emily Rella • Apr 26, 2024

WWE wrestler and Prime Hydration co-founder Logan Paul has found himself in the middle of two class-action lawsuits that allege (separately) that Prime Hydration energy drinks contain more caffeine than advertised and that the beverages contain PFAS aka " forever chemicals ."

This week, Paul responded to the accusations on TikTok saying the lawsuits are based on "zero evidence."

Why is Prime being sued?

In an April 8 lawsuit filed in New York, Paul and Prime Hydration LLC co-founder KSI were accused of "deceptive, and misleading practices" after testing commissioned by the plaintiff's attorneys found that the 12-ounce cans of energy drinks contain between 215-225 milligrams of caffeine, instead of the 200 milligrams advertised.

The lawsuit states that the plaintiff purchased several of the blue raspberry-flavored Prime drinks in August 2022 and that she never would have done so had she known the true caffeine content. She's seeking $5 million from Prime.

In a separate lawsuit filed in August 2023 in California, Prime is accused of containing PFAS, which are synthetic chemicals used in cleaning products, toiletries, and stain-resistant sprays that are not FDA-approved for consumption.

Per the lawsuit, PFAS was found through third-party testing that the grape flavor of Prime contains these chemicals. The plaintiff is seeking $5 million.

Related: EntrepreneurTV Is Now Streaming – And It's Free! Watch To Find Your Inspiration

How did Paul and Prime respond?

In a TikTok video posted to Paul's account late Wednesday, which has since garnered over 15.3 million views, the influencer slammed the allegations and denied that any Prime products contain any non-FDA approved chemicals or substances.

Paul clarified in the clip that the PFAS being referred to in the lawsuit are regarding the bottle that Prime is packaged in, not the actual liquid itself.

@loganpaul Addressing the PRIME accusations #ForeverHydrated @PRIME ♬ original sound - Logan Paul

"This ain't a rinky-dink operation," Paul said. "We use the top bottle manufacturers in the United States. All your favorite beverage brands... they use these companies. If the product is served in plastic, they make a bottle for them."

He then doubled down and called the lawsuit "absolute bull" and claimed that the third-party testing was invalid.

"They're claiming that Prime has 0.06 (parts per trillion)," Paul said regarding the testing. "But that's interesting because the EPA says anything under 1.1 (parts per trillion) can not be deemed as reasonably accurate. They don't have the right tools or resources to even prove what they're claiming."

Prime Hydration LLC did not immediately respond to Entrepreneur's request for comment on either lawsuit.

Prime's products are manufactured and distributed by Congo Brands, which is based in Louisville, Kentucky.

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Changes to the Start-up Visa and Self-Employed Persons programs to help reduce backlogs and improve processing times

From: Immigration, Refugees and Citizenship Canada

News release

Immigration is critical to the growth of our economy and our communities. Improving processing times is key to providing an immigration system that works better for newcomers and Canadians alike, which is why we are taking action to reduce wait times and modernize our programs and services.

April 29, 2024—Ottawa— Immigration is critical to the growth of our economy and our communities. Improving processing times is key to providing an immigration system that works better for newcomers and Canadians alike, which is why we are taking action to reduce wait times and modernize our programs and services.

Today, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, announced several changes to Canada’s federal business programs to help reduce processing times and the application backlog. These changes take effect on April 30, 2024.

To improve the Start-up Visa Program, we will encourage designated venture capital firms, angel investor groups and business incubators to focus on the most promising proposals by

• capping the number of permanent residence applications we will accept for processing each year to those associated with no more than 10 start-ups per designated organization
• providing priority processing for entrepreneurs whose start-up is supported by Canadian capital or by a business incubator that is a member of Canada’s Tech Network , including applications in the inventory and new applications as they are submitted

In addition, Minister Miller announced a full pause on application intake for the Self­-Employed Persons Program to focus on processing applications from the inventory, starting April 30, 2024. The Self-Employed Persons Program provides a pathway to permanent residence for people with notable experience in art, culture, recreation or sports and who will contribute to Canada’s cultural vitality. Due to the high number of applications submitted for this program, processing times have increased to beyond four years. While the pause is in place, IRCC will continue finalizing applications from the backlog while assessing options for reforming the program and ensuring its integrity.

By restricting application intake through the end of 2026, and through planned increases in admissions for the federal business category as tabled in the 2024–2026 multi-year levels plan , IRCC will be able to reduce the backlog and bring down wait times while continuing to welcome the talented, innovative and entrepreneurial newcomers we need to continue to grow Canada’s economy. 

“Fast processing is critical to the success of entrepreneurs who come to Canada through our federal business programs. These necessary changes will set the Start­up Visa Program and Self-Employed Persons Program on the path to faster processing times while we look ahead to further reforms to make these programs more sustainable and effective over the long term.” – The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship

Quick facts

Immigrants account for about one third of business owners with paid staff in Canada. 

Canada ranked number one as the most attractive destination for start-up founders in a  2023 report by the Organization for Economic Co-operation and Development (PDF 2.18 MB) . The rankings were based on a wide variety of factors, including access to capital, corporate tax rates, skills of the workforce, strength of its universities and quality of life, as well as immigration policies for entrepreneurs and their families.

To qualify to apply for the Start-up Visa Program, a foreign entrepreneur must have the committed support of a designated venture capital fund (investment of $200,000), angel investor group (investment of $75,000) or business incubator (acceptance into their incubation program).

Since the program began in 2013, about 900 entrepreneurs have become permanent residents through this category, representing the launch of more than 300 start-ups.

All applications in the venture capital and angel investor streams will get priority processing, as will any business incubator–supported applications that report an investment of at least $75,000.

Related products

• News release: Stabilizing Canada’s immigration targets to support sustainable growth
• News release: Minister Fraser announces Canada’s first Tech Talent Strategy at Collision 2023

Associated links

• Start-up Visa Program
• Self-Employed Persons Program

Bahoz Dara Aziz   Press Secretary Minister’s Office Immigration, Refugees and Citizenship Canada [email protected]

Media Relations Communications Sector Immigration, Refugees and Citizenship Canada 613-952-1650 [email protected]

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• <em>The Idea of You</em> Is About the Ultimate Middle-Aged-Lady Fantasy: Being Noticed

The Idea of You Is About the Ultimate Middle-Aged-Lady Fantasy: Being Noticed

Warning:  This post contains spoilers for  The Idea of You.

These are grim days for romance. Marriage is down. Engagements are down. People don't seem to be into dating apps anymore. Even sex is down. The most successful movie last year ( Barbie ) was about the guy not getting the girl. Where does this leave romantic comedies, that great engine of fantasy that has launched a 100,000 Hinge profiles? How will people find each other without moony love stories to dream about?

Romance is not taking this situation lying down. (Sorry.) Just as movies about lone superheroes have morphed into movies about galaxies of superheroes, and movies about a scary monster have transmogrified into a Godzilla x Kong -style smackdown, romantic comedies have had to amp up the fantasy, and not just by having Ryan Gosling play a lover and a fighter in The Fall Guy . They've gone so far as to borrow a trick from their disreputable cousins in porn, and smash some deep taboos.

Read More: The Real Inspiration Between the Buzzy Boy Band Rom-Com The Idea of You

And I'm not just talking about the recent spate of films exploring love stories between older women and younger men. These have come in various forms, from the darkly funny May December to the erotic thriller and very French Last Summer . Neither of those movies is long on wish fulfillment, which is kind of like having a superhero movie where people solve interplanetary crises by negotiating.

No, the really deep taboo-busting is being done by The Idea of You , which is being heavily sold as an age-gap romance but is actually so much more than that. It really belongs in the genre of middle-aged-lady fantasy (MALF) movies. If there were a Comic-Con for slightly overwhelmed mid-career women—a Discontentment-Con, if you will— The Idea of You would have a main-stage panel. MALF is the genre that asks: if Thor can have a hammer that always comes back and a bunch of cool superhero friends and a fulfilling job saving the universe, can't a 40-year-old woman get everything she wants in a movie too? And The Idea of You answers that if she is Solène Marchand, the coolest single mom in all of the Western seaboard, she can and does.

Solène is an art dealer who represents female artists and lives in a lovely but not too flashy craftsman cottage with a fireplace and a piano in supernatural harmony with her teenage daughter Izzy. She has a cool but modest career that does not look as boring or cutthroat as art-dealing actually is, and a cluster of extremely loyal and supportive friends. She has mastered the feminine arts of cooking and wearing lingerie but in a human and relatable way; neither her fridge nor her boobs are holding up as she had hoped they might.

Seven minutes into the movie we meet the middle-aged lady's nemesis, her ex, who does something vaguely lucrative, lives somewhere overly rectangular, and sleeps with someone youngish. Despite apparently having everything a person could want, he lets his ex-wife and daughter down—again! Solène saves the day, abandoning her plans to go camping alone, of which she is totally capable, and volunteering to take her daughter and two friends to Coachella, like any totally chill hip hero mom would.

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Sometimes people who consistently put themselves last, the movie seems to say, who put their hopes and dreams on hold for their families, or use their considerable talents in the service of the greater good, can emerge on top. So it is when Solène, through an adorable misunderstanding of music-festival signage, stumbles into the trailer of a boy-band member about a decade and half her junior and insists on using his bathroom. Instead of calling security, the young demigod immediately sees something in our heroine that nobody else has. He then does what all young men do when they have an older woman in their sights: he buys all the art in her gallery! He relishes her homemade sandwiches! Instead of requests for nudes, he texts her an invitation to tour Europe with him!

In one scene, Solène drives through a crowd of paparazzi and phone-wielding teens with Hayes Campbell, the young star, hiding in the reclined seat next to her. Nobody even notices her. In case the viewer misses it, the movie keeps reminding us: this is a woman whom nobody sees, except the star of the hottest boy band in the world. Nobody can take their eyes off him, and he can't take his eyes—or his hands, or several other body parts—off her.

This is the acme of the true fantasy—not attracting a young man with chiseled cheekbones, perfect teeth, and the ability to wear a thick cardigan on a very hot day without even a bead of sweat—but actually being noticed. When the couple inevitably gets photographed together, everyone has to recalibrate who Solène really is. Some are jealous, some are appalled. (The ever-game Anne Hathaway gets to play the woman who endures this judgment-fest—a role that is probably not much of a stretch.) Most discomfited of all is her slimy ex, now left by his young lover and with nothing but his glassy lair to snuggle up in at night.

While the movie is crystal clear that Solène is in need of nothing, she does in the end get everything. Her superpowers—authenticity, talent, loyalty, kindness—allow her to wreak revenge on her foe and emerge from her period of struggle having it all and more—an unleashed libido, a booming career, the admiration of her child, and lots and lots of steamy sex with the world's most desired man. Who's also, the viewer is informed, a feminist.

Of course, the duo hit some age- and fame- and schedule- and mean-girl-related roadblocks and have to go their separate ways for a while. Years later, however, they meet again, and the viewer can tell they have both matured; she no longer has bangs and he has a solo career. Maybe this time it will work. Good things, the movie notes, come with age. Or so a 40-plus-year-old woman can dream.

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Sophia bush reflects on her “journey” following revealing essay: “it took a long time and a lot of work to get here”.

The 'One Tree Hill' alum shares she "couldn't believe" that she's reached self-acceptance after writing about her divorce and coming out as queer in a recent 'Glamour' cover story.

By Tatiana Tenreyro

Tatiana Tenreyro

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Following her personal essay in Glamour , Sophia Bush reflected on her decision to share insight into her private life.

In her essay, Bush revealed what led to her split from Grant Hughes and confirmed her relationship with Ashlyn Harris . The One Tree Hill alum shared that by changing the course of her life and making the difficult decision to divorce Hughes and come out as queer, she found true happiness.

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Days after her essay was published, Bush explained what she meant with her birthday realization in an Instagram post shared on Sunday . “I feel like last summer I had my very first birthday. My own. And last summer Maggie Smith’s words helped me begin to understand why. From afar, she helped me put myself back together,” she wrote.

Bush included a poem from the You Could Make This Place Beautiful author, which explained Bush’s own emotions: “How I picture it: We are all nesting dolls, carrying the earlier iterations of ourselves inside. We carry the past inside us. We take ourselves — all of our selves — wherever we go. Inside forty-something me is the woman I was in my thirties, the woman I was in my twenties, the teenager I was, the child I was … I still carry these versions of myself. It’s a kind of reincarnation without death: all these different lives we get to live in this one body, as ourselves.”

View this post on Instagram A post shared by Sophia Bush (@sophiabush)

Looking back at why it was important to shed light on her personal life on her own terms, the actress wrote, “This week I got to share my own words, that I wrote down from the bottom of my ever-evolving heart.”

She recognized her joy at self-acceptance, writing, “When I uttered ‘I really love who I am, at this age, and in this moment’ I sort of couldn’t believe it. It just fell out of me. Simple. But profound. I’ve always wanted to feel that in my bones. Suddenly I do. It took a long time and a lot of work to get here.”

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