To be a successful entrepreneur you will need a good idea, money, a little luck, and hard work (lots of it). 90 % of the most successful people fail the most, meaning you must first lose something (your initial investment) before you gain anything (profits, equity, etc.). Russell Simmons lost 10 million dollars the first five years of starting Phat Farm which is now a multi-million dollar company. You don’t necessarily need a lot of experience or resources to be a successful entrepreneur but you will need passion and persistence. The ability to turn everyday ideas into a business is what makes ordinary entrepreneurs extraordinary people. This talent or gift if you will is what makes them different and unique at the same time. Most start with very limited resources and separate themselves from competitors through their personal efforts. They move fast and make good decisions to gain a share of the market before going the distance with bigger competitors. Even though their age, race, or sex is not always the same it is easy to spot an entrepreneur and their business. They may become rich from their idea but all start by looking to change the way things are being done by satisfying a need that is not being served. There is a difference between a good idea and an actual opportunity. Being able to distinguish between the two can save you time, effort, and not to mention money!

The entrepreneur is the driving force that creates a vision and pushes the company towards that vision through the ups and downs of business. Being an entrepreneur is one of the scariest, thrilling, worrisome, yet exciting things one can experience. But before you can be an entrepreneur you must first understand the concept of entrepreneurship. There are many different types of entrepreneurs including social, home based, virtual, serial, and traditional just to name a few. Continue reading »