You too can be an Entrepreneur

This is Global Entrepreneurship Week. Around the world people and organisations are holding events and competitions to celebrate and support local entrepreneurs. This year’s theme is “Entrepreneurship is for Everyone,” and celebrates the power of innovation and inclusion.

According to the Natwest Global Entrepreneurship Monitor entrepreneurship is on the rise in the UK:

Just under one in three UK adults (30%) now either run their own business or plan to start a business within the next three years

10% of women are now engaged in early-stage entrepreneurial activity – a three-fold increase since 2002

Immigrant and non-white ethnic populations continue to be the most entrepreneurial groups in the UK.

The dictionary definition of an entrepreneur is “A person who starts a business and is willing to risk loss in order to make money”. It’s not just someone who starts a business, but someone prepared to take the associated risks. Risk is part and parcel of entrepreneurship, which is why it’s important to take as much of that risk out of the business before you start, by having as much of the information that will help you run a successful business as possible, at your fingertips, such as how to get paid quickly and fairly and how to negotiate a fair contract.

You can be an entrepreneur with any size of business in any sector but entrepreneurship is about taking action, pursuing opportunities and boldly going into the unknown. It’s about passion, recognizing opportunities and having creative ideas. It’s about focus and letting go of the fear of failure.

You also have to implement and deliver. The idea is the lightbulb moment, the creative spark that sees how to solve a problem, fulfil a need, or grasp an opportunity. Ideas can come from anyone and be as simple as a new feature or process. Then someone has to take the initiative and come up with a plan which sets objectives, defines tasks, allocates resources, establishes timelines, and makes the project deliverable.

Innovation is the ultimate result, the significant and meaningful change or improvement that adds value. Innovation is about introducing new ideas, products, processes, or solutions that give you a competitive advantage. It transforms ideas into practical, real-world applications. That’s what Global Entrepreneurship Week celebrates.

Lots of people can address the problems and challenges they face with original and innovative solutions. But an entrepreneur is someone who has those skills and is also willing to take the necessary amount of risk to get to that real-world application. As an entrepreneur you are probably spending your own money. You are not afraid to do or create things you would like to see. You’re fearless and willing to surround yourself with people who inspire, help, and challenge you. You’re never afraid to ask for help. An entrepreneur keeps on keeping on.

More than half of UK adults say fear of failure would stop them starting a business. It’s understandable. It’s sad that for many the entrepreneurial spirit exists but is quashed by the need for job security. Think what we’d be missing in life if the entrepreneurs behind electricity, steam engines and the wheel had been too afraid to take the risk of failure. Think how much further forward we might be now had we all had the opportunity to embrace our inner entrepreneur. You too can be an entrepreneur. Next November we could be celebrating you.