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Silly question, right?
Well, before you dismiss the question…. let me ask you this:
Q: What exactly is an entrepreneur?
um…ah…um… Yeah, I know… It was on the tip of your tongue.
The sad truth is – most online marketers can more accurately explain what a medical doctor is than an entrepreneur, even though they aspire to be one.
The fallout from this lack of clarity is the primary reason why so many wanna-be entrepreneurs end up broke, frustrated, and confused. More to the point… they end up opportunity-seekers, the polar opposite of strategic entrepreneurs.
It was this exact tragedy that prompted me to write The Internet Business Manifesto, just two years ago (June 22, 2006). All with the purpose to erase any and all confusion about what you must do, and how you must think to grow an online business successfully.
Well, life goes on, things change, and strategies need to be adjusted. That’s why I’ve been researching like a madman the past six months – all in preparation for an upcoming project I’ll be sharing a lot more details about over the next few weeks. All I can say right now is “get ready for another industry shake-up”.
For now, I’d like to leave you with a few thoughts to marinate on:
1 Check out this cool trailer on being an entrepreneur…
it should give you a few nuggets and get you thinking about what your trying to accomplish with your business.
2 Q: What causes entrepreneurs to fail?
According to a research study published by John Murphy of Murphy Associates, cited by SCORE – here are some of the main reasons why businesses fail:
- Lack of a solid business plan – 78%
- Being overly optimistic about sales and required funds – 73%
- Not recognizing or ignoring weaknesses and then not seeking help – 70%
- Poor cash flow management skills/understanding – 82%
- Have insufficient or irrelevant business experience – 63%
- Not pricing properly – 77%
- Not understanding or ignoring the competition – 55%
- Hiring the wrong people – 56%
- Not promoting the business properly – 64%
3 Q: And lastly, What exactly is an entrepreneur?
Well according to webster an entrepreneur is “one who organizes, operates and assumes the risk in a business venture in expectation of gaining profit.”So, what do you think of that definition? I think mine is better… but before I tell you my definition…
Why don’t you go ahead and share your definition. If you don’t have one… and you fashion yourself as an entrepreneur, I can’t think of a better time than right now to give it some thought, and put it down in word – below…
Ken Leonard here… Rich stepped out and wanted me to pass something along to you, since it’s so important to being a strategic entrepreneur…
Rich and Mike Filsaime are doing a call tonight, when they’ll analyze our offer to pay the shipping and handling for our readers who took advantage of Mike’s “The 7 Figure Secrets” package.
http://the7figuresecrets.com/yours-free/141
You see, part of being a strategic online business owner is always being hungry for the facts. Especially facts revealing how a strategy worked. We’re talking EXACTLY what happened…if it worked and why it worked.
During this call, we’ll compare and contrast our results to others who didn’t make a special offer.
Rich feels you could benefit greatly from being on the line for their discussion.
To get access to this insider information… gathered from real-world results of a live promotion… go through Mike’s process and get all of the free stuff in his “The 7 Figure Secrets” package.
Rich will pick up your shipping and handling charge, and you’ll get access to this eye-opening call with Mike.
Just imagine how you could boost your bottom line if you had the inside scoop on what really happened behind the scenes of Mike’s “The 7 Figure Secrets” launch…
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8 Comments to “Are You Really An Entrepreneur?”
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Hi Rich
Good to see you reviving the Internet Business Manifesto. It is still as relevant today as when you first wrote it.
I recommend it to many people to read but I know that some, despite my urgings see the “Internet Business” tag and decide to miss out when many of the lessons in the Internet Business Manifesto are relevant to all businesses.
Any chance of a version that strips away some of the Internet marketing clutter to raise your profile in the general small business market.
I know as a Business Growth System “graduate” that much of the program is just as relevant to non-Internet marketing businesses as it is to Internet marketers as you teach the underlying business building skills.
Great to have you back with a blog as well. You have been a bit quiet recently.
Paul Simister
Small business coach
Here’s my take on what it means to be an entrepreneur:
I think the basic definition of an entrepreneur is pretty straightforward. It’s basically a person hard-wired to think a bit differently from the norm. Instead of a person that thinks of getting a job done, an entrepreneur asks even before starting “How can I do this different, faster, better, cheaper, cooler”…and it applies to everything, all the time. There is no off switch.
On the other hand, I think the definition of a successful entrepreneur is a lot more difficult. If you think about all the characteristics necessary to lead a business, the list is pretty daunting. What’s more, the traits needed change depending on where you are in the business cycle. The very thing that makes you a successful startup will crush you in the growth and maturity phases if you don’t seek help.
Having created several startups, both successful, and total disasters, I would define it this way. A successful entrepreneur is a person who has the unrelenting need to build a better mouse trap. They need to be smart enough to see what others don’t see, they need to be humble enough to recognize what they suck at and seek help, they need to be arrogant enough to stand in front of everyone and say why they are better, they need the perseverance to stick through all the crap, and they need the overwhelming urge to just GO and get started. Lastly, and IMO most importantly they need a plan. Without that, you are a monster truck with no tires.
Just my not-so-humble opinion. Would love to see the ideas of others who have been through the trenches.
EG
Hi Rich, just saw last night you’re first top gainer in gurudaq.com, now you’re bringing the greatness of entrepreneurship pointing the top most around the world, make me more gratitude finding you for learning from the best. I think behind you exposing why fail, inspiring me how in fact to be success around 10-40% as the attention of entrepreneur strategically. Thanks more Rich, I keep going acceleration in growing business as you taught.
Entrepreneurs direct resources under their control toward what they perceive their highest and best uses (arbitrage) – starting with their own personal strengths – in the service of a for-profit enterprise they have set out to undertake.
They put the resources they employ in the venture (including their own time + energy = sweat equity and their own money, plus opportunity cost) at risk, and may bring additional resources/capital under their control by convincing third parties to share in the risk in return for shared rewards.
Best wishes – Alex Schleber
Hmm…. well I’m curious. I haven’t visited this blog in quite a while, but I guess I’ll have to stop back and take a look again.
In terms of taking action, I heard someone the other day quote (I think it was a Dan Kennedy quote) saying that what you do doesn’t have to be good, just good enough. I know I’m trying to remember to take action, and not waiting to get it 100% right.
[...] so let’s see what interesting things were written in the blogosphere. [...]