Frequently Asked Questions

What Is an Entrepreneur?

While there is no single definition of an entrepreneur, these individuals typically develop an enterprise around an innovation, managing the business and assuming the attendant risks. In exchange for taking on these risks, entrepreneurs may profit significantly if their enterprise is a success.

What Are the Characteristics of Successful Entrepreneurs?

All entrepreneurs are different, but successful entrepreneurs often share a number of traits. These include a passion for what they do, confidence, an optimistic outlook, the ability to think independently, vision, focus, tenacity and resourcefulness. Successful entrepreneurs also tend to be action-oriented and able to avoid procrastination, make things happen and overcome obstacles.

Why Is Focus So Important for Entrepreneurs?

Focus is a really important attribute for an entrepreneur, preventing them from becoming sidetracked or losing sight of their goals. Successful entrepreneurs need to always keep in mind the reasons they started their business and stay the course to see their endeavour through.

Are There Different Types of Entrepreneurs?

There are many different types of entrepreneurs. Some of the most common include home-based businesses, online businesses, small businesses, inventors, lifestyle entrepreneurs and serial entrepreneurs. The latter start a business and then sell it, pivoting to launch a brand new idea, often multiple times. A scalable start-up entrepreneur initially sets up a small business with the goal of eventually expanding their business into a large-scale enterprise.

What Is Bootstrapping for Entrepreneurs?

When an entrepreneur builds their company solely from their savings and initial sales, this is referred to as bootstrapping. The advantage of this approach is that the entrepreneur can run their business without outside interference, although there are risks: if the business fails, the entrepreneur could lose their entire life savings.

Why Are Entrepreneurs So Important?

Entrepreneurs play a key role in economies: they are a source of innovation and economic growth and help to deliver new services and products. Entrepreneurship can also stimulate competition by identifying solutions other companies have overlooked, disrupting existing business models.

Where Does the Term ‘Entrepreneurship’ Come From?

The word ‘entrepreneur’ derives from the French verb ‘entreprendre’, which means ‘to undertake’.