Entrepreneur - What is an entrepreneur?

An entrepreneur is an individual who undertakes the task of launching a business, usually associated with risk for the purposes of profit

Entrepreneurs should have resources that help them thrive in the competitive world of new businesses. One of these is accounting & invoicing software like Debitoor. Try it free for 7 days.

Today, the term ‘entrepreneur’ carries an association of an ambitious, driven individual with a hint of bravado courageously and (sometimes foolishly) launching a business and setting off on a path towards managing their own work and time pursuing something they’re passionate about and believe can make them a profit.

But at the heart of the term is a much simpler definition, one that sometimes is forgotten in the trendy, often buzzword use its known for today. An entrepreneur is, to put it simply, an individual who launches a business, accepting the risk of succeeding or failing in their endeavour.

What small business or even side hustle is started without an understanding that there is a level of risk involved? Although some people seem to shy away from the term, they do in fact fit the definition.

Entrepreneurs and the economy

You often hear about how important small businesses are to the growth and income of the local economy. These businesses could not be started without the efforts and commitment of people willing to pursue an idea, passion, or hobby to a place where it could potentially earn an income.

The key there is that in order for a business to become successful, a fair amount of risk is usually involved. This has become hyped under the title of ‘Entrepreneur’, and yet carries an important distinction between launching and running a business and doing some work on the side. An entrepreneur invests into their business, which can mean greater potential for failure as much as success.

In this way, as much monetarily as intellectually, entrepreneurs are contributing to the economy, and to potentially growing businesses, increasing income, trade, GDP, as well as the knowledge base and market for their industries.

Becoming an entrepreneur

The path to entrepreneurship can take many different forms and each individual will likely have a unique experience. However, there are a few general things that need to occur as well as responsibilities that must be undertaken in order to have a chance at success as an entrepreneur.

These include:

• Finding the necessary financing for launching the business
• Creating a business plan
• Hiring crucial staff members/partners
• Managing the running of the business

For most people running a small business, this seems obvious. And yet, they are also some of the most difficult tasks to complete.

Most entrepreneurs state that the biggest challenges for starting their business were obtaining the necessary capital and financing, finding the right employees when the time came, as well as navigating the complex rules behind the red tape of bureaucracy.

Entrepreneurs and invoicing & accounting software

As important as establishing the elements above is thorough management of income and expenses. For many entrepreneurs, invoices are involved in conducting business transactions. And yet invoicing can be time consuming - and time is often not easy to part with when running a new business.

Entrepreneurs often turn to current solutions for their business needs - solutions that will help them to save time, and effectively create, send, and follow up on invoices and quotes, as well as record expenses and maintain an overview of their accounts. Invoicing software like Debitoor makes this possible.