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The Spirit of Expansion

Written by: Ilya Bodner

Article Overview: What exactly is an entrepreneur and how does it relate to small business expansion? There are many differing views on what makes someone worthy of this title. Investorwords defines entrepreneur as “an individual who starts his/her own business.” In a general sense, the word applies to any person starting a new project or trying a new opportunity. However, this definition leaves out other essential characteristics of an entrepreneur.

The Spirit of Expansion

What exactly is an entrepreneur and how does it relate to smallbusiness expansion? There are many differing views on what makes someone worthy of this title.

Investorwordsdefines entrepreneur as“an individual who starts his/her own business.”In a general sense, the word applies to any person starting a new project or trying a new opportunity. However, this definition leaves out other essential characteristics of an entrepreneur.

Merriam-Webster Onlinedefinesentrepreneuras"one who organizes, manages, and assumes the risks of a business or enterprise.”This definition is definitely richer, but still lacks the sense of innovation and creativity that defines a true entrepreneur.

Dozens of definitions exist, but none are comprehensive. Entrepreneurship involves uncovering an opportunity to create value, transforming knowledge into new products, and bringing them to the market. It is an entrepreneurial mindset that will make the difference in small business expansion. Success in entrepreneurship requires not only knowledge, but an acquired skill in the process of creating something new. Starting with practically nothing, an entrepreneur is one who organizes a new venture, manages it, and also assumes the associated risk.

“an innovator of business enterprise who recognizes opportunities and is not afraid to act.”

-StrongBusinessCredit defines entrepreneur

Being an entrepreneur is about having a certain mindset, tendencies, and personality traits such as team building skills, persistence, selling skills and a very low tolerance for mediocrity. An entrepreneur won’t flinch while accepting financial risk and undertakes new ventures with a positive attitude. Entrepreneurs are spontaneous, creative, eager for continued learning, and willing to make difficult decisions in the absence of solid data.

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Related Forum Posts
Legacy - Thinking about leaving a legacy, most people think it got to do with money. It is much more than that. In my opinion it is a reflection of someones live well lived. eg Someone can leave a 'Spirit of Caring for others' or a 'Spirit of Excellence' . There is absolutely no end of ways to encourage people to achieve their goals and dreams. We have so many people , who make us think, how we should live. The example of Trump is there. Any other viewpoints? Beat "Unlock People's Potentials!!"
The Old Girl's Network - (2003) - Haven't read this one yet... Contents A business of one's own: setting the stage Passion: Turning what you love into a real business Vision: Bringing Your Idea Into the World Pioneering Spirit: Discovering new frontiers Tenacity: Passions Bulldog Raising Capital: Translating your vision into dollars and cents Focus, feedback and flexibility Leadership lessons Life after the survival stage: Managing onward There's a Took Kit in the back that has lots of good stuff, including: Outline for competitive analysis: the basic issues to address before starting your company Outline for executive summary and business plan, with sample summary Explanation of non-disclosure agreement Milestone setting "Do you have what it takes" quiz Sample financing term sheet Due Diligence checklist Sample advisory agreement Process and systems review Outsourcing overview


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