Who is an Entrepreneur?

A large part of the M network is comprised of entrepreneurs. We have, as part of our network

1) Social Entrepreneurs who start for-profit businesses that have a profoundly embedded social conscience in their DNA. Their concern is not just the “bottom line” but the net benefit they bring to their community.

 

2) Non-Profit Social Entrepreneurs who start social movements.

 

3) Spiritual Entrepreneurs who give shape to new communities of faith, hope, and love. A good number of the M network are “church planters”. A church planter is someone who starts a new church. We consider the activity of church planting a type of entrepreneurship that falls within the category we call Spiritual Entrepreneurship.

 

What is entrepreneurship?

According to the Meriam-Webster Dictionary, an entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise.”

The word entrepreneur comes from an Old French word meaning “to undertake”. An entrepreneur is one who undertakes some task –in our usage here we mean a business or cause — with “initiative and risk.”

When we think of entrepreneurship we often think of those people who reach out to venture capitalists and secure millions of dollars of funding for some high-tech enterprise. But the young mom who is busy making and selling jewelry from home, the singer song writer who makes a living performing his music,  the “web guy” who freelances coding and designing are also, whether they know it or not, entrepreneurs. They have launched and are managing a small business. Not every entrepreneur starts with tons of capital. In fact, most don’t.

 

What is an entrepreneur like?

Entrepreneur and financial guru, Dave Ramsey writes, “Entrepreneurs, as a whole, are natural risk-takers. They are confident and know what it takes to get the job done. Nothing gets in their way.”

William Sahlman of the Harvard Business School says that Entrepreneurs are  not  risk seekers.  They are reward seekers and are more than happy to let others take the risk.

Two smart guys. Opposite ideas. Whatever the case about the psychology of an entrepreneur with regard to risk, all entrepreneurs whether through temperament or circumstance or need venture out into the world to get something done.

I have personal experience with entrepreneurs – people who see opportunities, take a step of faith, and get things done. Everyone in my immediate family (My mother, my two sisters, My brother, my first son) has launched and runs at least one business. Their composite persona has five remarkable traits. Each one shares to some degree or another in each of these traits. Let’s call this composite persona M. M is characterized by (1) the ability to see opportunities beyond the resources immediately available to them. She is (2) willing to work harder, longer, and do what’s necessary to survive and succeed. (3) M loves to create opportunity for others (in the form of jobs, experience, or community). (4) M does not know how to quit. She does know how to redirect. And, (5) M is generous to a fault.

These traits are not necessarily the traits of all entrepreneurs, just the ones I know really up close and personal. But I’d like to think that these traits tend to characterize the kind of entrepreneur that populates M. Let’s unpack these traits a little more.

 

Traits of an M Entrepreneur

M entrepreneurs see possibilities and opportunities. Their resources, no matter how small, are not a barrier for success but their launching pad. Their greatest resource is their personal energy, ambition, enthusiasm, vision, creativity, imagination, and love. To these there is no limit.  They think BIG and are willing to smart small. The only regret they’ll have is letting opportunities get away from them because they were too afraid to act.

M entrepreneurs are industrious. They know that working for yourself requires as much energy, attention, dedication as working for someone else…and much longer hours and more responsibility. Being an entrepreneur isn’t for those who are looking for an easier way to make money. But an entrepreneur thrives and has fun in the context of relentlessly pursuing opportunity and seeking the rewards of their ideas and labor.

M entrepreneurs are fueled by gratitude. They do not think the world owes them. They do not feel entitled. They feel grateful for the opportunity to express themselves by finding a need and filling it in their own unique and creative way. They work smarter and harder than others and LOVE creating opportunity in the form of jobs or experience or community for others.

Failure is part of life. M entrepreneurs are resilient and relentless in pursuit of their goals. Even when they suffer severe setbacks in life they operate with a knack for starting to move forward from exactly where they are without complaining or whining. They are a perfect example of that old saying, “If life gives you a lemon, take that lemon gratefully and sell and serve and negotiate like crazy until you have lemons to give away to others. After all, where would all those seafood restaurants be without the guys with the lemons? Lemons are indispensable.” It’s all about how you look at it.

M entrepreneurs are generous. They know that the world is connected in ways we cannot imagine. They know that touching someone with kindness and compassion spreads the love around the world. They know that people are more than objects to exploit for building profits, and that profits should be used to make people, families, and communities more human.

Are any of us perfect in these regards? Nope. We’re a mixed bag of obsessions and desires and compulsions. But to become these kind of people in the world is a worthy calling. So whether you’re launching a for-profit, or a social movement, or a non-profit, or a new community of faith, we at M salute you and ask that you embrace and advance these M traits into your world. “May the odds be ever in your favor”.

What do you think?

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2 thoughts on “Who is an Entrepreneur?

  1. alex

    Indeed, Michael. Let’s think of the market as the “Feast Games” rather than the Hunger Games. Check out the Five Competitive Forces that Shape Strategy video I just uploaded on M — http://myimn.com. Thanks for the comment.

  2. Michael

    Love it, hopefully though being an entrepreneur isn’t as bad as the hunger games 😀

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