What is an entrepreneur?
This question will mean many things to many people, just as the meaning of the word ‘entrepreneur’ is becoming increasingly difficult to define.
I’ll start with our current image of an entrepreneur - someone likely to be found in a co-working space or, better, an artisanal cafe. They work from their laptop. Their schedule’s entirely down to them. Flexibility is king. They abound on Instagram, blogs and editorials.
There are a few entrepreneurial stand out examples - you all know who I mean - hoody-wearing, silicon valley life hackers whose empires now span the globe - but largely the word entrepreneur is defined by individuals who have broken free from the daily grind to follow their passion.
But what, exactly, are they doing? Today’s entrepreneur in our general conception is defined by their lifestyle. Coffee, laptop, freedom… but with no real connection to the work they might be doing. These entrepreneurs are being not doing. This is entirely the wrong way around because when you’re your own boss and employee, the work has to come first - lifestyle is secondary.
This isn’t to say that you didn’t create a business in order to facilitate a certain lifestyle - but you still have to run the business in order to enjoy the benefits of not being office bound.
Critically, the frappuccino sipping image also glosses over just what hard work it actually takes to run your own business. Regardless of what area you specialise in, what you do can become all consuming. If you work entirely solo then you have your ‘actual’ job plus your marketing, accounts, website, possibly packing, possibly delivery and the horror of your tax return. Working with a small team means you can delegate certain things - but that adds the responsibility for other peoples’ careers and livelihoods - you swap one pressure for another. So much of what you do is hidden - but if you didn't do it then all the visible stuff just wouldn't happen.
‘Entrepreneur’ derives from the French word entreprendre which literally means ‘to take on’. In its original sense then, ‘entrepreneur’ didn’t have anything to do with being in business, but rather was someone who undertook things. A doer. A helper. A proactive soul getting stuff done. And I think we need to concentrate on this as we start to really unpick what 'entrepreneur' means. If you look at the very word itself, it implies someone working hard. So whether you are in that sunny cafe, artfully warehouse-esque co-working place or simply at your kitchen table, the entrepreneur in the truest sense of the word will be undertaking a task - and that means doing something.
Running a social impact, ethical and/or sustainability based company adds a final complication to the mix. Most companies large and small focus on profits. Whatever they make/ sell/ do might be a passion project, but the returns go straight back into the company, the salaries and any shareholder payouts. Working as a social impact entrepreneur means you have obligations beyond your Profit & Loss. You have to be making sure that the projects you support are delivering on their promises and that your day to day business transactions live up to your company values. You have to undertake extra research to make sure your suppliers align with your values and at the other end of the business, have to do more research to ensure that the change you are working to see is actually happening. Running the business day to day is only the half of it.
Running a social impact, ethical and/or sustainability based company adds a final complication to the mix. Most companies large and small focus on profits. Whatever they make/ sell/ do might be a passion project, but the returns go straight back into the company, the salaries and any shareholder payouts. Working as a social impact entrepreneur means you have obligations beyond your Profit & Loss. You have to be making sure that the projects you support are delivering on their promises and that your day to day business transactions live up to your company values. You have to undertake extra research to make sure your suppliers align with your values and at the other end of the business, have to do more research to ensure that the change you are working to see is actually happening. Running the business day to day is only the half of it.
Mark Greenberg undertook to help school-aged children work out what they wanted to do later in life and how best to help them acheive that. Based on that need he founded BuildEd - an education software design and online forum which now supports schools, community centres and parents across America. Greenberg says “An entrepreneur is a problem-seeker, a problem solver, an innovator...I don’t think entrepreneurship is limited to those who start organisations or ventures. More than anything, an entrepreneur is a person that can add value.” I think Greenberg comes a step closer to defining what entrepreneurship really means - not only do we move away from lifestyle to work, but he also removes the notion of someone in business to simply someone who helps. He continues “entrepreneurship starts with finding ways to add value to the environment you are already in”.
“Entrepreneurship starts with finding ways to add value
to the environment you are already in.”
'Entrepreneur' is a word that covers every corner of business and grows ever more expansive as people move away from traditional office jobs, set up side hustles or decide to embrace the digital nomad lifestyle. There is no single definition of the type of person who becomes an entrepreneur, or type of business run by an entrepreneur. It's a club of infinite variety.
Let me know if you disagree but I think idea of adding value is incredibly powerful concept. Perhaps this should be the cornerstone of how we define entrepreneurship? It is not in the first instance about business; it is about spotting and then addressing a problem, and ADDING VALUE to where you find yourself. For those of us working to improve the world we live in, being someone who adds value is surely the most inspiring way we can define ourselves? If that means being an ‘entrepreneur’ then I’m all for it.
Let me know your thoughts, comments and what definitions YOU have of ‘entrepreneur’.
