OPERATIONS
RISK
What Is a True Entrepreneur?
THROW AWAY YOUR CONTEMPORARY DICTIONARY DEFINITIONS TO GET AT THE HEART OF WHAT MAKES ENTREPRENEURS TICK.
by Eddie Wilson
“Entrepreneurship” has become nothing more than a buzzword. It is laden on the lips and social posts of young “hungry-for-success” influencers. The word used to convey the ideology of daring innovation and spectacular risk, but social media has overused the word to the point we rarely take notice of those who claim the title “Entrepreneur.” The dictionary definition of entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. REDEFINING ENTREPRENEURSHIP I’d like to redefine the word “entrepreneur.” My definition would be: One who chooses passion over fear, who understands risk, but chooses to ignore it while chasing even greater gains through innovation in any area of life, but particularly in business. I think that definition clearly brings back the ethos of the word and gives it a path for people to follow. It sparks the soul of someone who was created to be just that—an entrepreneur. We cannot remove risk from the definition. Whether it is a real risk or a perceived risk, risk is always present. The easiest way to capture the true definition of entrepreneur is to reference people. To me, entrepreneurs are Wilbur and Orville Wright, Thomas Edison, Steve Jobs, and Elon Musk. Those names generate strong feelings, emotional reactions. Those feelings are rooted in our ability to see and understand what they were willing to risk to gain what they achieved. But even if the Wrights never successfully took flight, or Edison never got his lightbulb to illuminate, or Steve Jobs never had a computer in every household, or Elon Musk never mass sold electric cars, they would each still be considered entrepreneurs. Entrepreneurs are identified by their attempt—not by their success. That brings me to real estate investors. Using the modern-day definition of entrepreneurship, real estate investors would quickly be categorized as entrepreneurs. It is important for you to decide whether that definition
really describes who you are. Just because society deems you as such does not mean you personally identify. Are you willing to push past risk and innovate? By and large, most real estate investors are not truly entrepreneurs. Most likely, they are just opportunistic investors looking for a better return.
48 | think realty magazine :: july – august 2022
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