![]() Autonomy: Entrepreneurs are people who want to be their own bosses, set their own goals, control their own progress and run their businesses how they see fit.What motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Though each person’s inspiration is nuanced and unique, many entrepreneurs are spurred by one or more of the following motivators: The motivations of successful entrepreneurs Don’t be afraid to change your initial idea to fit shifts in your market. Key takeaway: Many of the biggest businesses had humble beginnings and evolved into highly successful enterprises over time. She had no fashion experience but researched everything from patents to fabrics. The idea was born out of Blakely’s frustration with the pantyhose she had to wear for prior jobs. ![]() Sara Blakely: She took $5,000 and turned it into a $1 billion company with an invention known today as Spanx.Its success turned Zuckerberg into one of the youngest self-made billionaires in America. Initially launched for only select college campuses, the service quickly expanded to the broader public. Mark Zuckerberg: As a college student, he helped shape the future of social media by co-founding the social networking platform Facebook.The internet marketplace has since become one of the most valued companies in the world, selling nearly every product imaginable. Jeff Bezos: The founder and creator of originally started the enterprise as an online book retailer.The Bill & Melinda Gates Foundation, shared with his former wife, focuses on combating poverty, inequity and disease globally. Bill Gates: The Microsoft co-founder has often been listed as the world’s wealthiest individual and has become an internationally renowned leader on pandemics and how to handle them.Elon Musk: He founded SpaceX and has since become known for putting the billions of dollars his company has earned him toward some benevolent projects, including providing clean water to Flint, Michigan, and donating FDA-approved ventilators to hospitals fighting COVID-19.Jobs even faltered partway through his career, leaving Apple for more than a decade before returning to the company and taking it to new heights Steve Jobs: The late tech leader started Apple in a garage and grew it into the dominant company it is today.Many people whose names no one knew decades ago exemplify entrepreneurial success today. If you can demonstrate a high growth potential for your business, you can also turn to a venture capitalist, who offers capital in exchange for receiving equity in your company. Many entrepreneurs seek financing options that bypass traditional banks, like funding from angel investors that provide entrepreneurs with capital to cover startup costs (or, later, expansion costs). If you want to become an entrepreneur yourself but you worry you don’t have the money for it, finances don’t have to stop you from achieving your career goals. That said, any founder of a successful household-name business began as an entrepreneur. ![]() ![]() Whether a business owner should be considered an entrepreneur often depends on whether they created the business, and other legalities. Entrepreneurial activity includes developing and starting a new business and implementing a business marketing plan, often with the end goal of selling the company to turn a profit.Īn entrepreneur who regularly launches new businesses, sells them and then starts new companies is a serial entrepreneur. What entrepreneurs doĪn entrepreneur identifies a need that no existing business addresses and determines a solution for that need. With the right motivation, inspiration and game plan, you can be a successful entrepreneur, too. They open brick-and-mortar businesses, launch tech startups, or turn an idea into a new product or service. It can be so challenging to launch a business that it may make you wonder why anyone willingly sets out on such a path.ĭespite those hardships, every year thousands of people embark on an entrepreneurial journey, determined to bring their vision to fruition and fill a need they see in society. There are lots of sleepless nights, plans that don’t work out, funding that doesn’t come through and customers that never materialize. The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks and dead ends.
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