Global Entrepreneurship Week (GEW) has begun – the world’s largest celebration of the innovators and job creators who launch start-ups that bring ideas to life. But what is it that makes an entrepreneur?
- Entrepreneurs love to learn new things, figuring out how things operate and working out how they can be improved upon.
- The obvious dream is to build something sustainable and build financial security for a family, but also to leave a positive impact on the world, and help others through employment and development.
- Entrepreneurs are often:
- Determined: Starting and maintaining a business is hard work, no doubt about it. There will be complications, set-backs, and obstacles that need to be overcome to ensure success.
- Confident: Someone needs to take that first step, ready to invest in the new business – whatever it sells. If the entrepreneur isn’t confident in themselves or what they offer, then it’s going to be extremely hard to convince anyone else.
- Passionate: Passion not only self-motivates and helps build on that confidence, it can also boost the confidence of others such as employees and prospective clients.
- Risk-takers: It’s a risky prospect to leap into the unknown, possibly leaving a full time job to set up a new one with no immediate guarantee of financial security. That said, entrepreneurs take calculated risks – their actions may look flippant, you can rest assured that they’re doing the maths inside their head to always make sure they’ve got a high chance of succeeding if they take a risk.
- Opportunists: When there’s a gap in the market, an entrepreneur will fill it. Going back to their desire to want to make an impact, if they can offer something new that someone hasn’t done before, they’re going to.
For many, they just need to see examples of people who became entrepreneurs and were successful. Global Entrepreneurship Week seeks to inspire people through local, national, and global activities designed to help them take the first/next step in their entrepreneurial journey. These activities, from large-scale competitions and events to intimate networking gatherings, aim to connect participants to potential collaborators, mentors, and even investors – introducing them to new possibilities and exciting opportunities for business growth.
Perhaps you’re looking to become an entrepreneur in the near future. It doesn’t really matter if you feel that you don’t share the traits listed above. Those are just the ones that are obvious in the more extravert of entrepreneurs, many successful people are extremely shy, or prefer not to take risks. GEW seeks to instil the passion to become an entrepreneur, as well as exposing people to those who have the traits that got them to the top.
Start-ups often require a cash infusion to get them off of the ground, these aren’t easy to come by but there are a number of options to look into. As a general rule, professional investors will expect that you have already have commitments to show your credibility. Someone who should require the least convincing are your friends and family. If they don’t believe in you, then don’t expect outsiders to jump in. This is often the secondary source of funding for very early-stage start-ups after self-funding. Self-funding can take a bit longer to save and get going, but the advantage is that you don’t have to give away any equity in your business.
Of course, we at Boost Capital can help too – after at least 9 months of trading – and with business loans from £3,000 to £500,000, our flexible business funding options can be the solution for any business need.