The term entrepreneur is French.
Jean Baptiste Say, a French economist is believed to have first coined the word "entrepreneur" in about 1800.
He stated that an entrepreneur is "one who undertakes an enterprise, especially a contractor, acting as an intermediary between capital and labour.
" Entrepreneurialism has changed over the years and many ordinary people are now succeeding in becoming successful entrepreneurs especially with the ever increasing opportunities that the internet now provides.
How is an entrepreneur different to a businessman? Entrepreneurs are in fact businessmen but unlike the traditional approach adopted by a businessman they are more innovative and creative.
They start their business from scratch.
They cut their own way through to find their market and get their own brand or product established.
The businessman on the other hand starts a business using an existing market platform laid down by the entrepreneur.
A business can also be purchased or inherited whereas an entrepreneurship cannot as it has been created from person's own idea.
An entrepreneur is generally bold and ambitious and is customer orientated whereas a businessman is usually more profit orientated and plays it safe.
His outgoing personality also helps him to succeed in difficult circumstances.
Unlike the traditionally minded business owner the entrepreneur is an innovator who has a more happy and enthusiastic approach to life and makes sure to find the right balance between family and working life.
Entrepreneurs are generally more concerned by the quality of their products and the satisfaction of their customers rather than being more concerned with their profits.
They also hire people to make their lives better and they work towards creating value for society at large.
Whereas the traditional businessman hires people to contribute profit.
Business owners can also make up for any shortfalls by hiring staff and consultants to carry our any work that involves skills that they do not have themselves.
An entrepreneur risks his own capital, services and skills in a company.
He works without a boss using his own hands to build a livelihood.
Successful entrepreneurs have similar qualities in that they are extremely motivated and they know their business well either from their own experience or by thorough research.
They are also very hard working and committed to making their business succeed.
They do not give up on their ideas or dreams when difficulties arise.
Instead they regard any failure as a learning curve and go on to improve and succeed.
Simon Cowell and Richard Branson are modern day examples of people who have not given up on their goals when they have encountered difficulties on the road to their entrepreneurial dreams.
They merely tried harder and realised their dreams and have gone on to become global entrepreneurs.
Anyone wanting to go into the entrepreneurial world will ideally need to have a financial background or at least to have a business partner who does have the financial knowledge.
You should also know your product and your competitors and have a good business plan.
Most importantly you will need access to capital as this is crucial for any small business venture to survive.
You will need to stay positive and remain focused when starting your own business.
It is important to remember that many great industrialists have failed numerous times before going on to succeed in their venture.
The most important thing to do is to learn from mistakes and to remain focused to go on to succeed and to become a successful entrepreneur and to live a life that you design for yourself.