When do you cross the line from being a ‘budding’ entrepreneur to an entrepreneur?
The aim of the game for all budding entrepreneurs is to be able to look in the mirror and see a success story staring back at them. It is vital to understand that the definition of ‘success’ for each individual is different, no matter how slight the differences may be. It is common knowledge that entrepreneurs come from all different backgrounds and no two people are the same. Therefore, is there a single, generic algorithm that umbrellas all entrepreneurs to differentiate those of the ‘budding’ criteria to those of the opposing nature?
Often, you will find that the £1 million milestone is something that many people starting their own businesses see as their ticket to true entrepreneurial success. For example, Vinny Antonio (Victory Marketing Agency) told success.com, ‘there was just something about hitting that magic number. I was speechless, emotional and fired up for more’. It is hard to deny that money is a necessary component to launching a budding entrepreneur onto the grounds of success. Many of us seem to be so captivated by the million mark or the ‘magic number’ due to its ability to positively define an individual financially through the noun ‘millionaire’. However, within today’s economy and within the entrepreneurial community, one million is simply not sufficient to reach higher goals. This leads to the question, should entrepreneurs judge themselves on the money they generate, or the impact they have in their chosen field?
After generating enough income, many entrepreneurs are able to leave their day job and focus solely on their up and coming new business. This is often seen as the breakthrough point where a budding entrepreneur becomes an entrepreneur. For example, Bill Gates left full time education in Harvard University multiple times to pursue his passion for technology and build his now-famous company ‘Microsoft’. Arguably, it could be said that this did not mean he was successful, and just allowed him to focus on becoming successful. However, it is important to recognise that this varies between different circumstances and people. Kelly Hoppen (according to www.topbusinessentrepreneurs.com) was never employed before she started her entrepreneurial career at age 16 when she was asked to design a kitchen. Since then, she has she has written 8 books and made multiple appearances on the hit show ‘Dragons Den’. Therefore, Hoppen is definitely a successful business woman, without the milestone of leaving a full time job to pursue it.
On multiple occasions I have heard the word ‘reputation’ being thrown around when looking at bigger and more established businesses than those in the start-up variety. When a business is first starting out, it is incredibly important to try and ensure your company stands out with a good reputation. However, due to being a new business, it is hard to get a reputation at all! Therefore, it is valid to say that developing a reputable business is when an entrepreneur reaches an established position in the entrepreneurial world. However, it is vital to stress the importance of a good reputation and not simply any reputation. Contrastingly, many also believe that it is not necessarily the reputation, but the fact that people you don’t know, simply know about it; thus, meaning it does not matter if it is a good or bad reputation! Josh Weiss (Bluegala) told success.com, “the first time I met someone and told her the name of my site and she said, “Oh wow, I know Bluegala,” I knew we were a success”.
If you were to look on the Internet and search all of the things that make an entrepreneur ‘successful’, you will be hit in the face with hundreds of different answers. Some believe that it is all measured through solely monetary means, however, this is quite frankly, foolish and closed minded. There is no specific generic algorithm to differentiate the budding entrepreneurs and the entrepreneurs. Why?
There is no such thing has an entrepreneur, only budding entrepreneurs.
There is no entrepreneur that isn’t trying to improve their business, improve their ideas and create an empire. For example, take Richard Branson; he could have stopped and be considered ‘successful’ after he launched his music label ‘Virgin Records’. However, he decided to continue his entrepreneurial career by expanding to railways, airlines and other ventures. Therefore, Branson never stopped growing and ‘budding’. However, does this mean that he cannot look into the mirror and see a success story staring back at him? Of course not!
The truth is, a true entrepreneur will never stop being a ‘budding entrepreneur’, but that is definitely not a bad thing.
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