1. a person who sets up a business or businesses, taking on financial risks in the hope of profit.
As George W Bush once allegedly said when discussing the decline of the French economy. “The problem with the French is that they don’t have a word for entrepreneur.” No one gets to the end of their working career and says that they wished they had worked from someone else. The big dream is always to go it alone.
Entrepreneurs come in every size and shape – even French. Companies come and go, with some succeeding and some failing. But the same trait is within all entrepreneurs; the motivation to succeed.
There are many motivations around wanting to start a business, beginning with the need to solve a problem that the owners feel passionate about, even if the solution does not result in wealth. However, if the problem really is big enough and you can solve it well, then wealth will often inevitably follow.
Some entrepreneurs venture out on their own because they are tired of the demands of traditional work. In high-level positions, the demands can be exceptional – working long hours, catering to the whims of never-pleased bosses, and being stuck in the same old rut. Being your own boss in the world of entrepreneurship looks like the ideal way to get free from those restraints.
Being the boss of your organisation allows you to call the shots, ranging from strategic directions to who joins the work team.
The strange thing is that working for one’s self often results in many people working harder, longer, and under tighter constraints as entrepreneurs did when they worked for someone else.
So, you may well ask. Why bother?
Which brings us to the last reason. A chance to create a legacy.
Entrepreneurs can build what no employee can, and that is a legacy. They can become the face of a brand or build something that continues to grow, possibly leaving something for future generations. They want to create something meaningful that is going to outlast them, and this is often the strongest motivation because it is very difficult to achieve elsewhere and lasts a lot longer than money or experience.
At Foresight, we work with many entrepreneurs and business owners and know from experience what makes them tick. They often use us as an outsourced resource to get themselves financially well-organised and free to do what makes them successful and to enjoy life.
If you think that this sounds like something that you should be speaking to us about then please get in touch and one of our Wealth Strategists would be pleased to speak with you and explain the options available to you.