Definition of an entrepreneur

As with all classic navel-gazing exercises, I start with the basic question of ‘Who’? Who’s an entrepreneur?

Here’s the simplest definition: An individual who starts his/her own business. It is clear and unmistakable. A person who starts a business. Any business. A hot dog stand or an online hot dog delivery site, it's all the same - the person who starts one is an entrepreneur. It's exciting think of how extremely large and inclusive the group of entrepreneurs is according to this definition (and a little humbling too).

Another common definition: A person who organizes, operates, and assumes the risk for a business venture. Now there’s some inkling of what the entrepreneur actually does. Of all these, I believe that the willingness to assume risk is what sets the entrepreneur apart - managers organize and operate pretty darn well.

And my favorite: One who recognizes opportunities and organizes resources to take advantage of the opportunity. Now we’re getting some insights into the working of the entrepreneurial mind. “Recognizes opportunities”. For a founder/entrepreneur this is where the excitement is. To see a problem and dream up a solution. Not necessarily invent one (though that would be yet another thrill), but probably synthesize one. To think of something that people would want to have (or use) if only it was there. To see how something can be made better, faster, cheaper and know that's what people want. Starbucks, Southwest, eBay. And the teen who's offering custom 'graffiti' to style sneakers. All shining examples of recognizing an opportunity.

There's starting the business. And there's growing the business. And the one who's good at starting the business may not be the one who's good at growing it. Most likely, the one who's really good at 'recognizing opportunities' and believes that to be the most intoxicating part of entrepreneurship will be doodling during discussions on how to improve margins in the established business. How does the entrepreneur keep up the excitement when the business shifts from proving a vision to proving MBA skills?