What It Means to Be an Entrepreneur and How to Become One 

Whether you’re self-employed, working a side hustle, or managing your own small business, you’re an entrepreneur—meaning you’re in charge of your livelihood.  

Its many forms go to show that entrepreneurship is never a cookie-cutter endeavor. No two paths look the same. And it’s not just about working hard. Those who stick with it through the ups and downs find entrepreneurship incredibly rewarding.  

In this guide, we explore what becoming an entrepreneur is all about, examining the meaning of the word entrepreneur and what it takes to become one. We’ll even provide real-world insights from the success stories of five female entrepreneurs from our family of Intuit small business owners. 

What is an entrepreneur?  

Entrepreneurs conceptualize, build, and run businesses on their own terms. But any business owner will tell you entrepreneurship is so much more than that. It involves identifying opportunities, taking calculated risks, and innovating to meet market needs. 

Entrepreneurs are often characterized by their resilience, adaptability, and vision. They navigate uncertainties, make strategic decisions, and drive economic growth by creating jobs and introducing new products or services. Their journeys require a blend of passion, perseverance, and a willingness to learn from failure. 

Characteristics of an entrepreneur 

It takes a special set of skills to become a successful entrepreneur, meaning the road isn’t for everyone. The path can challenge even those with the sharpest business acumen, but that’s not to say it can’t be done. 

Examine famous entrepreneurs as well as small business owners, and you’ll notice that many are: 

• Passionate about their mission: Entrepreneurs are deeply committed to their goals, fueling perseverance and resilience in the face of challenges. 
• Optimistic: They maintain a positive outlook, enabling them to envision opportunities and power through setbacks. 
• Problem solvers: Entrepreneurs adeptly navigate obstacles, devising innovative solutions to complex issues. 
• Resourceful: They efficiently use available resources, often finding creative ways to achieve objectives with limited means. 
• Confident: Entrepreneurs’ strong belief in their abilities allows them to make decisive choices and inspire others to follow their vision. 
• Independent: They prefer autonomy and take the initiative and responsibility for their ventures without relying heavily on others. 
• Big-picture oriented: Entrepreneurs focus on long-term goals, understanding how individual actions contribute to overarching success. 
• Perseverant: They persist through difficulties, maintaining effort and determination even when facing failures or delays. 
• Focused: Entrepreneurs minimize distractions to maintain progress toward their goals. 
• Decisive: They capitalize on opportunities promptly, understanding that timely decisions can be crucial to success. 
• Courageous: Entrepreneurs face risks head-on and are willing to venture into uncertain territories to achieve their ambitions. 

Types of entrepreneurship 

Entrepreneurship takes many forms. Some of the most common types include:  

• Small businesses: Typically single-location businesses like your local grocery store or restaurant. They can also be online-based businesses.  
• Social entrepreneurship: A business that gives back to humanity. TOMS Shoes is a great example of this type of entrepreneurship. It allocates one-third of its profits to grassroots initiatives, focusing on areas such as mental health, ending gun violence, and increasing access to opportunity.  
• Large-company entrepreneurship: Innovation and business development within an established corporation. This typically involves launching new branches, divisions, or product lines that align with a company’s strategic vision or ideas generated by employees.  
• Scalable startups: Companies that typically rely on some type of unique innovation. These are your Silicon Valley-style entrepreneurs. Their goal is to grow continually over time, and these projects usually require large capital investments to start. 
• Innovative entrepreneurship: Involves introducing groundbreaking products or services that disrupt existing markets. These entrepreneurs thrive on creativity and often pioneer new industries. 
• Buyer entrepreneurship: Entails acquiring existing businesses with the intent to improve and grow them. Buyer entrepreneurs leverage their financial resources to identify promising ventures. 
• Researcher entrepreneurship: Characterized by individuals who prioritize extensive research, data analysis, and validation before launching their ventures. They rely on data and analysis to ensure a high probability of success and minimize risks through thorough preparation. 

What it means to be an entrepreneur: Thoughts from 5 female entrepreneurs 

Entrepreneurship builds community  

“I built my small business to define entrepreneurship and educate women. We mentor students to prepare them for careers in engineering and tech. Girls aren’t choosing careers in these fields because there is a lack of role models. The industry is predominantly male, with a common misconception of being ‘nerdy.’  

“Being an entrepreneur means setting yourself up to create value for your community. I’m doing so through a female mentorship program and rebranding STEM to be feminine, cool, and simple to understand. We believe that all girls interested in STEM can push the movement by embracing being themselves.”  

– Khanna Bell, founder of Pretty Tech  

Khanna got her B.S. and M.S. in engineering from Georgia Tech and was accepted into Georgia Tech’s Create-X Accelerator, where she received the funding and mentorship to launch Pretty Tech. You can learn more about her story here.  

Entrepreneurship promotes growth 

“Being a female entrepreneur means honor, self-control, self-discipline, privilege, and the limitless pursuit to become someone greater than you could have ever imagined possible for yourself. You hold power and influence within you that will only go as far as you choose, while comfort zones are no longer existent. As an entrepreneur, you need to believe in something so much and want it so bad that you’re willing to put yourself out there, go against the grain, and stand out from the crowd.”  

– Daisy Teh, creator of The It Mom and Style Wanderlust  

Daisy is a mother of four who worked various jobs before becoming an entrepreneur. Check out her blog, The It Mom. 

Entrepreneurship creates leaders 

“Being a female entrepreneur means that I get to be the boss! Every day, I make decisions that will shape the future of my business, whether it’s how hard I work or who I work with. I love the flexibility of my job, the power to say no, and the ability to set my goals and work toward building my own dream rather than someone else’s. I get to decide when I need a vacation and who my co-workers are, and this allows me to help control my mental health and live the lifestyle I want—being my own boss and pursuing my dreams on my timeline.”  

– Diana Elizabeth Steffen, founder of Silver Spoon Studio, Diana Elizabeth Photography  

Diana Elizabeth is a recovering journalist, lifestyle blogger, and small business owner. In 2006, she opened her graphic design boutique, Silver Spoon Studio, and then launched Diana Elizabeth Photography. She continues to exercise her journalism skills via her blog, covering lifestyle, photography, travel, and other interests, including life as an entrepreneur.  

Entrepreneurship means empowerment 

“Being a female entrepreneur is powerful because we can shape both the business and cultural climates of the future. By becoming financially empowered via solving a global or local business problem, we enable ourselves to unleash our full feminine energy onto the world. We use our female voices to fight for women’s rights, children’s rights, and human rights. I also believe that we need to encourage more women to pursue entrepreneurship because female entrepreneurs approach conflicts in business and in life with distinct compassion, respect, conversation, positivity, grit, and rational mindsets.”  

– Shinjini Das, CEO at the Das Media Group  

Shinjini is the founder and CEO of The Das Media Group, a media production agency that builds innovative digital and experiential branded experiences. She is a true go-getter who aims to bridge the content gap between intellect and pop culture.  

How to become an entrepreneur 

It takes a unique recipe of skills to be an entrepreneur, meaning a blend of vision, strategy, and determination. To guide you through this process, consider the following actionable steps: 

• Identify a market need: Pinpoint a gap in the market or a problem that resonates with your passion and expertise. 

• Conduct thorough research: Analyze your target audience and competitors to validate your business idea and understand the industry landscape. 

• Develop a business plan: Craft a comprehensive plan outlining your value proposition, revenue model, marketing strategies, and financial projections. 

• Secure funding: Explore various financing options, such as personal savings, loans, or investors, to ensure adequate capital for startup and growth. 

• Build a strong brand: Create a compelling brand identity that reflects your mission and appeals to your target market. 

• Establish an online presence: Develop a professional website and use social media platforms to reach and engage with potential customers. 

• Network strategically: Connect with industry professionals, mentors, and other entrepreneurs to gain insights and foster valuable relationships. 

• Stay adaptable: Be prepared to pivot and adjust your strategies in response to market feedback and changing conditions. 

Do you think you have what it takes to be an entrepreneur? Intuit is here to help you achieve your dreams—whatever that looks like for you. 

For our entrepreneurs at heart out there, we’re here to provide all the resources you need to help you start a new business and support you every step of the way. Explore our financial literacy library to gain a deeper understanding of the core concepts and skills you’ll need to power your entrepreneurial journey.