We throw the word around all the time, but what does it really mean?
Google says it’s “someone who organises a business venture and assumes the risk for it“.
I relate to that definition. I even label myself an entrepreneur.
My earliest memory of my entrepreneurial behaviour was as an 11 year old when I had my first real job; a newspaper boy.
I would sell newspapers and magazines on Saturday mornings on the footpath of a busy suburban retail strip.
The newsagent owner provided me with a leather coin pouch with change in it. However, this was hopelessly inefficient with all the coins and notes mixed up together. Every time a customer purchased a product it would take time to find the correct change from the coin pouch.
My newspaper boy pay was made up of two components – base hourly rate plus a commission for unit sales of the newspapers/magazines.
Therefore, I proposed to the newsagent owner that a spring loaded coin sorter that strapped to my belt would increase my efficiency and I could sell more of his product. A financial gain for both of us.
He wasn’t interested in my 11 year old business case.
Instead, I purchased a coin sorter out of my own pocket.
The following Saturday all the other newspaper boys had purchased their own coin sorters.
An entrepreneur is someone who takes the risk with a business venture with the opportunity to reap a reward.
I took the risk on the cost of the coin sorter and was rewarded with an instant payback.
What was your first entrepreneurial experience?