So what is an entrepreneur and what does it take to be a successful one?

The word entrepreneur comes from the Old French word entreprendre, which means to undertake. The American Heritage dictionary defines an entrepreneur as “A person who organizes, operates, and assumes the risk for a business venture.”

The definition gives several clues as to what it takes to be successful. Not only must you be able to organize and operate a business, you must be able to assume the risk of doing so. Many people think that risk-taking is synonymous with recklessness. Nothing could be further than the truth. When you are risking your own time, money and future, you must be extremely careful.

If you are not willing to risk failure – or success – then you are not ready to be an entrepreneur.

There is no magic formula that will guarantee your success in business or anything else you do in life.

Starting and operating a business is a lifestyle decision that must be approached with the big picture in mind.

As a business owner, there is no one to be accountable to except yourself and your customer. You will have a better chance at being successful if you love what you do, create a business that enables you to achieve your life’s ambitions, have an effective support system, and plan effectively.