What is the primary duty of an entrepreneur? What is the most important task of an entrepreneur? Well, i advice you read on to find out.
The word “entrepreneur” is one that sparks interests in the heart of many; yet, it’s a single word that holds diverse perception in the minds of people. The word “entrepreneur” means different things to different people. Some individuals see entrepreneurs as a people from a different world; while others see entrepreneurs as ordinary individuals with extraordinary ambition.
However, one funny thing i have come to observe is that most people are yet to really understand the primary duty of an entrepreneur; and most entrepreneurs themselves don’t know their primary duty. For those who aspire to become entrepreneurs; I consider it very important that you know the primary duty of the personality you intend to assume.
Most people intertwine the duty of an entrepreneur with its objectives and that’s why they have the perception that the entrepreneur’s primary duty is to make money for himself and investors. Mention the word “entrepreneur” or “business owner” and what comes to the mind of most people is the image of someone living in affluence and turning over millions of dollars.
Now before I share with you my own perception of the primary duty of an entrepreneur; I will share with you the diverse views I came across while discussing with different individuals.
The Functions or Role Demand of an Entrepreneur
After interviewing several professionals, reading several business books and discussing with my protégés and associates; I was able to pinpoint different functions of an entrepreneur. Some of them are:
- Perception and identification of business opportunities
- Assembling of key resources
- Making money
- Bearing risk
- Coming up with creative ideas
- Creating employment
- Boosting the economy
- Redistribution of wealth
Of all the functions and roles of an entrepreneur I heard, these were the few that made sense to me and I want to state that they are all correct. However, these views failed to pinpoint the fundamental duty of an entrepreneur; the true reason that makes us entrepreneurs.
I am emphasizing the need for you to know the primary duty of an entrepreneur because achieving your goal to start a business and become a successful entrepreneur depends on your ability to understand and accept your primary duty.
Successful entrepreneurs and drop out billionaires such as Bill Gates, Ted Turner, Ray Kroc, Ingvar Kamprad, J. Paul Getty, Michael Dell, Aliko Dangote and Steve Jobs achieved extraordinary success because they understood their primary duty and performed it excellently. Now what is the primary duty of an entrepreneur?
The Primary Duty of an Entrepreneur
“If you want to be rich, simply serve more people.” – Rich Dad
Looking back over the years I have spent as an entrepreneur while also analyzing the lives of some successful, famous entrepreneurs; I have been able to pinpoint the primary duty of an entrepreneur and that duty is “Critical Problem Solving.”
“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins
Yes, problem solving is the true duty of an entrepreneur. Your primary task as an entrepreneur is to find a solution to other people’s problem. If you can solve other people’s problem diligently; you will end up becoming a successful entrepreneur. Sometimes, I reflect over my life and realized that I have been solving other people’s problem since I became an entrepreneur.
How i solve other people’s problem
I have personal challenges and business problems i am currently facing. Yet, I remain focus and committed to solving other people’s problems. To solve my own problems, I have to first solve other people’s problem; this is what makes me an entrepreneur. The day I get tired of solving other people’s problems; I will cease to be an entrepreneur.
This singular mission is the reason i create businesses. Taking the following as an instance, StrategicBusinessTeam.com was created to address the problem of lack of preparedness on the part of entrepreneurs; and we all know that lack of preparedness leads to business failure.
MyTopBusinessideas.com was created to tackle the indecisiveness that aspiring entrepreneurs and investors face; i mean those with money but can’t seem to choose what business to start.
The point i am trying to drive across here is that Critical problem solving is what makes a successful entrepreneur. Intricate problems results to needs and wants, which in turn creates opportunity. Converting problems to opportunity is the primary duty of an entrepreneur and that duty will only be fulfilled when that problem is solved and putting money in the pocket of the entrepreneur.
Now why should you solve other people’s problem? The answer is because you are an entrepreneur.
“Someone asked me, ‘how can I find a good business opportunity? I replied, ‘go and look for adversity.’ If you can handle adversity, you will find opportunity. Adversity and opportunity are two inseparable twins.” – Ajaero Tony Martins
If you solve other people’s problem; they will provide the resources that will directly or indirectly solve your own problems. Bill Gates did not become the richest man in the world by chance; he achieved it by solving the problem of computer complexity, he provided easy to use software for every computer user.
“Customers want high quality at low prices and they want it now.” – Bill Gates
“We look for opportunities where we can offer something better, fresher and more valuable and we seize them. We often move areas where the customer received a poor deal and where the competition is complacent. And with our growing e-commerce activities, we also look to deliver old products in new ways. We are proactive and quick to act, often leaving bigger and more cumbersome organizations in our wake” – Richard Branson
Aliko Dangote became the richest black man in the world because he provides the basic need of over 150million Nigerians; Oprah Winfrey became the richest black woman in the world because she openly discuss and offer solutions to real life problems and challenges faced by people all over the world; problems people are ashamed, scared or shy to discuss.
“What material success does is provide you with the ability to concentrate on other things that really matter. And that is being able to make a difference not only in your own life but in other people’s lives.” – Oprah Winfrey
“There is one rule for the industrialist and that is: make the best quality goods possible at the lowest price possible, paying the highest wage possible.” – Henry Ford
Ted Turner became a billionaire by solving the “information barrier” problem. People hate being kept in the dark on happenings, so Ted Turner offered to bring them real life update on happenings around the world with CNN. Ingvar Kamprad became a billionaire by providing quality furniture at affordable rates. The list goes on and on.
“To design a desk which may cost $1,000 is easy for a furniture designer but to design a functional and good desk which shall cost only $50 can only be done by the very best.” – Ingvar Kamprad
So if you want to become a successful entrepreneur; if you want to build a successful business empire, then the best way to go about it is to become good at solving other people’s problem. If you efficiently and effectively solve other people’s problem; you will end up reaching the place of your dreams.