Most people understand the word ‘entrepreneur’ to mean ’someone who starts new businesses.’ This is only partially true. If this were the case, according to statistics, 80 % of all of the ‘entrepreneurs’ in the world would be unsuccessful. The dictionary defines the word ‘entrepreneur’ as “someone who organizes a business venture and assumes the risk for it”. When we take a close look at this definition, it gives us a key to attaining the success that we search for when starting a new business or venture.

In the dictionary definition of the word ‘entrepreneur’ there are five words that need to be closely considered. The first word is important because it should give everyone the hope of becoming successful in business. That word it ’someone’. The less-than-specific nature of this word lets us all imagine that we can become an entrepreneur because we, by definition, are ’someone’. There is no specification for education, financial or social status, religious or ethnic background.

The second word that we need to consider is ‘organize’. This idea or concept seems to escape most would-be business owners. It is possibly the most crucial step in building a business and is the concept that is given the least consideration. Organizing is not planning. Planning is mapping out the business by listing everything that you will need to accomplish the goal that you have set in creating a business. Organizing is placing each thing that you have in your business plan or map (your path to success) into a logical, workable and prioritized list of tasks that need to be accomplished in order to reach your goal. Without organization you will spend time working on something that may be low on the priority list and often this can be detrimental to reaching your final goal.

The third word that we need to look at closely is ‘venture.’ Again, relying on the dictionary, ‘venture’ means “An undertaking that is dangerous, daring, or of uncertain outcome.” There are no ’sure’ things. Often people think that they have the perfect plan for the perfect business. This is great but very rare. We are all inundated with email and advertisements, especially on the Internet, which tell us how easy a particular business is. Most promise great success with little to no work or risk. We are promised that we can make untold and vast amounts of money while sitting on our coaches. NOT! As the Internet gets more and more sophisticated, the offers for ‘get-rich-quick’ schemes get bolder and bolder. You must realize and plan for uncertain outcome.

The fourth word that needs attention is ‘assume.’ This often is taking in a negative manner. When we assume something is true without studying all aspects of it, we make grave mistakes. In the context of the dictionary definition of entrepreneur, assume means to accept. We need to be able and willing to accept the consequences of our actions. This means that ‘if’ the venture is a failure we look at our actions and not look for a scapegoat or someone else to blame. Do not assume responsibility until you have thoroughly research and investigated every aspect of the business that holds your interest.

The fifth word is the zinger. ‘Risk’ means “a source of danger; a possibility of incurring loss or misfortune;” Realize that in every effort where there is great reward, there is also risk or the possibility of loss. When we consider investing our time, money and other resources in a business, we need to consider the risk involved - the possibility of lose.

This all boils down to diligence. King Solomon, the wealthiest and wisest man to ever live, has given us several keys to success in his Book of Proverbs. His primary key for becoming a successful person is diligence. Diligence is conscientiousness in paying proper attention to a task; giving the degree of care required in a given situation. If you were to study the lives of the most famous and wealthy people who have passed through this world, you’ll see that all of them have applied Solomon’s Proverbial Keys to Success in their lives and business.

The greatest advice that can be given an aspiring entrepreneur is read and reread Solomon’s Proverbs. If anything is worth doing, it is worth doing well. Become a diligent student and apply what you have learned. “Entrepreneur’ is not a title to be assumed without diligence in every area of life. If you have aspirations of becoming a successful entrepreneur, study Solomon’s principles for success and press on.

Article by Robert Keating