These days successful starters of new enterprises are held in high esteem. The Google guys who made zillions now appear on magazine covers; and eBay, Starbucks, and Netflix founders are sought-after speakers. As a result, countless people now use the "e" word in describing themselves in their resumes.

Just what is an entrepreneur? What is it they do? The best definition I have heard is that the best ones are "change agents...people who see around corners...and who try to do something about what they see." Respected management guru, Peter Drucker, was quoted in one story recently to the effect that all great change comes from outside of firms, not inside. Much of the time it is entrepreneurs who shake up the existing order.

What does it take for an entrepreneur to blossom? Three things, at least:
--TIME SPECIFIC. Entrepreneurs must be tuned in to what's going on at the time, e.g., trends, unmet needs, new science or technology. Think of well known past entrepreneurial efforts in plastics (Head Skis), dotcoms (Amazon), tennis (Prince Racquets), coffee shops (Starbucks), and big-box retailers (Wal Mart, Costco). All big companies today were once small companies that broke the mold.

--PERSON SPECIFIC. Entrepreneurs need experience related to what they set out to do. Odds of success are far better for new ventures staffed by one or more people who have been down the route--or at least one similar--planned for the enterprise. In fact, wise investors typically will not put money in a company managed by newcomers to the field of endeavor.

People start (or vastly improve) operations based on opportunities they comprehend. As a rule medically-related companies are founded by people who understand, for example, the health industry or body chemistry; distribution companies may well have founders with logistics or transportation backgrounds; and fresh retail enterprises have people with a nose for consumer trends or gaps in what is available to buy in a certain community. In general, entrepreneurs do best when they do something they know--an industry (e.g, recreation), technology (www), process (baking), product (ski lifts), or market segment (baby boomers).

--AMBITION. Most entrepreneurs I know set out to build something bigger than them, an enterprise that will outlast them. This is different than working essentially "to make a living." Making a living is a noble calling, of course, but it is not the same as attempting to build a separate entity that transcends the individual.

Upward of 80% of all small businesses are small by intent. This includes law practices, hair salons, plumbing contractors, retail shops, and cleaners. They represent the backbone of the American economy. Another 10% or so of the total are larger enterprises that will, in fact, often outlive the founders or owners. Included in this group are restaurants, lumber companies, small retail chains and manufacturing firms, motels, etc. Such companies can be sold, bought, passed on to the next generation, and, perhaps, expanded. Often the owners at any point in time are oriented to building the net worth of those involved. Intentions--ambitions--are a factor in founding a new venture.

In summary, entrepreneurs attempt to take advantage of the now, leverage their own particular background and experience, and generally try to create something than can stand on its own, in time.