Despite difficult challenges, entrepreneurs are the “engines of growth” that are transforming the American economy. According to the Small Business Administration, entrepreneurs start more than 600,000 businesses in the United States each year.

How important are small businesses to the US economy?

Let me share with you some of the most recent information (September 2009) released by the US Small Business Administration Office of Advocacy. Small businesses…

• Represents 99.7% of all employer companies.

• Employ just over half of all private sector employees.

• Pay 44% of the total US private payroll.

• Generate 64% (net) of new jobs in the last 15 years.

• Create more than 50% of the private non-agricultural gross domestic product (GDP).

• Hire 40% of high-tech workers, such as scientists, engineers, and computer programmers.

• They are 52% home based and 2 percent franchises.

• Produce 13 times more patents per employee than large patent firms.

With small businesses having such a major impact on the business cycle, what drives entrepreneurs to create something out of nothing? In fact, what is an entrepreneur and what motivates him? Consider Sam Walton, one of the greatest entrepreneurs of the 20th century who once said, “I’ve always been driven to challenge the system, to innovate, and to push things beyond where they were.”

What is an entrepreneur?

The French word, entrepreneurIt means entrepreneur. An entrepreneur is a person who starts a company or business, with the possibility of profit or loss. An entrepreneur is a person who uses venture capital to start and finance a new business and who assumes the financial risks associated with owning, operating, and managing a business.

Entrepreneurs come in many varieties and tend to develop innovations and create jobs. As a result, according to the SBA, they are vital to a stable and strong US economy. While entrepreneurs are considered by many to be visionaries, dreamers, and charismatic leaders, not all entrepreneurs share these characteristics.

Most entrepreneurs are drummers with the drive, determination and perseverance to turn ideas and opportunities into reality. Entrepreneurs typically have a clear and communicable vision, a passion for their areas of interest, the motivation to bring their vision to market, and the perseverance to continue despite obstacles and setbacks.

Entrepreneurs are undoubtedly horses of a different breed. Entrepreneurs are mavericks with vision and determination to create a company that brings vision to market.

Entrepreneurs, as a group, want to design and control their own destinies. They are inspired to launch their own business ventures and are motivated to identify and exploit high-potential business opportunities. They are usually obsessed with all aspects of their chosen area of ​​expertise. Entrepreneurs are eager to create a new life, be their own boss, go their own way, and throw off the constraints of the 9 to 5 world of work.

Entrepreneurs are moved by ideas, ideas that are often sparked by a flash of inspiration and often overlooked by others. Entrepreneurs can quickly change direction as conditions evolve. They can navigate transitions, tolerate uncertainty, and can balance continuity with change. The most important thing is that they are tenacious! They follow projects through to completion and don’t give up easily, even in the toughest of times.

What drives a person to embark on an entrepreneurial journey?

There are as many reasons why people start new businesses as people… Although motivations vary from individual to individual, the most common reason people cite as a reason to start a new business is their desire for independence. Entrepreneurs want to be autonomous. They want the freedom to act independently to achieve their desires and goals.

Entrepreneurs start businesses for many other reasons as well. Here are some additional reasons:

• Sense of Achievement: Entrepreneurs have a need to achieve and experience a sense of accomplishment.

• Innovation/Invention: Entrepreneurs have a drive to invent new products, services, processes, markets or opportunities, and to create new rules of competition.

• Career transition: Entrepreneurs often make career transitions following layoff, downsizing, outsourcing, retirement, or the desire for independence.

• Recognition: Entrepreneurs are hungry for: status, power or recognition for the value of an idea or a company.

• Wealth Creation: Although entrepreneurs can become wealthy, entrepreneurs typically do not view wealth creation as their primary goal: wealth creation comes as a by-product of entrepreneurial venture.

• Principles – Many entrepreneurs are driven to build businesses that are governed by deeply held principles and values ​​that contribute to their community and also to society.

What motivates an entrepreneur is the drive to control their own schedule, manage their own workload, and manage their own destiny. Entrepreneurs want to imagine a future where they are doing what they love to do!