In today's world, there's a huge fuss and pseudo-fame associated with the word entrepreneurship . Becoming an entrepreneur has become a craze among the youth because of the respect and limelight associated with the word entrepreneur. Just registering a company doesn't make someone entrepreneur. Entrepreneurship requires one to invest every bit of his/her soul to establish his/her idea to yield fruits for many who shall believe in it. Such core entrepreneurs are called as first generation entrepreneurs who are ready to sacrifice everything that they have just to see their company take the shape that they have dreamt of from a long time.
After a company is established, the power shall get passed on to the next heir either based on genetics or talent. The one who is running the company may take up new businesses and run them. The board of directors decide the investments to make and the shares to sell. Even they are entrepreneurs who run the business but they aren't called the first generation entrepreneurs. They are the entrepreneurs who shall manage the passed on legacy of an established business. Their goal is to stick to the objective vision defined by the first generation entrepreneurs. Unlike their predecessors they aren't ready to put their own personal assets at stake for the sake of the company. They will give their best to manage and play with the company assets to build or break the company. This is the prime difference between the first generation entrepreneurs and their successors.
Steve Jobs, Bill Gates, Dhirubhai Ambani, Michael Dell and other great founders of extraordinary companies fall into the league of such first generation entrepreneurs. They invested their sweat and blood to build every ounce of their visionary company. Only visionaries become such first generation entrepreneurs. They are the people who had complete faith in their idea and were ready to sacrifice everything they had to see their vision turn into reality. Every entrepreneur should consider himself as a first generation entrepreneur if he dreams of building a firm that shall last through ages and which shall definitely keep his name immortal.