What is Entrepreneurship?
According to intellectuals and business experts, the definition of entrepreneurship is simply the combining of ideas, hard work, and adjustment to the changing business market. A related entrepreneur definition is that it also entails meeting market demands, management.
Entrepreneur definition: a person who can take an idea or an innovation and create a product or service that is in demand by the general public, the government or even the military.
The definition of an entrepreneur is not always someone who starts a business. Entrepreneurship can also take place within large organizations by applying the concepts of innovation to one’s own work. This entrepreneurship meaning is becoming more commonplace as more organizations embrace fresh approaches to productivity.
For example, a human resources manager’s definition of entrepreneurship can mean engaging in unique practices that improve their company’s staff productivity.
The definition of entrepreneurship can also go beyond the corporate world. A dance teacher at a university can define entrepreneurship as creating classes in which students explore dance as an industry and not just an art form.
A social entrepreneur definition can be one who applies innovation concepts to create improvements in his or her community or for society as a whole.
Even politicians can be entrepreneurial in their approach to solving problems through non-traditional programs and fresh attempts to improve the well-being of others.
Understanding the Definition of Entrepreneurship
As you can see, there are many interpretations and definitions of entrepreneurship. Most importantly, it describes the key directive of any business: innovation.
Innovation is by far the primary factor that governs the very creation of a small business or entrepreneurship. Innovations can be services, products and even processes.
- Service: any type of service that you provide to someone for a fixed price or time and materials.
- Product: a physical or virtual item that a business or consumer can purchase to solve a need or desire they have.
- Process: a new way of doing something that is more efficient or improves productivity.
Innovations can also be anything that introduces the inventions of new products that change the marketplace or create a new marketplace. Some of these innovations may even replace current innovations to become the preferred product or process.
Characteristics of an Entrepreneur
When a person chooses to become an entrepreneur, they choose to be an organizer.
Not everyone is suited to being an entrepreneur and not everyone has the necessary skills to do so successfully.
Similar to a skilled manager, they possess the ability to organize multiple people and tasks on any given day. Entrepreneurs, however, take it one step further. They are inventive, can organize resources, can organize others, can manage others’ time/needs/wants/money, can perceive opportunities where others cannot, can perceive risk levels, are risk takers and are less put off by others’ opinions of their innovative ideas.
Most of all, they are not fazed by rejection of their ideas, innovations, inventions or creations. They personally believe in what they are producing and are hyper focused to make it a reality.
Also, the most successful type of entrepreneur can take constructive criticism. They adapt to create the best product possible with the lowest cost and the highest quality.
Commonly observed characteristics of an entrepreneur include will and stamina. A definition of an entrepreneur often includes the notion that they will stop at nothing to see their ideas succeed.
Entrepreneurs are definitely in the minority, as they are the leaders in a community.
Interestingly, psychological studies have shown that successful entrepreneurs developed a thick skin at a young age because of childhood hardships, rejection and sometimes even poverty.
Many successful entrepreneurs have faced a major adversity or challenge in their childhood. As a result, the inner drive that arises from changing one’s circumstances is one of the most common characteristics of an entrepreneur.
Do You Have Entrepreneurship Traits?
Business entrepreneurship is a unique part of society that is dominated by leaders. People who have the skills to share their knowledge, creativity, and inventiveness create products or services that benefit a particular market.
The life of an entrepreneur is one of hard work, long hours and constant devotion to their dream. It is not for the faint of heart. Is it you? Many find it worth the sacrifice and find immense joy in owning their own company.