Lesson one: What is Entrepreneurship?

Entrepreneurship

What is Entrepreneurship?

Many definitions of entrepreneurship abound. Entrepreneurship can be described as the search for new products, new production methods, new markets and new forms of an organization. Entrepreneurship is a microeconomic act of undertaking an innovation with the aim of combining the innovation with finance and business to produce goods or services. The discipline of entrepreneurship generally studies the why, when and how of opportunity creation, recognition and utilization for providing goods and services through the creation of new firms (start-ups) and within existing firms for both profit and non-profit purposes. Another definition of entrepreneurship that is often used is a process through which individuals identify opportunities, allocate resources, and create value‘. This creation of value is often through the identification of unmet needs or through the identification of opportunities for change.

Entrepreneurship can also be described as the act of being an entrepreneur, which can be defined as “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”. Entrepreneurship is the process of searching out opportunities in the marketplace and arranging resources required to exploit these opportunities for long-term gains. Thus, entrepreneurship identifying an opportunity; pursuing that opportunity beyond your current resources; and believing that the opportunity can be achieved. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. Different views of entrepreneurship are expressed as follows:

  • Entrepreneurship is about creativity – entrepreneurs use innovation and hard work to overcome obstacles to their success.
  • Entrepreneurship is about fun – nothing feels better than focused effort and accomplishment.
  • Entrepreneurship is about freedom – few things in life are as empowering as being able to determine what work you will do, when, where and with whom you will do it.
  • Entrepreneurship is about responsibility – entrepreneurs may not report directly to bosses, but do have lenders, investors, family and the ever-present laws of profitability.
  • Entrepreneurship is about hard work and dedication -thus being true to our visions and our passions. Entrepreneurs design the business we love and work hard to provide our customers, employees and community with the best we have to offer.
  • Entrepreneurship is about diversity -anyone can become an entrepreneur if they have a keen curiosity to learn and a desire to overcome the challenges inherent in learning new and exciting things.
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