What is Entrepreneurship?

As an industrious student and worker, you may wonder if entrepreneurship is in your future. It may help you to have a better understanding of the term to determine whether it may apply to your own future.

What Is the Basic Definition of Entrepreneurship?

Most people think of entrepreneurship as simply running a business from the ground up. While that is certainly one part of it, there is so much more to understand about this business concept for someone hoping to dive and become an entrepreneur, according to Forbes.

The Business Dictionary defines entrepreneurship as “the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Entrepreneurs are willing to take risks to make something exciting happen for themselves and their team.

What Are Common Traits of Entrepreneurs?

Essentially, an entrepreneur serves as a leader in a business environment. While a manager needs to consider their boss’s commands, demands and criticism, an entrepreneur takes the reins of situations. Even if managers want to take the lead the way that entrepreneur does, they do not have the required authority.

Entrepreneurs can dance to the beat of their own drum in business because they have chosen to embark on a venture all their own, assuming all the accompanying risks, as well as any potential rewards that may befall them.

Most entrepreneurs share some common traits–whether due to natural inclination or necessity–that make them bold and dynamic leaders. Following are just a few of those traits:

  • Relentless – The best entrepreneurs develop or envision an idea, and they are simply unwilling to let it go until they bring it to life. They work to find the best and most efficient path to lead them toward their goal.
  • Pioneering – An entrepreneur is not afraid to try something first. They do not fear failure or embarrassment when in pursuit of achieving their mission.
  • Resourceful – Leaders striking out on their own will always find a way to meet their goals. Whether meeting with various financial investors or taking out a second mortgage on their home, entrepreneurs are determined to the end, according to the Harvard Business Review.

Who Best Represents Entrepreneurship in the Business World?

It may help to note some of business leaders who best represent entrepreneurship. A few of the most well-known entrepreneurs include:

  • Steve Jobs – Steve Jobs may instantly spring to mind for three existing generations, and even having passed away, his company carries on with his innovative and entrepreneurial spirit.
  • Jeff Bezos – Most everyone has probably sent or received a package from Amazon. Jeff Bezos changed the dynamics of e-commerce by fearlessly expanding Amazon’s bookselling services to a broad array of products, ebooks, streaming services, and cloud computing services, according to Forbes.

Related Resource: What Is A Business IT Researcher?

Are You Ready to Become an Entrepreneur?

If you have ideas and innovations that you cannot shake, and you feel you have no choice but to tenaciously pursue them, you probably have a strong spirit of entrepreneurship that you should not leave untapped.