While the definition of entrepreneurship has remained unchanged for decades, opportunities for aspiring entrepreneurs have undoubtedly expanded. Think about it: what opportunities did an entrepreneur have 100 years ago? If you didn’t have the skills to do something and didn’t have the capital to buy something, you’re out of luck.
Fast forward to today and we see that there are already over 600 million entrepreneurs in the world. Opportunities exploded.
Today we take a closer look at what it means to be an entrepreneur .
What is entrepreneurship?
Entrepreneurship is, to put it bluntly, the process of starting a business or businesses while building and scaling them for profit.
But, as a basic definition of entrepreneurship, this is a bit limiting. A more modern definition of entrepreneurship also aims to transform the world by solving big problems. For example, to bring about social change or create an innovative product that challenges the status quo in our daily lives.
The definition of entrepreneurship does not say that entrepreneurship is what people do to take their careers and dreams into their own hands and lead them in the direction they want.
It’s about building a life on your own terms . No bosses. No scheduling restrictions. And no one is holding you back. Entrepreneurs can take the first step towards making the world a better place – for everyone in it, including themselves.
What is an entrepreneur – definition
An entrepreneur is a person who creates a business for the purpose of making a profit.
This definition of an entrepreneur can be a bit vague, but for good reason. An entrepreneur can be a person who has opened their first online store or an aspiring freelancer.
The reason why they are considered entrepreneurs, although some disagree, is that what you start with is not necessarily what you end up with.
An entrepreneur is someone who starts a side job that can eventually create a permanent, sustainable business with employees. It’s the same with a freelancer. If your entrepreneurial mindset is focused on building a profitable business, you fit the definition of an entrepreneur.
But, being an entrepreneur involves much more than just building a business or creating jobs. Entrepreneurs are some of the most powerful transformers in the world. And the definition of an entrepreneur rarely speaks volumes about the huge impact these influencers have on the world.
Understanding what an entrepreneur is can help more people realize the value they can bring – and are already bringing – to the world.
What is the meaning of entrepreneurship?
The meaning of entrepreneurship includes the entrepreneur who takes action to change the world. Whether aspiring entrepreneurs are solving a problem so many struggle with every day, bringing people together in a way no one has done before, or creating something revolutionary that advances society, they all have one thing in common: action.
It’s not some idea that’s stuck in your head. Entrepreneurs take an idea and bring it to life. Entrepreneurship is the embodiment of ideas.
The Importance of Entrepreneurship
Why is entrepreneurship so important? Let’s look at a few of the main reasons:
- Entrepreneurs create jobs: Without entrepreneurs, there would be far fewer jobs. Entrepreneurs take the risk of employment. Their drive to continue growing their business ultimately results in the creation of new jobs. As their business continues to grow, more jobs are being created.
- Entrepreneurs Innovate: Some of the greatest technology in today’s society comes from business. Technological progress is about the need to solve a problem, improve efficiency, or improve the world. During the periods when technology achieves great success, it is usually necessary to thank the entrepreneur.
- Entrepreneurs create change: Entrepreneurs dream big. Naturally, some of their ideas lead to changes all over the world. They may create a new product that solves a pressing problem, or take on the task of exploring something that hasn’t been explored before. Many strive to make the world a better place with their products, ideas, or businesses.
- Entrepreneurs donate to society: while some see the rich as evil and greedy, they often do more for the common good than the average person. They earn more money and therefore pay more taxes, which helps fund social services. Entrepreneurs are among the largest donors to charities and non-profit organizations. Some are looking to put their money into creating solutions that will help poor communities access things we take for granted, like clean drinking water and good health care.
- Entrepreneurs increase national income: Entrepreneurship creates new wealth in the economy. New ideas, improved products and services from entrepreneurs are fueling the growth of new markets and new wealth.
Why do people become entrepreneurs
Every entrepreneur has his own “why” that motivated him to become his own boss. Whether entrepreneurs need more freedom or influence, they are all taking control of their lives, living on their own terms .
Here are a few reasons why people become entrepreneurs:
- To change the world: Many entrepreneurs strive to make the world a better place. Whether entrepreneurs believe in space exploration, eradicating poverty, or creating a practical yet game-changing product, they are ultimately building a brand for the benefit of others. Some entrepreneurs use their business as a way to quickly raise capital for their noble goals.
- They don’t need a boss: Entrepreneurs often struggle with having a boss. They may feel suffocated and held back. Some entrepreneurs may feel they have a more efficient way of doing business. Others may not like the lack of creative freedom. Ultimately, they are drawn to entrepreneurship as an opportunity to succeed on their own terms.
- They Need Flexible Schedules: Entrepreneurship is popular with those who need flexible schedules. For example, many people with disabilities often enjoy entrepreneurship as it allows them to work when they can. Parents can raise their children at home or pick them up from school without feeling guilty about it. Students get the opportunity to work in accordance with their busy schedules and workloads.
- They want to work from anywhere: along with the flexibility of working hours, entrepreneurship is popular among those who do not want to be tied to a particular place . Entrepreneurs may not want to work in the same place every single day, as it can get boring quickly.
- They can’t find a job: Many find their way into entrepreneurship when they can’t find a job. Instead of being defeated by their situation, they create new opportunities for themselves . A new graduate can open an online store in the summer after graduation to build their resume. A parent who has been laid off due to layoffs can start a business to ensure they can continue to feed their family while keeping a roof over their heads.
- They don’t fit in with the corporate environment: Entrepreneurs often say stuffy corporate environments limit their growth. You may notice an entrepreneur in a corporate environment as they usually try to gain more control over their role and better understand how everything fits together.
- They are curious: Entrepreneurs love to find the answer to the question: “what if…” They are experimental and love to learn. They regularly read business books to deepen their knowledge. So, naturally, they like entrepreneurship, because the work allows them to learn in the shortest possible time. Curiosity allows them to keep growing.
- They are ambitious: those who love to achieve difficult goals and milestones become entrepreneurs. Because there is no limit to what they can achieve, entrepreneurs are constantly finding their projects getting bigger and better than they ever imagined. When obstacles arise, they find a workaround to their goal. They cannot be stopped.
Are you ready to become an entrepreneur?
There is no one right way to become an entrepreneur. These people come in all shapes and sizes and can affect almost every aspect of life as we know it.
In a field of such great diversity, there are a few things that all entrepreneurs have in common : they are full of passion and ambition, and they use it as a driving force to build empires that solve some of the world’s toughest problems.
If you want to make your mark on the world, or advance society—or even break free from a grueling, inflexible 9 to 5 job, you simply can become an entrepreneur.
Trust your intuition, follow your instincts, and always keep your mind open to learning and exploring new opportunities that come your way.