What is Entrepreneurship?

Entrepreneurship is often viewed as both a skill and a process, embodying elements that contribute to the successful creation and growth of new ventures.


Entrepreneurship as a skill

It refers to the skills that entrepreneurs have, which include creativity, resilience, persistence, problem-solving, and the capacity to recognize and seize opportunities. Entrepreneurs must also have strong communication and leadership skills, and the ability to negotiate deals, sell their ideas, and motivate teams of people.

Put simply, entrepreneurship refers to the skills required to set up a business and run it successfully – make it thrive.

An entrepreneur is somebody who identifies a business opportunity and subsequently creates a company to exploit it.


Entrepreneurship as a process

Entrepreneurship is also the process of designing, launching, and running a new business. It is typically seen as a path to financial independence, innovation, and the realization of personal dreams.

At its core, entrepreneurship involves doing what an entrepreneur does; identifying a market need or problem and then developing a solution to meet that need or problem.

The solution could be a tangible product or an intangible service. The key is that it must solve a problem, offer value to customers, and enhance their lives in some way.

Entrepreneurs must be willing to invest their time, energy, and resources into creating and growing their ventures, and face significant risks and uncertainties.

Shopify.com has the following definition of the term:

“Entrepreneurship is the pursuit of starting, managing, and scaling a business. It involves combining innovation, skills, and vision to develop new products, services, or ideas that meet market demand and create value for a target audience.”

Two images reflecting the concept of entrepreneurship, plus a written definition
Image created by Market Business News.

Starts with an idea

An entrepreneur’s journey typically begins with an idea, which then evolves into a business model. The model outlines how the venture will get off the ground, achieve its goals, make money, and thrive.

Entrepreneurship plays a critical role in the economy. It drives innovation, creates jobs, and contributes to GDP (gross domestic product) growth. Entrepreneurs bring new products and technologies to the marketplace. They also open up new market and opportunities.


Conclusion

Entrepreneurship is more than setting up a business; it is a way of thinking and acting. It is about taking risks, seeing an opportunity and seizing it, and striving to create something valuable and impactful.


Video – What is an Entrepreneur?

This educational video, from our sister channel on YouTube – Marketing Business Network, explains what an ‘Entrepreneur’ is using simple and easy-to-understand language and examples.