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What is Entrepreneurship?

Entrepreneurship is the act of creating a business or businesses while building and


scaling it to generate a profit. However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern
entrepreneurship definition is also about transforming the world by solving big problems. Like initiating social
change, creating an innovative product or presenting a new life-changing solution.

What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their
career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your
own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the
first step into making the world a better place, for everyone in it.

-An entrepreneur is a person who sets up a business with the aim to make a profit.

This entrepreneur definition can be a bit vague but for good reason. An entrepreneur can be a person who sets up
their first online store on the side or a freelancer just starting out.

The reason why they’re considered entrepreneurs, though some disagree, is because where you start out isn’t
where you’ll end up. An entrepreneur is someone who starts a side hustle that can eventually create a full-time,
sustainable business with employees. Same with the freelancer. If you’re focused on creating a profitable business,
you fit the entrepreneur definition.

However, the entrepreneur meaning involves much more than being a business or job creator. Entrepreneurs are
some of the world’s most powerful transformers. From Elon Musk sending people to Mars to Bill Gates and Steve
Jobs making computers part of every household, entrepreneurs imagine the world differently.

And the entrepreneur definition rarely ever talks about the enormous impact entrepreneurs have on the world.

What Is the Meaning of Entrepreneurship?The meaning of entrepreneurship involves an entrepreneur who takes
action to make a change in the world. Whether startup entrepreneurs solve a problem that many struggle with
each day, bring people together in a way no one has before, or build 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 the idea and execute on it. Entrepreneurship is
about execution of ideas.

What Is an Entrepreneur? An entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas,
goods, services, and business/or procedures .Entrepreneurs play a key role in any economy. These are the people
who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to
market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits,
fame and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.

Why are Entrepreneurs Important? Entrepreneurs can change the way we live and work. If successful, their
innovations may improve our standard of living, and in addition to creating wealth with their entrepreneurial
ventures, they also create jobs and the conditions for a prosperous society.

One of the most important traits of entrepreneurs is self-motivation. When you want to succeed, you need to be
able to push yourself. You aren't answerable to anyone else as an entrepreneur, and that sometimes means that
it's hard to get moving without anyone to make you

Success in entrepreneurship isn’t just about your idea or your money. Plenty of people have interesting ideas or
a lot of cash to throw around — and they never quite manage to find success in their ventures.

If you want to be an entrepreneur, take a step back and evaluate whether or not you have the following
characteristics. (And remember: if you don’t have these traits now, you can develop them down the road to
improve your chances of success.)

1. Self-Motivation-One of the most important traits of entrepreneurs is self-motivation. When you want to
succeed, you need to be able to push yourself. You aren’t answerable to anyone else as an entrepreneur, and
that sometimes means that it’s hard to get moving without anyone to make you. You need to be dedicated to
your plan and keep moving forward — even if you aren’t receiving an immediate paycheck.

2. Understand What You Offer-As an entrepreneur, you need to know what you offer, and how it fits into the
market. Whether it’s a product or a service, you need to know where you fit in. That means you need to know
when it’s time to tweak things a little bit. This also includes knowing whether you are high end, middle of the
road or bargain. Being able to position yourself and then adjust as needed is an important part of
entrepreneurship.
3. Take Risks-Successful entrepreneurs know that sometimes it’s important to take risks. Playing it safe
almost never leads to success as a business owner. It’s not about taking just any risk, though.
Understanding calculated risks that are more likely to pay off is an important part of being an
entrepreneur. You’ll need to be willing to take a few risks to succeed.

4. Know How to Network-Knowing how to network is an important part of entrepreneurship. Sometimes


who you know is an important part of success. Being able to connect with others and recognize partnership
opportunities can take you a long way as a business owner. Figure out where to go for networking
opportunities and make it a point to learn how to be effective.

5. Basic Money Management Skills and Knowledge-We often think of successful entrepreneurs as “big
picture” people who don’t worry so much about managing the day to day. And it’s true that you might
have an accountant or other team members to help you manage the business. However, if you want to be
successful, you should still have basic money management skills and knowledge. Understand how money
works so that you know where you stand, and so that you run your business on sound principles.

6. Flexibility-To a certain degree, you need to be flexible as an entrepreneur. Be willing to change as


needed. Stay on top of your industry and be ready to adopt changes in processes and product as they are
needed. Sometimes, you also need flexibility in your thinking. This is an essential part of problem-solving.
You want to be able find unique and effective solutions to issues.

7. Passion-Finally, successful entrepreneurs are passionate. They feel deeply about their product or service
or mission. Passion is what will help you find motivation when you are discouraged and it will drive your
forward. Passion is fuel for successful entrepreneurship. If you find yourself losing your passion, that might
be the clue that it’s time to move on to something else (that stokes your passion). There are many serial
entrepreneurs that create successful businesses, sell them, and then create something else. As you
consider your characteristics, think about how to better develop them to help you become a better
entrepreneur.

By Darren Hardy

1. DON’T want what you don’t want. It’s easy to fall under the spell of someone else’s dream or be
seduced by the scorekeeping of other people’s goals. Don’t. Follow your own path—not the Joneses’. Don’t
let fear, envy or social pressure cloud your vision.

2. DON’T miss the point. Bigger is only better if it makes the smile on your face wider and brighter, and fills
the journey with joy. Live today as you want to be remembered in the end.

3. DO the right thing. When faced with the choices that are the hardest to make—when your dreams,
ambition and drive are begging you to do one thing while your conscience is telling you to do another—
remember that the only way you’ll have an enduring smile is if you uphold your values.

4. DO trust your gut. Don’t wait until you’re 80 and filled with regret. Be the person you “could have been” now.

5. DO keep your resolve. Many entrepreneurs fail not because of their idea, their skill or the market, but
because they give up when the summit is within reach.

6. DON’T forget why. Business will change you. Don’t forget who you are right now. Don’t forget who you were
the day you decided to ride the entrepreneur roller coaster.

7. DO seek your greatness. You have been given incredible gifts. You are capable of awe-inspiring achievement
and significant contribution to the people and world around you. You have a responsibility to use the potential
you’ve been given, to apply it and grow it.

Why is entrepreneurship important?

Entrepreneurs can change the way we live and work. If successful, their innovations
may improve our standard of living, and in addition to creating wealth with
their entrepreneurial ventures, they also create jobs and the conditions for a
prosperous society.