What Is Entrepreneurship?


Entrepreneurship can have several meanings for different people. Ultimately, entrepreneurship is when an individual creates their own business opportunity, rather than answering to a boss and having a traditional job. For example, even though a doctor works at a hospital and has a great job, he's not an entrepreneur. However, if that doctor built his own private practice, that would be considered entrepreneurship. An entrepreneur thinks outside the box, follows their own path and has a constant hunger for growth.

Types of Entrepreneurship

Small Business Entrepreneurship: Building a small business is a popular form of entrepreneurship. This type of entrepreneur is usually someone who runs their own business and hires employees or family members. While some small businesses do have the potential to be financially successful, many struggle to become profitable.

Large Company Entrepreneurship: A corporate entrepreneurship is an established firm that is always seeking new business opportunities and creating innovative products and technologies to satisfy customers. Despite pressure from competitors, they keep striving towards their goal.

Scalable Startup Entrepreneurship: Scalable startups have risk takers at the helm who have the potential to change the world. For example, a large software or web-based business on social media like Instagram or Facebook, or a business like Amazon or Microsoft are examples of scalable entrepreneurship opportunities.

Social Entrepreneurship: A social entrepreneur is an innovator and someone who strives to make the world a better place. This type of entrepreneur seeks positive solutions to social problems and feels the need to help people. A social entrepreneur can either be non-profit or for-profit, but profit is not the primary goal as it is for a scalable entrepreneur. An example of a social entrepreneur would be someone who built an organization solely to create products or services to help people in need.

How to Learn About Entrepreneurship

One of the best ways to learn about entrepreneurship is to follow successful entrepreneurs on their social media, read their books and learn how they achieved their goals and became successful. If there's a local business person who you know and admire, ask if they might consider being your mentor. Or you can find mentors online, for example, at Find a Mentor. For little or no cost, you can chat with a professional in your field and develop a partnership online or in person. Professional networking events, fitness classes and industry meetups also offer the opportunity to find a mentor.

You can also take online courses in entrepreneurship and your specific field of interest. For example, Udemy offers several courses on entrepreneurship such as: Entrepreneurship: 5 Keys to Building a Successful Business by Jack Delosa, founder of Entrepreneur magazine; The Essential Guide to Entrepreneurship by Guy Kawasaki; Entrepreneurship 101: Start & Grow a Business from Scratch and many others that feature hours of video tutorials and articles. At CodeAcademy you can learn how to code which opens up a world of business opportunities such as web design and much more. You can also find several free online courses by using the search term, "online courses in entrepreneurship."

Finding an entrepreneur to model, developing a relationship with a mentor and taking advantage of all the education available can help put you on the fast track to success. Once you've become successful, further education in your field of expertise and in business skills will help you continue to improve your game.

Why Should You Become an Entrepreneur?

Being an entrepreneur is not for everyone. You need to be a risk-taker and have the patience, persistence and perseverance to continue even when things get tough. But if the idea of being your own boss, doing what you love and building a legacy inspires you, you likely have what it takes to be an entrepreneur. When you make the decision to become an entrepreneur, you can turn your ideas into opportunities. Your potential earnings are up to you and you can work as much or as little as you need to achieve your dreams. While there are flexibility and a certain amount of freedom in being an entrepreneur, it takes enormous dedication and a great deal of work to achieve success.