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Entrepreneurship: What does it mean?

Entrepreneurship is a broadly used term and often misconstrued. On this post, I will be discussing the following:

  • What is entrepreneurship?

    Entrepreneurship: What does it mean?

  • Drivers of entrepreneurship.
  • Different approaches to entrepreneurship.
  • Roles of entrepreneurs in society.
  • Are you an entrepreneur?
  • Entrepreneurial psychometric test & training.

What is entrepreneurship?

Entrepreneurship is considered the ultimate career in capitalism. It is defined as the capacity and willingness to develop, organise and manage a business venture along with any of its risks to make a profit. A more modern definition incorporates individuals that transform society through their creativity and problem-solving ventures. Starting new businesses is the most obvious example of entrepreneurship. There are over 400 million entrepreneurs worldwide. Next, we will be looking at the driving factors behind this venture.

Drivers of entrepreneurship

Logically there are several philosophies and entry points to entrepreneurship. In most cases, a key event, motivator or source of inspiration cause entrepreneurs to strike out on their own. I have highlighted some of the key reasons below:

  • After suffering a difficult period /eventAn Inspired Realization - Aha Moment!
  • Don’t fit into the corporate environment
  • Seeking to drive social /industrial change
  • The quest for freedom and creative outlet
  • An inspired realisation/light-bulb moment
  • Early indoctrination into entrepreneurship
  • A determination to strive for greatness
  • Quest for self-actualisation

Okay now let’s explore some of the philosophies and approaches to entrepreneurship.

Different approaches to entrepreneurship

Capitalist Approach to Entrepreneurship

Again, there are several approaches that entrepreneurs adopt. I have noted the following three approaches.

Capitalist Approach

Capitalist entrepreneurs embark on their entrepreneurial venture to make a profit. This is their prime motive and objective.  However, in some cases entrepreneurs may initially adopt the capitalist philosophy, to enable their quest for social change through a different platform.

Social Leadership Approach

Social entrepreneurs embark on their journey to pursue their vision, to transform and create change in society. This group are seeking change through their entrepreneurial venture. They inspire and influence people towards the desired change. Generating profit is a by-product of their higher pursuit. Enabling social change is their prime objective.

Capitalist & Social Leadership Approach

Entrepreneurs that serve both schools of thought. They embark on their venture to generate profits and also inspire change. This could be perceived as idealistic. However, there could be cases when an entrepreneur focuses on profit, to enable them to pursue change through a different platform.

Roles of entrepreneurs in society

Entrepreneurship Creates New Products

 
 
 
 
Creation of New Business

Entrepreneurs create new opportunities for themselves. Jobs are created for others as they scale up their operation. Most big businesses were initiated from an entrepreneurial venture eg Google. Facebook etc

Social Change

Entrepreneurs seek to create their vision of society. They think big and take on big challenges with the belief that their offerings would impact lives and drive social change. Their creative offerings enable society to break away from dependency on obsolete systems and technologies which enhances the quality of life

Economic Growth                          Entrepreneurship Drives Economic Growth

Entrepreneurship is an essential cog in economic development. They enable their societies to remain competitive in the global marketplace. Their offerings increase productivity across several industrial sectors.

Time for us to have some fun. This next question has to do with you.

 

Are you an entrepreneur?

Okay, perhaps you are sure of your answer already. If you are still unsure don’t worry. Hopefully, I will help you to be certain by the end of this section.

Entrepreneurial Psychometric Test Result

Entrepreneurs attain high psychometric scores on the following attributes :

  • Achievement-Striving
  • Industriousness
  • Passion
  • Taking Control
  • Creativity

Find out if you possess the attributes of an entrepreneur, by taking the entrepreneurial psychometric test. This test targets the 5  attributes mentioned above. It only takes 5 mins. Come on let’s do it don’t be shy <33 A Passionate & Creative Entrepreneur

 

 

 

To take an entrepreneurial Psychometric Test. Please Click here

If you discover that you are truly an entrepreneur and would like to pursue an entrepreneurial venture online. It is essential to have access to a QUALITY training and support platform where you can interact with like-minded individuals. Please check out this >>>Online Entrepreneur Certification Training <<< at Wealthy Affiliate that is helping entrepreneur’s like you to achieve success online. This training and community platform has played a great part in my development as an entrepreneur. You will find it very valuable. Getting back to entrepreneurship, here is my summary;

Conclusion

Entrepreneurs are individuals who take their career into their own hands and towards a direction of their choice.  They seek to create the change they wish to see in the world. Mahatma Gandhi’s quote, “be the change you wish to see in the world” resonates the entrepreneurial spirit and philosophy.

Entrepreneurship should be encouraged and embraced.  We live in a better place because of the sacrifice and vision of entrepreneurs. They persist through adversity and motivated to impact positive social change in communities. They are rare breeds that should be treasured within every society. Socialist entrepreneurs are noble knights of our time. They lead the way to social transformation and change.

To the Entrepreneurs out there having a tough time. Believe me your endeavours will pay off, please continue to dedicate yourself and enjoy the process of acquiring the necessary skills to succeed. I would love to share an inspirational song with you. This song drove me through the darkest times. It inspired me to keep growing and be a champion! 

The Script - Hall of Fame

I hope you enjoyed the song and drew inspiration from it. Please let me know your thoughts on entrepreneurship. Why is passion essential to entrepreneurial success? Did you take the test? If so, what is your passion score? Do you feel the psychometric test is a good measure? Leave your comments below. 

Thanks for reading and participating, much appreciated. If you ever need a hand or have any questions, please feel free to leave them below. I will be happy to help. Be inspired, be free!

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About The Author

Anthony is a UK certified business strategist and consultant. An entrepreneurship mentor and ezine published writer.  He embraced entrepreneurship after experiencing an existential awakening. Anthony helps entrepreneurs, aspiring entrepreneurs and small business owners achieve success. You are invited to check out his services page and connect with him via the following social platforms:

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This Post Has 8 Comments

  1. Hi. Your article just caught my eye. I needed a few guide lines and a little shove out of the nest. I am tired of putting money in other peoples pockets. I believe I fall into two of your mentioned categories. Without going into detail they are, after suffering a difficult event, and quest for freedom. One led to the other, which eventually led me to your site. Might be the nudge I needed. I am a big fan of Capitalism. Thank you and enjoyed your information. Time to take “the high road”, Thanks

    1. Your kind words are much appreciated. I am happy you found my site informative. Like you, I also suffered a difficult event that resulted in me striking out as an entrepreneur. Glad that you are motivated to kick-start your entrepreneurial journey. I wish you all the best. If I can help in any way, please don’t hesitate to reach out. Thanks for stopping by and contributing. 

  2. Hello,
    Thank you for sharing about Entrepreneurship. I now have a better understanding of what it really means to be one. I did take the test and scored pretty high except with the passion it was pretty average. I also loved the song. I had never heard it before I wrote down the name and will be referring back to it later for inspiration. The quest for freedom and creative outlet described why I took this journey. Thanks again.
    Sherry Blandford

    1. Hi Sherry. Glad to know that you were able to gain some clarity and inspiration. Your high score from the psychometric test suggests that you have the core entrepreneurial attributes for success. Your passion score was tested against your current enterprise. The average score suggests you might not be fully locked into things at present. The quest for freedom and creative outlet is important for me too. I feel much better being able to express myself with complete autonomy. I wish you the very best on your journey and would love to see you again. Please feel free to get in touch if I can help in any way. Best wishes 

  3. My whole life ever since I was a child I have always been intrigued by the thought of being an Entrepreneur and I am still on my journey.

    I think the one thing that held me back was allowing myself to get distracted, keeping focus and my eye on the prize.

    I fill my life with distractions!

    Any suggestions to help me remain focused?

    1. Hi Salvatore

      You have already identified that you have been held back by distractions which impacts your focus. I am intrigued to know your passion score. My opinion is that If your values and passion are aligned with your business, you will be naturally motivated to be focused. You should look within to establish this alignment and restore focus. Best wishes

  4. I got a friend who started into bodybuilding and he pretty much built his own youtube channel to document all his process and it was really fascinating to see him doing that not only that but accomplishing goals that he set, getting to be partnered with others that have the same passion, ultimately today he is more into a fitness entrepreneur by having his own bookselling it online and teaming up with a group of people that knows how to network to sell a product, this is a fascinating world to explore and hopefully I too get the best of it.

    1. Hi Erick – As you have noted, your friend is achieving success because he has aligned his business with his passion. He is also networking with like-minded people. You will be successful if you do the same. Thanks for stopping by, much appreciated.  

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