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.

I offer 1-2-1 mentoring that helps guide beginners to avoid the usual pitfalls in online marketing. To learn more about my coaching program. Please contact me using my contact form. Due to other commitments sometimes I am unable to offer this service. If you would need my support, go ahead and  schedule an appointment so we can discuss your immediate needs and access suitability.

Other recommended platform are:
1. Lurn (Entrepreneurship)
2. Clickbank University (Digital/ Affiliate  Marketing) 
 

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:

Facebook  Linkedin    Instagram  Twitter  Webtalk

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This Post Has 38 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.  

  5. Quite informative article on what it means to be an entrepreneur. I can see some qualities of an entrepreneur in me, because I love creativity and social change.

    1. Hello Grace – That is good to know. Did you take the entrepreneurial psychometric test? If so, what was your passion score? I would love to hear from you. Hope to see you soon. Take care

  6. Being an entrepreneur is a good way to have a passive income. Many people became successful because of it.

    1. Hello Rizzee – Entrepreneurship is a state if being. People are drawn to this state of being currently because it has become fashionable in recent times.
      However, to be a successful entrepreneur one has to have or develop the qualities and attributes of an entrepreneur

  7. I have always loved to be an entrepreneur but I never had enough balls to quit my 9 to 5 job..I think I need to do the needful..I don’t need the test..I just need some quality training ….Great share

    1. Hello Obalade – Great to see you. Entrepreneurship sometimes requires a leap of faith. It is not easy in the beginning but can be very rewarding for those that persevere. I wish you the best of luck. Please feel free to reach out anytime.

  8. It can be defined a million times but there is no perfect detail of being an entrepreneur. At times it is not about technicality but the will and feeling for it. Do not forget to learn.

    1. Hello Scott – Entrepreneurship is a state of being. To pursue this path requires a journey inwards rather than outward. It requires passion and perseverance amongst other things. Continuous learning is an entrepreneurial necessity.

  9. I wish I can be an entrepreneur in the future. I’ve always been a passionate and hardworking person but I’m quite passive with stuff that’s why I don’t find opportunities as fast as my friends and colleagues. After reading this, looks like I really need to step up my game. Thank you for making me realize this!

    1. You are welcome Rae – Being passive is something that most people struggle. Entrepreneurship requires one to always take action because growth comes from failures and experience. Please feel free to reach out anytime. I will be happy to help you out by offering guidance.

  10. You have given me a new definition of an enterpreneur from the definition I used to know but all the same I think it just have to do with beating risks in a venture and making profit I’m looking forward to becoming an enterpreneur someday.

    1. Happy to see you, John and yes it comes down to overcoming business challenges and turning a profit. To do this effectively requires certain skillsets, attributes, and resources. Please feel free to reach out anytime.

  11. This is a very insightful look into entrepreneurship. I think we all have a will to be entrepreneurs if we look hard enough.

    1. You are right Roy – Entrepreneurship is an inward journey for those with the will, desire, and passion to explore. Thanks for stopping by and contributing much appreciated. Please feel free to reach out anytime.

  12. I have tried several times but I just can’t fit into the corporate world. It’s not my ideal environment. That’s why entrepreneurship is the way to go for me.

    1. Hi Meg – Happy to see you here. You are not alone in that space. Most entrepreneurs I have had the pleasure to meet also felt the same way about the corporate world. Please feel free to reach out anytime. I wish you the best of luck in your entrepreneurial venture.

  13. Our economies are mostly driven by entrepreneurs. They are responsible for job creation and wealth creation. I have a lot of respect for them.

    1. Hello Patricia – Happy to see you here. Entrepreneurs are the knights of our social realm in terms of their contribution to society. I also have great respect for entrepreneurs. Thanks for stopping by much appreciated.

  14. Being an entrepreneur involves huge risk taking and requires a lot of ambition and will to succeed. It’s definitely not something for everyone.

    1. Absolutely right Oliver – Entrepreneurship is not for everyone. This is why we have a link to the entrepreneurial psychometric test to help people test themselves against the attributes required for entrepreneurship. Thanks for stopping by and contributing. It is always a pleasure to see you here much appreciated.

  15. Some people are comfortable working a 9 to 5 job but others would rather be their own bosses. I’m proud to say I fall in the latter category. Thanks for this very informative article on entrepreneurship.

    1. Hello Daphne – Entrepreneurship is an exciting journey of discovery. Best of luck on your entrepreneurial venture. Please feel free to reach out anytime

  16. A detailed post on entrepreneurship. I know I will do well as an entrepreneur and I’m really looking to it. I will go with the capitalist approach. I love to make a profit at all cost.

    1. Hello Bright – Happy to see you here and glad to know that you are considering the entrepreneurial path. I wish you the best in all your endeavors. Please feel free to reach out anytime

  17. I’ve enjoyed learning about entrepreneurship, especially the approaches that entrepreneurs use. We really need entrepreneurship skills if we have to succeed in the business world.

    1. Hello Janet – Glad you found or content informative and helpful. Please feel free to reach out anytime. Thanks for contributing much appreciated

  18. This is a very interesting read. I have always thought that being an entrepreneur means that you have a business of some sort. I have never thought of them as drivers.

    1. Hello Ariane – Being an entrepreneur requires having a business. The article discusses the term entrepreneurship and looks at the drivers of entrepreneurship. Drivers refer to the motivating factors why people decide to pursue the entrepreneurial path. I hope that clarifies things for you. Please feel free to reach out anytime. Thanks for stopping by much appreciated

  19. Very spot on piece. I’ve experienced first hand how a difficult period in life can influence creativity and motivation. I really like how you distinguished between a capitalist and social leadership approach in entrepreneurship and how they overlap. Gandhi’s quote also perfectly summed up the message and points you were getting across. Thanks for sharing.

    1. You are welcome Maury – Thanks for stopping by and contributing much appreciated. Please feel free to reach out anytime.

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