What is Entrepreneurship?

In discussing entrepreneurship and writing articles on the subject, I have found that it aids understanding when we begin by agreeing on exactly what the word means to us.

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled. The American Heritage Dictionary defines an entrepreneur to be "a person who organizes, operates, and assumes the risk for business ventures."

These are rather abstract concepts for a person just beginning to consider whether they ought to start a business rather than take a job, or leave a secure job for a chance at greater self-fulfillment. Let us try to refine our understanding of entrepreneurship by asking some more specific questions.

Is everyone who runs a business an entrepreneur? Many would not consider the newspaper carrier, shoeshine person, and grass cutter entrepreneurs, though these are often the youthful pursuits of those with an entrepreneurial bent.

Does it matter whether the business is merely part-time? Whereas some part-time activities are basically hobbies, or undertaken to supplement income, some entrepreneurial ventures can be tested in the marketplace on a part-time basis.

The path to an entrepreneurial venture might begin by earning a salary in the business one expects to enter, while learning more about it, and waiting for the opportune time to go out on one's own. This time can be used to develop a support network, professional and personal, and generating ideas to "bounce off" people whose opinion one respects.

At what scope does self-employment become a venture? The primary objective of many self-employed people is merely to employ themselves (and others if necessary) at a moderate to good salary; some are even willing to eke out a living to do what they enjoy. This approach is often referred to as a "lifestyle" business, and is generally accompanied by little, if any, plan for growth.

These questions are intended, not to develop a precise definition of entrepreneurship, but to help us understand our attitude toward its many forms of expression. We may each answer these questions differently, yet all answer appropriately within our own frame of reference.

Entrepreneurship is more an attitude than a skill or a profession. Some of us may prefer a corporate or public service career path, but many would choose an entrepreneurial opportunity that "feels right."

Would you consider a person who inherits a business an entrepreneur? From the point of inheritance on, it is their own money and financial security at risk. They could possibly sell the business, invest the proceeds in blue-chip stocks, and live off dividends. Some might consider managing a personal stock portfolio for a living as an entrepreneurial venture.

Would a person who inherited a small or marginal business, then took it to new dimensions be considered an entrepreneur? The inheritor could have tried merely to keep it going, or even to pace the business' decline to just carry them to retirement. In a family-held business, long-term success is often a central goal.

Are franchise owners entrepreneurs? Many feel that, for those who have access to the large up-front investment, franchises are sure things. For many, operating a franchise is similar to investing in "blue chips," a relatively sure thing with generally unexciting returns.

John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.

---

Definition of Entrepreneur

EntrepreneurAn entrepreneur is a man who organizes and manages the... Read More

Health Insurance for Solo Entrepreneurs

One of the most important benefits employed people enjoy is... Read More

Beware the Opposition!

Any time you make changes in your life you are... Read More

Think - Dont React

How you think, your relationship with yourself is what decides... Read More

Making the Financial Transition

Making the financial transition from paid employment to earning a... Read More

Getting Rich Isnt a Bad Idea

You've seen plenty of articles claiming to offer you the... Read More

Could a Book About Your Company be Worth $1.7 Billion? Building Value Through Publishing

"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More

From Entrepreneur to Infopreneur: Make Money Selling Info Products

The term "Infopreneur" is a relatively new industry buzz word... Read More

Oil Change Guys History; Part II

Franchise companies are not born they are made and when... Read More

Increasing Business BIGTIME with a Successful Referral System

What I've discovered from most of my small business clients... Read More

The Magic of Thinking Small

Hey!Many of you might disagree and I'm prepared for that.Many... Read More

How To Get More Clients and Customers; Dont Sell Be of Service

Whether you are just starting your business or focusing on... Read More

Youve Found Your Guru, Now What?

In my last article, "Follow That Guru", I told you... Read More

Entrepreneurial Emotions or It Seemed Like a Great Idea at the Time

It's your first business or the next Great Idea in... Read More

The 7 Traits of an Exceptional & Successful Entrepreneur

How often have you either referred to or considered the... Read More

Traits of The Successful Entrepreneur

Want to know why certain people succeed and others don't.... Read More

Identifying the Right Venture Capital Firm Partner

Venture capital firms are comprised of individual partners. These partners... Read More

The Perfect Little Coffee Shop: Are You Afraid of Failure? Are You Letting that Failure Cripple You

Ah, coffee, the drink of choice when I want to... Read More

Selecting a Venture

The basic rule is simple: "Find a market need and... Read More

Differentiation Strategies for Franchise Companies

With the growing number of franchise offerings recently it is... Read More

Entrepreneurs Ask: As a Novice Entrepreneur, How Can I Feel Less Overwhelmed?

Great question! Overwhelm is very common even among the most... Read More

Four Steps to Entrepreneurship

As more and more people start or consider starting their... Read More

Franchise Business and Franchise Businesses

Franchise business is being part of a successfully proven business... Read More

Abstract Business Marketing Strategy for the Entrepreneur

If you look at those Corporations in franchising today you... Read More

Territory Limitations Policies for Franchised Companies

All franchised companies must have Territory Limitations to maintain the... Read More

Do You Have What It Takes To Be An Entrepreneur?

Q: I am interested in starting my own business. I... Read More

Goals and New Venture Creation

More and more corporate workers are leaving their jobs to... Read More

My Nemisis

Living in the twilight zone has its advantages. In the... Read More

Empathy - Not Business Plans - Key to Your Home Based Business Success - Do You Have Empathy?

EMPATHY is a Natural Talent, you were born with it... Read More

Taking Charge and Getting Results: The Choice is Yours

As one of the most successful direct sales entrepreneurs in... Read More

Franchises - Emotional Fulfillment - Control Your Destiny

Does A Franchise Meet Your Needs?When you think of becoming... Read More

10 Secrets of Successful Entrepreneurs

Running a one-person business is a creative, flexible and challenging... Read More

Starting a Company on a Shoe-String Budget

A lot of people never start businesses because they believe... Read More