Entrepreneurship and The Circumstances

ENTREPRENEIRSHIP

Entrepreneuship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

While the definition of entrepreneurship has stayed constant for decades, the possibilities for aspiring entrepreneurs sure have come a long way. Today, we’re going to take a closer look at what it means to be an entrepreneur. You’ll also hear from some modern-day online entrepreneurs who explain how they took the leap, and how you can too.

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 has a home business idea and 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 necessarily 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 your entrepreneurial mindset is focused on creating a profitable business, you fit the entrepreneur definition.

But 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.

Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.Understanding what an entrepreneur is can help more people recognize the value they can – and already do – contribute to the world.

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 it. Entrepreneurship is about execution of ideas.

Altimese Nichole, Founder of NicholeNicole shares: “Many are excited to become an entrepreneur but get discouraged when reality hits. Entrepreneurship means staying committed to your goals beyond your feelings of excitement. Stay the course and keep your ‘why’ in mind.”

Founder and CEO of NeuroFlow Christopher Molaro says, “Entrepreneurship means being the one that is willing to take a leap, work hard enough to sacrifice everything else around you, all in the name of solving problems because no one else is capable or possesses the desire.”

IMPORTANCE OF ENTREPRENEURSHIP

1)Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs. As their business continues to grow, even more jobs are created.

2)Entrepreneurs innovate:Some of the greatest technologies in today’s society have come from businesses. The technological advances come out of a need to solve a problem, create efficiencies, or improve the world. In periods where there’s more advancement in technology, there’s usually an entrepreneur to thank for it.

3)Entrepreneurs create change:Entrepreneurs dream big. So naturally, some of their ideas will make worldwide change. They might create a new product that solves a burning problem or take on the challenge to explore something never explored before. Many aim to make the world better with their products, ideas, or businesses.

4)Entrepreneurs give to society:While some have this notion of the rich being evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more in taxes, which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted, like clean drinking water and good health care.

5)Entrepreneurs add to national income: Entrepreneurship generates new wealth in an economy. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth.

Why Do People Become Entrepreneurs?

Every entrepreneur has their own ‘why’ that drove them into being their own boss. Whether entrepreneurs need more freedom or to make an impact, they all take control of their life by living life on their own terms.
Here are a few of the reasons why people become entrepreneurs:

1)To change the world: Many entrepreneurs strive to make the world better. Whether entrepreneurs believe in space exploration, eliminating poverty, or creating a practical but game-changing product, they ultimately build a brand in service of others. Some entrepreneurs use their business as a way to raise capital quickly to funnel into their noble causes.

2)They don’t want a boss: Entrepreneurs often struggle with having a boss. They might feel suffocated and held back. Some entrepreneurs may feel that they have a more effective way of doing things. Others may dislike the lack of creative freedom. Ultimately, they become attracted to entrepreneurship to succeed on their own terms. Check out 10 Obvious Signs You Should Be Working for Yourself.

3)They want flexible hours: Entrepreneurship is popular with those who need flexible hours. For example, many people with disabilities often enjoy entrepreneurship, as it allows them to work when they’re able to. Parents can raise their children at home or pick them up from school without having to feel guilty about it. Students get the flexibility to work around their demanding schedules and courseloads.

4)They want to work from anywhere: Along with flexibility in working hours, entrepreneurship is popular among those who don’t want to be tied down to a specific location. Entrepreneurs might not want to work from the same place every single day, as this can get boring fast.

5)They can’t get a job: Many find a path into entrepreneurship when they can’t get a job. Instead of being defeated by their situation, they create new opportunities for themselves. A new graduate might start an online store the summer after graduation to build up their resume. A parent who got laid off in the coronavirus economy might start a business to ensure they can continue feeding their family while keeping a roof over their heads.

6)They don’t fit into the corporate environment: Entrepreneurs often say that stuffy corporate environments restrict their growth. You can spot an entrepreneur in a corporate environment as they’re usually trying to gain more control in their role and better understand how everything fits together.

7)They’re curious: Entrepreneurs love finding out the answer to the question, ‘what will happen if…’ They’re experimental and love learning. They regularly read business books to advance their knowledge. So naturally, entrepreneurship appeals to them because doing allows them to learn the most in the shortest amount of time. Their curiosity allows their continued growth.

8)They’re ambitious: Those who love reaching difficult goals and milestones are made to be entrepreneurs. Since there’s no limit to what they can achieve, entrepreneurs constantly find their projects growing bigger and better than they ever imagined. When obstacles come up, they find the workaround to their goal. They’re unstoppable.

“All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.”
- Akshit