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What Is Entrepreneurship?

posted 24 Feb 2013, 12:05 by Mpelembe   [ updated 24 Feb 2013, 12:06 ]
You hear a lot of talk lately about entrepreneurship, but have
you given any thought to what the term entrepreneurship means?
Entrepreneurship is defined in Wikipedia as:

"…the practice of starting new organizations or revitalizing
mature organizations, particularly new businesses generally in
response to identified opportunities."

Some people mistakenly believe that entrepreneurs are gamblers,
since they are perceived to be risk takers. Often times
entrepreneurs are driven by a need to innovate rather than a
need for excitement or risk. In reality entrepreneurs take
calculated risks. These calculated risks generally that have the
potential for significant returns.

Opportunity, innovation, and growth are three key factors to
consider. Often times an entrepreneur identifies trends and
changes as opportunities before others even notice them. In
order to take advantage of opportunities as they arise,
entrepreneurs often need to take action with the resources that
they have on hand.

Another key theme in entrepreneurship is transforming existing
products through innovation. This innovation might be based upon
a need to adapt an existing product to a new market. It could be
based upon identifying a better way to provide value to
customers by making an existing product somehow more useful or
valuable to existing customers. It could be as simple as
identifying a problem that is solved or mitigated with the
product or service that hadn't been considered previously.

Growth is the third key factor that characterizes
entrepreneurship. It is best represented by the continual
efforts of entrepreneurs to expand into new markets. This
expansion could be to a new type of customer or new geographic
markets, both locally and internationally. Entrepreneurs are
eager to identify new techniques to help their business grow

These principles are the building blocks that many businesses
were, and are, founded upon. Many of the largest corporations
can trace their start to one or more entrepreneurs. These
organizations often started as small enterprises by people with
vision and determination. History shows us many examples of
entrepreneurs who took leaps of faith and huge amounts of risk
to achieve their dreams.

The internet is a great example of entrepreneurship. Literally
wherever you turn, you can see the results of entrepreneurship.
People from all walks of life are innovating and quietly
amassing huge fortunes because they embraced their
entrepreneurship. Entrepreneurs are the ones taking the risks,
improving their profits, and hopefully the world overall.

Many of the technological advancements available today would
not have been possible if entrepreneurs did not invest in the
development of these businesses. They in essence came out of
their comfort zones to develop the technologies that we enjoy
today. I think you'll agree that entrepreneurial spirit is a
necessary ingredient for businesses to provide better and faster
products and services to their customers and clients. This
entrepreneurial spirit allows them and their organizations to
reach greater heights of success. Individuals with vision and
the courage to take calculated risks will help organizations
innovate, grow, and ultimately succeed. Embrace your
entrepreneurial spirit, you might be surprised by what you and
your organization can achieve.

About The Author: Joseph Jester is the owner of and writes on a variety of
subjects. To learn more Joseph recommends that you visit: