What is Entrepreneurship? Entrepreneur Definition and Meaning
While the definition of entrepreneurship has stayed constant for decades, the possibilities for wannabe entrepreneurs have evolved. Think about it: 100 years ago, what options did an entrepreneur have? If you didn’t have the skill to make something, and didn’t have the capital to buy something, you were out of luck. Fast forward to today, and there are 582 million entrepreneurs in the world.
The options available to entrepreneurs today have exploded. Thanks to technology like Shopify and, yes, Oberlo, the barriers to enter entrepreneurship have been removed. That’s a big reason why, according to Google, usage of the term looks like this:
This post takes a closer look at what it means to be an entrepreneur. You’ll also hear from some modern-day entrepreneurs who explain how they took the leap, and how you can too.
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What is Entrepreneurship?
Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.
However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like initiating social change, creating an innovative product or presenting a new life-changing solution.
What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.
What is an Entrepreneur? Entrepreneur Definition
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 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 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.
However, 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.
And the entrepreneur definition rarely ever talks about the enormous impact entrepreneurs have on the world.
Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.
Understanding what is an entrepreneur can help more people recognize the value they contribute to the world.
What Is the Meaning of Entrepreneurship?
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.
Entrepreneur Meaning from Real Entrepreneurs
Let’s take a look at what real entrepreneurs have to say about the meaning of entrepreneurship, and how they would define it.