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What Is Entrepreneurship All About?

What is entrepreneurship? This question has preoccupied academic authors for many years and continues to do so, but the short answer is: it is anything that begins with the word “enterprise.” Entrepreneurship is also the extraction or creation of value from things provided to the public. In this case, the “value” is consumer satisfaction.

So, what is entrepreneurship all about, really, if one is a young aspiring entrepreneur? Entrepreneurship as it pertains to young people generally occurs when they are at their early twenties. Most of the world’s leading venture capital firms are usually attracted to these seed stage entrepreneurs because they present a much higher probability of becoming highly profitable businesses in their early days. However, this does not mean that all such startups fail.

The most common mistake made by young entrepreneurs – and by some old ones as well – is that they focus only on new technological innovations. They tend to view the world in terms of technologies with only one possible innovation: a product or a technology that can be applied to solve a problem, or enhance some aspect of the world for the better. Thus, without considering other innovations, they mistakenly assume that there is only one way of solving a given problem. What is entrepreneurship all about then?

A second important feature that new businesses usually lack is an entrepreneur’s respect for other innovations. Young entrepreneurs who believe that only technological innovations count miss out on what is entrepreneurship all about: incorporating innovations derived from scientific, technological, social and artistic realms. Not all innovations have to go through the same path as the technological ones; there is plenty of room to explore. In fact, some forms of innovations are better placed into the realm of entrepreneurship.

Yet another common mistake committed by new ventures is underestimating the value of creativity. Creativity is one of the driving forces behind most innovations. Even in industries where innovations are commonplace, the line between what is entrepreneurship failure is sometimes very fine. Entrepreneurs need to be creative and challenge themselves to think up new ideas. Otherwise, they will be doomed to fail.

Entrepreneurs who are new to entrepreneurship also sometimes underestimate the importance of mentoring. When something fails or when a new idea hits the market, it takes a team of hands to pull off an innovative campaign or turn a promising product into a roaring success. New entrepreneurs need to understand that a successful business venture calls for an extensive network of contacts. They should take part in entrepreneurial events and networks to obtain advice and tips, and learn from the mistakes of their peers. They should take their ideas to investors, consult with business mentors, and even work with seasoned professionals who can provide guidance on what is entrepreneurship all about. In short, a business startup needs advisers.

Finally, the common mistake committed by inexperienced entrepreneurs is underestimating the power of technology. It is no secret that the vast majority of successful businesses have at least some element of technology in their campaigns. What is entrepreneurship all about? It is about using technology to break down previously unthinkable barriers to entry, as well as use technology to make changes that open up entire new markets.

The point of this article is to simply recognize that there is much to what is entrepreneurship all about. It is a practical application of the entrepreneurial spirit that rewards boldness and creativity, but it is also about seizing opportunities and knowing how to seize them. Entrepreneurial ventures require an enormous amount of skill and drive. New ventures are particularly worrisome because the financial risks involved are often staggering. But if an entrepreneur has what it takes to run a successful new business, then they have the opportunity to create wealth for themselves and their families.

What Is Entrepreneurship All About?

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