What is the Modern Definition of Entrepreneurship?
You may have noticed that in the recent business press and in conversations with your friends, entrepreneurs are often talking about what is the modern definition of entrepreneurship. In fact, there are even some definitions coming from governments, think tanks and academia that define it differently than most entrepreneurs themselves. The problem with relying on government or academia is that they often rely on a single definition that was created decades ago by a man named Anthony Painter. Painter was part of a movement called the Institute of Advanced Business Studies at the University of California at Berkeley. His definition of what is the modern definition of entrepreneurship was actually more of a corporate mindset. This means that the business model that the entrepreneurial mind should be using is simply one that leverages the system to create wealth for all the individuals and businesses involved in it.
The problem with this modern definition of entrepreneurship is that it removes a key element of what makes entrepreneurial activity so unique. Entrepreneurs are basically born with the ability to see opportunities and then act on them to create wealth. The modern definition of what is the modern definition of entrepreneurship also removes money from the equation completely. Entrepreneurs therefore tend to focus only on how they can bring value to an organization through their product or service.
The problem with relying too heavily on the definition of entrepreneurship provided by Anthony Painter is that it limits creativity and also commercial creativity. For example, what is the modern definition of a service like accounting? An accountant is someone who does the bookkeeping for other people. While the accountants themselves may not do much creative work, what they do is take care of the internal systems that keep the books balanced and in order.
Entrepreneurial activity is quite different. There are a lot of creative entrepreneurs out there who are able to make things happen without any outside help. They develop processes and structures that lead to making things happen. They are able to do this because of their own intuition and because they have carefully studied how various systems work. What is the modern definition of a system developer? A system developer is a person who builds computer systems that work efficiently for their users.
This is one of the problems with relying on the definition of entrepreneurship provided by Painter. For someone who is looking to become an entrepreneur, these books simply do not give you the specific skills and experiences that you need in order to succeed as an entrepreneur. You need to learn how to identify market opportunities and how to develop strategies for effectively marketing those opportunities. You also need to understand how to deal with all sorts of changes in the market and how to incorporate those changes into your overall strategy.
If you want to know what is the modern definition of entrepreneurship, you have to be willing to learn how to adopt the changes that come with technology. The definition of an entrepreneur has changed over the years. In the early days, an entrepreneur was someone who created new processes or products and then marketed them successfully. The definition of an entrepreneur has changed, but the basic elements have not.
What is the modern definition of entrepreneurship has changed dramatically over the years. Today, you could call yourself an entrepreneur if you are the owner of a small business that generates a profit. You would not necessarily have to make personal sales to generate a profit. On the other hand, you would have to “utilize” the tools that you have to generate profits and you would need to “market” those tools effectively in order for them to be seen by potential customers.
These are the principles that define what is the modern definition of entrepreneurship. It may not be the definition that your college professor gave you when you were studying business administration. However, it is still a better definition than “create something great and then sell it for a lot of money”. Start with a good idea, find a way to create a product to sell, and then market and advertise that product effectively.