Success/posts"> Google+
Start Today

Definition of Entrepreneurship

Definition of Entrepreneurship

A Basic Understanding of Entrepreneurship

Definition of Entrepreneurship

Looking to understand the definition of entrepreneurship can be difficult. This difficulty lies in the way in which the definition of entrepreneurship is used. The information on this page is here to help eliminate that difficulty.

The idea of entrepreneurship has a broad range of meaning. On the one side of the discussion an entrepreneur is an individual of incredibly high aptitude who invokes change, possessing traits observed in only a minuscule portion of the population. On the other extreme of the definition, anyone who desires to work for himself or herself is considered to be an entrepreneur.

The word entrepreneur originates from the French word, entreprendre, which implies “to undertake.” In a business context, it means to begin a business. The Merriam-Webster Dictionary presents the description of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.

Schumpeter’s Opinion of Entrepreneurship

Austrian economist Joseph Schumpeter’s definition of entrepreneurship placed an emphasis on innovation, such as:

  • new products
  • new manufacturing procedures
  • new markets
  • new forms of organization

 

Entrepreneurship vs. Small Business

Many people use the phrases “entrepreneur” and “small business owner” synonymously. Although they may have a lot in common, there are substantial variations among the entrepreneurial enterprise and the small business. Entrepreneurial ventures vary from small businesses in these points:

  • Amount of Wealth Creation – rather than merely producing an income stream that displaces regular employment, a effective entrepreneurial venture produces substantial wealth, normally in excess of several million dollars profit.
  • Speed of Wealth Creation – although a successful small business can produce several million dollars of profit over a life time, entrepreneurial wealth creation often is rapid; for instance, within 5 years.
  • Risk – the risk of an entrepreneurial venture has to be high; otherwise, with the incentive of sure earnings many entrepreneurs would be pursuing the idea and the opportunity would be flooded.
  • Innovation – entrepreneurship frequently involves substantial innovation beyond what a small business may show. This innovation provides the venture the competitive advantage that results in wealth creation. The innovation might be in the product or service itself, on in the business processes used to supply it.

Become a Millionaire

Make money like a millionaire

Would you like a million dollar or more income? How about an income that continues to grow even while you were on vacation? How about one that you can leave to your children? All of this is possible because it is being done right now! No gimmicks, no tricks, just a simple system with a global presence.

Those that want it the most will take the time to become informed. To get the information and support they need to generate the income they want. Why wait any longer? Click here to get more information from of the many millionaires we have created.

Start living the life of your dreams!

 

Additional Information

Additional Topics of Interest

Entrepreneurs cross the finish line first
You can't cross the finish line if you never start! Do not let fear and anxiety stop you from achieving your dreams. Become an entrepreneur, start your own global business and be successful. You are not alone and Engineered Lifestyles is here to support you. Take the first step in understanding what experts are calling the Business of the 21st Century. Listen to what they have to say right here.
Entrepreneurial skills
There are many skills that an entrepreneur must develop and continually improve. Being in business for yourself is extremely rewarding, yet one must be prepared. There will be challenges to overcome, otherwise your business and dreams will die. Do not let that happen to you. Learn the skills that every entrepreneur needs to be successful in today's global economy. Start getting your information here.

 

Join Our Mailing List

Stay current with free training, millionaire tips and additional ways to improve your health and increase your wealth.

Latest Information