A Simple Understanding of Entrepreneurship
It can be difficult to find a simple and easy way to see entrepreneurship defined. This difficulty lies in the many ways people and groups categorize entrepreneur and what entrepreneurship defined means to them. The information on this page is simple a basic. It's intent is to all you to form your own opinion about what entrepreneurship is and how it may apply to you.
The notion of entrepreneurship has a large range of meaning. On the one hand an entrepreneur is a particular type of person of very high aptitude who pioneer change, having characteristics found in only a minuscule fraction of the population. On the other extreme of the definition, any person who wishes to work for himself or herself is thought to be an entrepreneur.
The word entrepreneur comes from the French word, entreprendre, which means “to undertake.” In a business context, it means to commence a business enterprise. The Merriam-Webster Dictionary presents the definition 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 standard of entrepreneurship put an importance on innovation, such as:
- new products
- new production approaches
- new markets
- new forms of organization
Wealth is developed when such innovation results in new demand. From this viewpoint, one can define the role of the entrepreneur as one of combining numerous input elements in an innovative manner to create value to the client with the wish that this value will exceed the cost of the input components, thus generating outstanding results that result in the creation of wealth.
Entrepreneurship vs. Small Business
Numerous people use the phrases “entrepreneur” and “small business owner” impartially. Although they may have a lot in common, there are significant variations among the entrepreneurial venture and the small business. Entrepreneurial ventures vary from small businesses in these points:
- Amount of Wealth Creation – rather than basically generating an income stream that displaces regular employment, a profitable entrepreneurial venture creates significant wealth, generally in excess of several million dollars profit.
- Speed of Wealth Creation – although a successful small business can generate several million dollars of profit over a life time, entrepreneurial wealth creation often is fast; for instance, inside of 5 years.
- Risk – the risk of an entrepreneurial enterprise must be great; otherwise, with the incentive of certain earnings quite a few entrepreneurs would be going after the idea and the opportunity would be gone.
- Innovation – entrepreneurship often involves significant innovation beyond what a small business may exhibit. This innovation provides the venture the competitive benefit that results in wealth creation. The innovation may be in the product or service itself, on in the business techniques used to deliver it.
Become an Entrepreneur
Possessing a team of like-minded people is one of the keys to success and is essential in any business. The results you achieve will be directly related who you surround yourself with. You may be in business for yourself, but you cannot do it by yourself, you need a team. A team that you can rely on. Engineered Lifestyles has the experience and can provide you with the team you need for success!
If you or a team of individuals are in a situation where you want to become an entrepreneurs, but require a business opportunity and assistance to establish it, Engineered Lifestyles is the first step for you. Contact us now to start planning your successful future.
Building Financial Security
There is no short cut to success. There is however a difference to the efficency and methods you use to build your financial security. Take a moment to look around and you will see countless people all working in their own way. Who is successful depends on their financial goals and if they are achieving them. What works for them may not specifically work for you.
This is why you must inform yourself of the possibilities which exist all around you to achieve your desired level of financial security. Information is key, then taking action is vital to your success.
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
Start living the life of your dreams!
- Business of the 21st Century
- Definition of an Entrepreneur
- Definition of Entrepreneurship
- Employee vs. Entrepreneur Mindset
- Entrepreneurial Growth in Emerging Markets
- Entrepreneur Risks
- Entrepreneur Skills
- Finanical Security Through Entrepreneurship
- The Perfect Business
- Recession Proof Your Income
- Types of Entrepreneurs
- Who are Entrepreneurs
Additional Topics of Interest
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