what does entrepreneurship mean?

What Does Entrepreneurship Mean?

When answering what does entrepreneurship mean there are several things to consider. Bizzy Seniors is an entrepreneur and loves it, but it is not always roses.

Today I discovered something most of us know or believe is true. But here’s the important part for the time being. When you have faith in something, you have a responsibility to believe it. Anything less is hypocrisy.

I was told this by my father. He liked to say, “Anything you work hard for comes from your faith.”

I like to believe it.

Faith

So we have faith in our business, our loved ones, our leaders, our friends and our beliefs. We believe those things are connected to us and our life. What about our business?

It’s faith in our chosen profession and our products that give us our purpose and direction. Products that we want to buy or use or sell or promote, period. It’s faith in the process of creating or selling our products.

What If?

Entrepreneurship examples
But how do we know if our products will be a success?

What if we’ve never even tried?

If we’ve never taken the first step toward creating or producing them?

What if we’ve never taken that first step toward proving our business model?

Beliefs

The step before that was our personal beliefs. My wife and I would go to the mall, as customers, and we’d walk around and look at everything new on the floor. I can tell you we had our beliefs about what a used video game (or CD set) would look like, what a car would look like, what a house would look like, what a suit would look like.

The list went on and on.

We couldn’t take the first step, because we had such strong personal beliefs about what those things would look like. We wanted to believe the product would come out differently than what it did.

Now imagine having that completely different business model:

– You didn’t have any products
– You didn’t believe you would ever need to sell products
– Your products would not have any shelf life
– There would be no inventory to manage
– No employees to hire
– Business to manage
– No “I need to sell this” in your business plan.

Your business would be you and what you are doing, whether it’s a book you want to write or a company you want to start. And, once you start doing it, the rewards are the benefits you get from your business, not sales you need to make.

The company could grow organically without you ever having to sell a product, distribute to customers without you ever having to talk to them. Or, it could cease to exist because someone else beats you to the market with something better.

Advantages Of Entrepreneurship

Characteristics of entrepreneurship
As I said, it’s possible, but let’s look at some of the advantages that come with doing your own thing.

It’s freedom.

I know this is hard to believe, but you have a degree of freedom that no one else will ever give you. You can start a business based on what you enjoy doing, or you can create a business based on what you do well, or what you are good at. Can be a gear within a gear within a larger gear. You are in charge.

Consistent profit.

It’s possible, but I don’t think it’s likely. You will be in business for a while, you will earn a profit.

How much, we won’t know for sure until we see how the business grows, how the competitors fare and how the market reacts. But, there’s no guarantee.

You don’t have to sell to make a profit. I’ve seen people who have only sold on eBay make a profit because they created software products, wrote them themselves, sold them to others and profited from the reselling fees.

It’s possible. It’s even probable.

But, it’s not a given. Even if you sell products on eBay and make a profit, there’s still no guarantee that you’ll stay in business.

You decide how much to charge.

While I do believe that this is a good thing, it is always a risk. How much you charge will be decided by how much you sell and how well you sell it. How well you sell it may be decided by how aggressively you market it. How aggressive you market it will be decided by how well you market it.

You make the profits.

Importance of entrepreneurship
I don’t see why anyone advocating this idea would advocate that the entrepreneur doesn’t take the blame for all the losses that occur in a business. We can all agree that the entrepreneur will be at the controls, pulling the levers, deciding what to sell, how much to sell and where to sell it.

This is risky and can be a bad decision. But, it is also possible for a business to be highly profitable when the entrepreneur is someone else.

You can work with the community.

Another advantage is that the entrepreneur can potentially work with the community. The entrepreneur is in the community, meeting with the community, talking with the community, volunteering to help the community. There’s no reason why the entrepreneur shouldn’t be accountable for the results of that work.

It’s flexible.

In a thriving business, the entrepreneur can be more flexible. It can adapt to the changing market, changing circumstances and changing needs of the market. It can be tweaked to work better in a particular market and it can be tweaked down when it doesn’t work as well.

The entrepreneur can learn from the community.

The entrepreneur doesn’t have to be a specialist in the market. The entrepreneur can be a specialist in the market, but draw on the experience of the community. The community can draw on the entrepreneur’s knowledge to keep improving the business.

It’s fun.

Entrepreneurship is definitely a way to work that is fun. Entrepreneurship is definitely a way to work that has an element of risk and the possibility of high pay off.

There’s no doubt that entrepreneurship has its difficulties and difficulties mean setbacks and setbacks mean losing, but the entrepreneur is always accountable for the setbacks that occur. These setbacks have an impact and the entrepreneur has to deal with them. There will always be setbacks.

In a healthy business, there is always room for improvement and there is always room for the entrepreneur to improve the business. But that is not the case in every business.

Related Video: What is Entrepreneurship? definition, characteristics and entrepreneurial process

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