What is Entrepreneurship?

Entrepreneurship! The“Profession of the century” as many see it.

Some consider it an art,others consider it a way life, some take it as a profession and others considerit a hobby. Certainly, many get confused when it comes to the comprehension ofwhat entrepreneurship actually is because of the various prevailing ideas.

In this article we shall bediscussing the following points below to better under what entrepreneurship is.

  • The origin ofentrepreneurship
  • Entrepreneurship in the pastvs Entrepreneurship now
  • Common ideas aboutentrepreneurship in our present age

What therefore isentrepreneurship?

The origin ofEntrepreneurship

This word was birthed fromthe French verb, “entreprendre” which means “to do something” and this was inthe Thirteenth Century.

Richard Cantillon in 1730,is widely known to have been the first person to use the word “Entrepreneur”academically and his reason was to use it as a word that defines thewillingness to bear personal financial risks of a business. Subsequently, manyother economists including John Stuart Mill popularized this term even more inthe field of academics.

Entrepreneurship in the pastand Entrepreneurship now

Let’s look at somesimilarities and differences that exist between entrepreneurship in the 90s andbefore, and entrepreneurship in our present age.

It should be very well notedthat from the past till now, the number of entrepreneurs globally has seen asurge due to the availability of Angel Investors and Venture Capitalists andthe necessity for constant innovation, desires to win the market for aparticular product or service and many other minute but important factors whichwe’ll be discussing in subsequent blogs.

The 90s and before hadreally great entrepreneurs whose impact and legacy are still felt today andmost of their businesses still top the market. We’re talking about Walt Disney,who was just a farm boy with dreams and cartoon animation skills. Later on, hecreated his own animation studio, Walt Disney which is worth over $200 Billionof a company valuation. Surprised? Yes, you definitely are! And you most probablywonder how it was possible? Well, stay tuned, we shall discuss all these indetail in our subsequent blogs. The list continues. Ever heard of… “drum rollplease...” Apple!? Well, the question should rather be, who hasn’t heard ofApple before?(hands in the air, no hands). Apple was founded found by SteveJobs and his friend Steve Wozniak. Its company valuation as of now is over $2.5Trillion. How did they make it happen? Stay tuned to find out in subsequentblogs. Not leaving out the famous Bill Gates of Microsoft, and J.K. Rowling ofthe multiple award-winning movies, Harry Potter. The list continues with lotsof massive successes recorded by entrepreneurs in the past, still being seentoday.

Alright, enough about thepast! What about the present? After the 90s, entrepreneurship took a differentturn, with around 300 million Startups being created yearly worldwide. Some ofthese Startups are able to grow and stand out while others die down. Thattriggers a question in mind right? How can a startup company succeed? We surehave our next topic for our blog post. Let me hear what you think in thecomments section below.

When we hear the big namesin tech like Jeff Bezos, Elon Musk, Mark Zuckerberg, Aliko Dangote, Jack Ma,and others, we can already start getting a sense of what entrepreneurship is nowadays.It seems to be a fun journey, but it is one that is not at all easy but worthit with successes that follow when commitment, consistency, strategy, hard work,and smart work are out together.

Common ideas aboutentrepreneurship in our present age

Many people, if not,everyone think differently about entrepreneurship.

But the most controversysets in when they have to decide, how to become an entrepreneur and whatdefines an entrepreneur? Some say people must be taught to becomeentrepreneurs! Others say entrepreneurship cannot be taught, it’s inborn! Somebelieve it’s inborn but can also be learned.

Now, we won’t analyze all of these here,but we subsequently will discuss each of these in detail.

There are tons of debates going on as towho should be called an entrepreneur and who shouldn’t be called as such.

What therefore is entrepreneurship?

With all the points made above and withthe questions, and ponders we all have, we can define entrepreneurship howeverwe want to. But entrepreneurship is almost ideally defined as the process ofcreating a new enterprise, bearing the risks associated with running thatbusiness and making profits at the end of it all

Quick question:

What makes someone to be called anentrepreneur? Their success, the strategies, the sacrifice?...

How is entrepreneurship different from day-to-daybusiness?

Fun Fact: most successful entrepreneurialventures of the present time are related to technology.

Stick with us to get even more insight,discussions and sharing ideas on entrepreneurship.

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