A career in entrepreneurship can be rewarding, exciting and challenging. But what does it mean to be an entrepreneur? Entrepreneurs are businesspeople who have the courage and commitment to start their own businesses. These ventures may be new businesses or existing businesses that they are looking to grow and expand into larger entities. They can be found in all types of industries, from manufacturing to retail, and even service sector businesses. Entrepreneurs are often considered to be disruptors in their field as they introduce innovative products or services that shake up existing markets.
Entrepreneurship has been around for a long time and the word itself is derived from the thirteenth-century French verb, “entreprendre,” which means to undertake or take on. The first documented use of the word in an academic context was by economist Richard Cantillon in 1730. Later, Joseph Schumpeter and Israel Kirzner refined the academic understanding of entrepreneurship. Schumpeter emphasized the societal benefit of entrepreneurs, explaining that they create jobs while introducing new goods and creating new methods of production and distribution. This process of creative destruction is what makes entrepreneurs so important to economies, and it is why they are considered the lifeblood of any society.
Kirzner, on the other hand, viewed entrepreneurship as a discovery process. He believed that entrepreneurs were natural-born leaders who intuitively knew how to manage human capital and develop people within their companies. He also believed that entrepreneurs were curious about the whys, whats and hows of running a business and were constantly seeking ways to set their businesses apart from others. This is why entrepreneurs are always on the lookout for a competitive advantage, whether it be an innovative product, service or new way to distribute their products.
As a result of these characteristics, it’s easy to see why entrepreneurs are so well-suited to build and run their own successful businesses. However, not everyone is an entrepreneur and it’s not necessarily a career path that fits every personality. In fact, some people prefer to work in an established company rather than strike out on their own, which is perfectly fine. But for those who are intrigued by the world of entrepreneurship, there are many steps to take to determine if it is the right fit.
Ultimately, the definition of an entrepreneur depends on how each person defines success. Some entrepreneurs view success in monetary terms while others measure it by the amount of job creation or their ability to support charitable causes. No matter how an entrepreneur measures success, it is important to be passionate about what you do and be committed to the goals of your business.
If you are considering a career in entrepreneurship, BDC offers a free entrepreneurial potential self-assessment to help you discover your strengths and weaknesses and decide if this is the right path for you. Visit our assessment page to learn more and take the test. Also, if you’re already an entrepreneur, we have an entrepreneur newsletter that can keep you up to date on the latest trends and developments in your industry.