This is the second article in this series.
If You haven’t read the first one, Click here to read it.
Do not forget, we are still shaking the table labelled “Entrepreneurship”. 🙂
So that we do not shake a table ignorantly like most people do, we need to get an in depth understanding of the concept of Entrepreneurship.
The first point of call I believe is for us to arrive at a formal definition of who an Entrepreneur is.
As usual, I will take 2-3 definitions from the library of the Internet and then I will give You my own “easy to understand” version.
Let us start from the etymology of the word “Entrepreneur”
**Etymology is the study of the history of words, their origins, and how their form and meaning have changed over time.
The word “Entrepreneur” was adapted from the french word “Entreprendre”.
Entreprendre is french means “to do something or to undertake.”
If You noticed Entreprendre in french comes through as a VERB but in English it is a NOUN.
With this etymology, we can define an Entrepreneur
as an individual who DOES SOMETHING or someone WHO UNDERTAKES something.
Let us take 2 other formal definitions.
The library of Economics and Liberty defines an Entrepreneur as
“someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change.”
Investopedia defines an Entrepreneur as
“an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.”
Totalentrepreneurs.com defines an Entrepreneur as
“individual who organizes or operates a business or businesses; An individual who identifies and solve problems, creative, innovative, opportunist, risk taker, self starter and open minded.”
I believe by now You have a context on who an Entrepreneur is.
So let me give You my own definition.
An Entrepreneur in my own words is somebody (or group of people) who IDENTIFIES an OPPORTUNITY and ORGANISES RESOURCES to tap into the opportunity (at a profit).
If You notice I added “at a profit” to my own definition.
Profit is what fuels the passion of an Entrepreneur. Profit doesnt have to be Money, we have social entrepreneurs who are trying to solve social problems in the society, to them profit might be getting more out-of-school children to school or catering for more Cerebral Palsy Kids.
We have been crunching plenty grammars up till now,
Let me break it down.
Entrepreneurs are all around us.
I am sure You have seen or You know somebody who noticed a problem and instead of complaining like every other person goes ahead to “arrange” solutions to the problem and sells the solution to the rest of us.
From big to small, from young to old, from male to female they are all among us.
From your classmate who started selling recharge cards because He/She observed that You guys buy a lot of recharge card
the Young chap who sells Sweets to his classmates at a profit
the young graduates who observed that other young graduates do not have access to job opportunities and decided to build a web portal to help other young graduates get access to information about job vacancies,
the big Alhaji who observed that Nigeria as a country is still importing refined petroleum products and decides to build a refinery.
Entrepreneurs are everywhere!
I believe at this point, You have an understanding of who an entrepreneur is.
So let me ask You.
Given the above definitions, are You an Entrepreneur?
Don’t worry if You answered NO to the question above, Entrepreneurship qualities can be learnt and built.
Some entrepreneurs are born, some are made.
So if You were not born with Entrepreneurship traits, You can MAKE yourself an Entrepreneur.
For instance, I am the Son of 2 Teachers. I wasnt born with Entreneurship traits like that.
I dont think my Dad had it in his DNA sef. 😀
My Father “proudly” calls himself a “Civil Servant”…BUT… I dont want to be labelled a “Civil Servant” (my mum calls me arrogant..LOL)… I want to make MONEY… I did not want to earn a MINIMUM WAGE, I did not want to want to be going on STRIKE for salary increment, so I LEARNT how to HUSTLE.. I learnt ENTREPRENEURSHIP.
So can You!
So now that You know WHO AN ENTREPRENEUR is… What is Entrepreneurship?
That should be easy isnt it?
If an Entrepreneur is a person that undertakes and does something, then Entrepreneurship is the ART and continual PROCESS of being an Entrepreneur. Period!
In the next article, we will answer the question of WHY People become Entrepreneurs.
Drop your email in the form after this post so I can personally send the next article to You.
Yours in the hustle,
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.