What is Entrepreneurship?

Marginal Cost Definition - What is Entrepreneurship?

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In discussing entrepreneurship and writing articles on the subject, I have found that it aids comprehension when we begin by agreeing on exactly what the word means to us.

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Marginal Cost Definition

Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled. The American heritage Dictionary defines an entrepreneur to be "a someone who organizes, operates, and assumes the risk for firm ventures."

These are rather abstract concepts for a someone just beginning to consider whether they ought to start a firm rather than take a job, or leave a gather job for a chance at greater self-fulfillment. Let us try to refine our comprehension of entrepreneurship by asking some more exact questions.

Is everyone who runs a firm an entrepreneur? Many would not consider the newspaper carrier, shoeshine person, and grass cutter entrepreneurs, though these are often the adolescent pursuits of those with an entrepreneurial bent.

Does it matter whether the firm is merely part-time? Whereas some part-time activities are basically hobbies, or undertaken to supplement income, some entrepreneurial ventures can be tested in the marketplace on a part-time basis.

The path to an entrepreneurial venture might begin by earning a wage in the firm one expects to enter, while studying more about it, and waiting for the opportune time to go out on one's own. This time can be used to form a hold network, expert and personal, and generating ideas to "bounce off" people whose concept one respects.

At what scope does self-employment become a venture? The former objective of many self-employed people is merely to employ themselves (and others if necessary) at a moderate to good salary; some are even willing to eke out a living to do what they enjoy. This advent is often referred to as a "lifestyle" business, and is commonly accompanied by little, if any, plan for growth.

These questions are intended, not to form a strict definition of entrepreneurship, but to help us understand our attitude toward its many forms of expression. We may each talk these questions differently, yet all talk appropriately within our own frame of reference.

Entrepreneurship is more an attitude than a skill or a profession. Some of us may prefer a corporate or communal service vocation path, but many would pick an entrepreneurial chance that "feels right."

Would you consider a someone who inherits a firm an entrepreneur? From the point of heritage on, it is their own money and financial safety at risk. They could perhaps sell the business, spend the proceeds in blue-chip stocks, and live off dividends. Some might consider managing a personal stock folder for a living as an entrepreneurial venture.

Would a someone who inherited a small or marginal business, then took it to new dimensions be thought about an entrepreneur? The inheritor could have tried merely to keep it going, or even to pace the business' decline to just carry them to retirement. In a family-held business, long-term success is often a central goal.

Are franchise owners entrepreneurs? Many feel that, for those who have way to the large up-front investment, franchises are sure things. For many, operating a franchise is similar to investing in "blue chips," a relatively sure thing with commonly unexciting returns.

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