Each career choice has its unique challenges and rewards. Medical students become doctors, engineering students create innovative solutions for modern challenges. Business students know about market strategies and financial policies. So, why are they stuck in 9-5 jobs? Even they have the opportunity to lead professionals in different fields. Have you ever heard about entrepreneurship?

It’s a common scenario. Business students choose the safety and stability of corporate roles. They have a fear of taking the risk and starting their own business. The reason is not a lack of creativity or passion but societal pressure. There are still wrong ideas about Entrepreneurship. Students believe that a start-up requires capital, resources, and unique ideas. But that is not so true!

This blog will discuss about Entrepreneurship and its examples in detail.

Definition of Entrepreneurship

Entrepreneurship is the process of starting and running a new business. It involves risk, determination, and creativity to bring new ideas to life. Entrepreneurship is about being your boss and creating something from scratch. Entrepreneurs launch a startup, develop new products, or bring change to the industry. This is entrepreneurship.

The word entrepreneur originates from the 13th century ‘entreprendre’. It means to undertake or to do something.

Examples About Entrepreneurship

Entrepreneurship is not about tech giants and business empires. Local businesses like new boutiques, or food trucks are also kinds of entrepreneurship. They are entrepreneurs. 

Here are some examples about Entrepreneurship:

• You know Uber, Careem, and InDrive. Yes, they transformed the transportation industry. They started as small startups with innovative ideas and broke traditional transportation.
• You don’t have to go outside to shop but get items from your list on your doorstep. The owners of the E-Commerce industry like Amazon grab the opportunity in online retail. They build a successful global e-commerce platform.
• You always love to share selfies or reels of your trips, meet-ups, and achievements on social platforms. Yeah! The mobile Apps Snapchat or Instagram updated the way we communicate and share moments with others. Those developers are also entrepreneurs.

These are examples about entrepreneurship. They have the spirit to grab opportunities, innovate, and build something new. It can be a tech solution, a lifestyle brand, or a local service.

So, why settle for the ordinary when you can be extraordinary?

Five Types of Entrepreneurship

There are various types of entrepreneurship. Each has its characteristics and goals. Some common types about entrepreneurship are as follows:

• Small Business Entrepreneurship:

These entrepreneurs start and run businesses on a small setup with minimal investment. It could be local shops, restaurants, or service providers. The goal is to expand it and support the local community. A family-owned bakery or neighbor coffee shop are examples of small business entrepreneurship.             

• Scalable Startup Entrepreneurship:

Scalable startup entrepreneurs have a goal to grow their business quickly on a large scale. They create companies and reach a big audience. Investors support these entrepreneurs for finances in some cases. Airbnb is one of the examples of this entrepreneurship. They changed a small idea into a huge company and reached as many people as possible.

• Social Entrepreneurship:

Social entrepreneurs not only work to generate profit from their products but also create a positive impact on society. The primary goal of social entrepreneurship is to address social, environmental, and community issues. They create exceptional examples for other entrepreneurs. TOM Shoes, a global brand, donates a pair of shoes for every pair sold.

• Buyer Entrepreneurship: 

Entrepreneurs decide to buy an existing business or franchise. It includes the existing customer base, employees, and products or services. The buyer entrepreneur focuses on making it better or more profitable. This would give immediate cash flow benefits from existing customers. Entrepreneurs use the proven and recognized business model of Subway or Dunkin’ Donuts. They buy the rights to operate franchises in specific locations.

• Corporate Entrepreneurship

Corporate Entrepreneurship means the entrepreneur works with an entrepreneurial spirit for a corporation. It is the same as an entrepreneur working for their set-up. Corporate entrepreneurship is also called ‘intrapreneurship’. Corporate entrepreneurs are responsible for the initiatives. They push new projects, products, or processes to enhance the company’s growth. They are part of a large team and get a chance to make a real impact on business.

Characteristics About Entrepreneurship

Do you know how many entrepreneurs there are in the world? There are approximately 582 million Entrepreneurs worldwide. This increase is 34% more than the 2019-2021, pandemic period. The pandemic gives us a lesson that every start-up can not be successful. Businesses or entrepreneurs faced serious challenges at that time. So, entrepreneurs must have some extraordinary vision and creativity to handle these problems. Here’s what sets them apart:

• Entrepreneurs always have creative solutions to problems. They love to think outside the box.
• They know the uncertainty of situations but take risks for start-ups and face every problem with a positive vision.
• Entrepreneurs see the bigger picture of their dreams. They are clear about their goals and keep themselves motivated.
• They are passionate about their business. This passion drives them to work hard and stay focused on their objectives.
• Entrepreneurs are flexible and can adapt to changes. They adjust their strategies to keep moving forward.
• Leadership and communication skills are the key characteristics of entrepreneurs with teamwork.

Entrepreneurship Skills

Being Creative is not only for an artist, It’s about finding new ways to solve problems and come up with cool ideas. The successful businesses in the world have creative minds on their back. 

The word business management skills have broad meanings for entrepreneurs. It includes financial management or budgeting, time management, and task management. These management and decision-making processes need critical thinking skills. Critical thinking skill means to analyze and evaluate the information and form an opinion. 

Entrepreneurs should be active in catching new opportunities and adapt to changes in the business environment through quick response. This adaptability enhances the problem-solving skills of a leader and makes them an inspiration for the team. A good leader encourages and creates a productive environment for employees.

About Entrepreneurship Development

Learning in any field never stops. Entrepreneurship development is the process of polishing and increasing the skills or knowledge of individuals to make them successful. It develops through training, mentorship, and community engagement. Entrepreneurs build their networks and interact with like-minded people. Entrepreneurship development aims to identify local talents and markets, find resources, develop managerial capabilities, and encourage others to be one. 

Final Thoughts

So, Readers! Entrepreneurship is not only about the owner of a big tech company or plan to create the next unicorn. The second perception that entrepreneurship is only for those with tons of capital and or groundbreaking ideas is a false belief. Anyone can be an entrepreneur, Yes! Anyone. I’ll discuss about stories of globally successful entrepreneurs in my upcoming blogs. 

Remember!  Your unique ideas and energy could be the next big thing in the business world.

Discuss your thoughts about Entrepreneurship in the comments!

Good Luck!

FAQs

1. What is the best definition of Entrepreneurship?

Entrepreneurship is starting and managing a new business. It means coming up with ideas and making them work. Entrepreneurs take risks and work hard to succeed.

2. Who is an Entrepreneur?

A person who starts or owns a business is an entrepreneur. It could be a coffee shop, boutique, farming or service provider. Entrepreneurs are innovative and find new ideas for business. They are risk takers. 

3. What is the difference between entrepreneurship and entrepreneur?

A person who starts or comes up with a new idea of business is an entrepreneur. The process to start and manage a business with risk is called entrepreneurship. In short, Entrepreneurship is an activity and an entrepreneur is the person who does this.