#158 Entrepreneurship & Business – S1 E3 – Defining entrepreneurship

Have you ever wondered what the word “entrepreneurship” actually means? Today, we will have a closer look.

As I have figured out recently while researching for a University paper, there can be quite a significant difference in the meaning of a word or a method, just depending on the person you are asking. So, how should we deal with that? I guess, we google the word and have a look at the definitions we find.

Wiki: Entrepreneurship

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

https://en.wikipedia.org/wiki/Entrepreneurship

Business Dictionary: Entrepreneurship

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is starting of new businesses. In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.

http://www.businessdictionary.com/definition/entrepreneurship.html#ixzz3xv9ci0nt

Lexico: Entrepreneurship

The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

https://www.lexico.com/en/definition/entrepreneurship

Gründerszene: Entrepreneurship

Entrepreneurship meint die Gründung von Unternehmen basierend auf innovativen Geschäftsideen.

Translation: Entrepreneurship means the founding of a company, based on innovative business ideas.

https://www.gruenderszene.de/lexikon/begriffe/entrepreneurship?interstitial

Ok, ok. I got it. So, it is actually very similar to the other thing I needed to write my paper about. By the way, the topic was “design thinking“, which is actually pretty interesting. But that’s something for another time.

What does “Entrepreneurship” mean?

According to the definitions above, entrepreneurship means the act of starting and running a business that is based on an innovative idea with the aim to make a profit.

But is that really it? No! What about the risks taking part? And what if a business even misses out on some of those terms? Can it still be called “entrepreneurship”, then? Well, it seems like this is a very tricky job to do, right? Defining a special therm like this. But the question of all questions is of course the following. Who cares about a perfect definition anyways? As long as everyone understands what you are talking about, it should be fine, right? Each and everyone of us should have of course his or her own opinion about topics like that, but I personally see a problem in pushing something very creative like this into a corner and try to bookmark it as something, it might not be after all.

So, how would I describe “entrepreneurship”?

For me, entrepreneurship means “taking the alternative route“. “Thinking outside the box” was yesterday, today is “thinking outside the paper“. As the “mezzomix” commercial states out:

“Beim mixen entsteht etwas neues”

Translation: If you mix something, something new will be created

https://www.plantageix.de/de/work/mezzomix

Entrepreneurship is just that, or better forget the “just”, because it is neither “just” that, nor as easy as that. Entrepreneurship means to understand the market needs, even before the market has the need. Entrepreneurship means to work with everything there is, in order to create something new. Finding the perfect combination of existing concepts and ideas with which you will make your product or service unique.

Mixing up concepts? Combining ideas? But not really inventing something new. That sounds like a task, everyone can do! Well, in fact, that is totally right. I would even go as far as to state out, that we are all already little entrepreneurs. What once caused us a lot of problems in the English vocabulary test, can be something good today? Mixing up things wasn’t and still isn’t always the best solution, especially if you are a doctor or working in a pharmacy. But with the right entrepreneurial spirit, we may have already developed a good business model, but just haven’t recognized it as such. If you walk through life with a pair of open and interested eyes, you can see a lot of opportunities to improve upon situations, processes, or even change whole markets. The world is yours if you want to have it. Be creative, be open minded, be curious and change everything.

You can be an entrepreneur if you want to! In this series, we will talk about the journey to become one.

See you next time!

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