In this post having considered a number of entrepreneurship definitions over the past few years I proffer my own. Unless you can define what it is, it is difficult to pursue it. You become a dentist by studying and training in dentistry, you become a lawyer by studying and training in law BUT you become an entrepreneurs by creating an enterprise and running it viably. You do not become an entrepreneur by studying the concepts but by applying them to create a venture!
My starting premise is that entrepreneurship is a balancing act that is based on a solid foundation being laid. The structure of these balancing rocks located near our rural home demonstrate the need for a correctly balanced structure made up of many rocks of various shapes and sizes. That to me is the picture of entrepreneurship.
Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach, and leadership balanced that results in a process of uncovering, developing and seizing an opportunity to create value through innovation without regard to either resources (human and capital) or the location of the entrepreneur ( – in a new or existing company) through devoting the necessary time and effort, assuming the accompanying risks (financial, psychic, and social), and receiving the resultant rewards (monetary and personal satisfaction of independence.)
From this definition we can derive the following key activities required for entrepreneurship to happen as follows:
- Developing an entrepreneurial mindset that is opportunity focused, holistic in approach and balanced in its leadership outlook
- Identifying and evaluating an opportunity
- Pursuing, exploiting or developing this opportunity
- Focusing on value creation
- Refusing to be limited by current resources under your control
- Preparing to exert energy, effort and spent time in converting the opportunity to a viable business model and proposition,
- Willingness to assume calculated risk in order to make the business a reality
- Launching a new venture as a vehicle for realism the opportunity
- Running a new business successfully to ensure sustainability and
- the mental preparedness of harvesting the reward of your labours.
“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” (Sir Winston Churchill)