Defining Entreprenuership

What Is Entrepreneurship?

Entrepreneurship has been defined in many different ways. Let us sample a few of the definitions. It can be defined as a process by which individuals pursue opportunities without regard to the resources they currently control and as doing new things and departing from the customary to pursue opportunities. Entrepreneurship can also be conceptualized as involving the pursuit of creative or new solutions to challenges confronting the firm, including the development or enhancement of old and new products and services, markets, and technologies for performing organizational functions.

Entrepreneurship is the process of identifying, developing and bringing a vision to life – the vision may be an innovative idea, an opportunity or simply a better way to do something. Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of resources controlled. Entrepreneurs recognize an opportunity, act on it by creating a firm and in the process, risk a significant amount of personal wealth. An entrepreneur is an individual who establishes and manages a business for the principal purpose of profit and growth.

However the most appropriate definition in my opinion is: “the process of uncovering and developing an opportunity to create value through innovation and seizing that opportunity without regard to either resources (human and capital) or the location of the entrepreneur – in a new or existing company” (Churchill, 1992:586).

This definition highlights that entrepreneurship is a multi-dimensional process rather than a single activity that innovatively seek new opportunities for economic benefit. In that case entrepreneurship happens both inside and outside existing organizations.

Based on these definitions resources and location are not an impediment to starting your business and improving society. So what are you waiting for?

Source: Newly released Entreprenuesrhip On Trial book. Copies available  for $15 at the follwoing contacts or 04-701327

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1 Comment

  • Reply vincent August 25, 2011 at 9:00 am

    powerful definitions Doc. Last week a powerful preacher defined a leader as someone who goes to a place before others have gone to that place. I would like to believe this is being enterprising as well. It caught me very much as I felt it spoke directly to me and to something specific God had told me to get into and has placed me in that place. A huge testimony Doc. Nice to have you back

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