What is Entrepreneurship?
At Y-kampus, we are driven by our desire to train the next generation of entrepreneurs and entrepreneurial-minded people. Yes, it's an awesome mission! But you may be wondering - what is entrepreneurship, exactly?
At Y-kampus, we are driven by our desire to train the next generation of entrepreneurs and entrepreneurial-minded people. Yes, it’s an awesome mission! But you may be wondering – what is entrepreneurship, exactly?
According to the Webster dictionary, entrepreneurship is:
the activity of organizing, managing, and assuming the risks of a business enterprise
And what is an entrepreneur? The one who does this.
But we like to argue that true entrepreneurship takes it one step further and integrate the traditional definition of entrepreneurship with Harvard Business School professor Howard Stevenson’s definition, which is:
Entrepreneurship is the pursuit of opportunity beyond resources controlled.
There are three key takeaways from these definitions:
- Entrepreneurship as the activity of organizing and managing a business enterprise. This busts a common myth, which is that entrepreneurship is limited ONLY to starting businesses and one can only be an entrepreneur if they start their own business. The dictionary disagrees! Yes, many entrepreneurs do start their own business and at Y-kampus we LOVE to support your dreams of doing so. However, it is NOT a requirement to being an entrepreneur! If you are organizing, managing, and assuming risk in your daily work, you can likely call yourself an entrepreneur. Steve Blank breaks this down even further when he shares 4 categories of entrepreneurship:
- Small Business entrepreneurship
- Scaleable Startup Entrepreneurship (this is probably what you think of when you think of entrepreneurship!)
- Large Company Entrepreneurship (this is often referred to as intrapreneurship)
- Social Entrepreneurship
Additionally, there are also what we call “solopreneurs”. These are individuals who own and work their business alone. They are entrepreneurially minded, but often work differently, focus on different things than an entrepreneur, and rarely build teams.
We will dig into each of these categories in future posts!
- You assume the risk. If you are an entrepreneur, you are responsible for the success or failure of your venture. Whether it is a small business, scaleable startup, intrapreneur adventure, social good organization, or you are the sole proprietor in your business, you take ownership of the impact and effect of your business. You are most likely also responsible for the financial risk it takes to run your business as, often, entrepreneurship requires resources that are beyond your current capacity. This can be scary, but also very rewarding!
- Finally, as an entrepreneur you are forever pursuing opportunity. This is the why behind what you are doing and goes much further than making a profit or inventing a new device. You could be pursuing financial freedom, the creation of meaningful jobs, wholesome meals for every human, or the opportunity to be creative, lead, and innovate. There is no end to opportunity as an entrepreneur!
Want to turn this knowledge into action?
To experience entrepreneurship in action, check out the Junior/Senior Mentorship program and have the chance to give your advice and experiences with local entrepreneurs! Email Ramona Bilmez (firstname.lastname@example.org) to get involved.