Define Entrepreneurship

There are many ways to define entrepreneurship. The Merriam Webster dictionary defines an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise. Yet another definition from the site defines it as “the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Most people associate the term entrepreneur with someone who is starting their own business. All of these definitions are accurate to a point.

The true way to define entrepreneurship lies in the spirit of the entrepreneur. It is not a cut and dry clinical decision to live the life of an entrepreneur and embrace the risk and uncertainty that comes with it. Those who start their own businesses, or the leaders who make key decisions for the company that employs them, live without a safety net. What they do each day has tremendous impact. How do they deal with that? Passion. Entrepreneurs need to feel passion in their efforts. It is the passion that defines the entrepreneur.

It is the same for leaders, and leaders who are, or would be, entrepreneurs. Where do you feel it? In your heart? In your gut? Does your brain say this is possible? Wherever that is for you, use that passion. Take it and run to start your business. Use it to carry your team or division on your back to the next company goal. When business is tough, use it for endurance. Use the passion to launch new product lines, expand services and look for the next adventure.

Actions driven by passion are infectious. As a leader, you are setting the example for your employees and teammates that work with you. If you approach the tasks and milestones towards your ultimate goal with optimism and enthusiasm, so will those with whom you work. They will start to feel the passion. It will lead to creative brainstorming and a new level of increased productivity.  The energy in your organization will be amazing, and it will be because you lead with passion.

It is the same for a business owner. Large or small, it is your business. You are the master of it, and your, fate. Listen to those in the industry, trust in those that work for you, and dream big. Break those big dreams down into attainable goals, and then break them down further into milestones. What do you need to get to your milestone? The second milestone? Use that passion to generate a drive throughout your organization that keeps everyone optimistic and moving forward.

The talent, smarts and experience you have will do the rest. Use all the tools in your toolbox effectively, and you will see that you can expand your business beyond what you saw as boundaries before. You see how much more is possible, and wonder why you did not see that before.  That is when you know that you are the definition of an entrepreneur: there are no boundaries to your imagination, your goals and your passion to attain them.

If you'd like to know more about how to define entrepreneurship and articles about many areas of the entrepreneur, then visit our hub of innovation and entrepreneurship.

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