Entrepreneurship does not have a single universally acknowledged definition. Different people and sources state different definitions of business entrepreneurship. It can be defined as a process of designing, launching and running a new business, as per Wikipedia. An entrepreneur is the person who designs, launches and runs a new business, bearing most of the risks as well as enjoying the most of the rewards. Business entrepreneurship is commonly seen as an innovated business with new ideas.
Business entrepreneurship plays an important role in any economy. They are an integral part of the progress of any nation to meet up the globally competitive marketplace. Business entrepreneurship over the last three decades has often been associated with the IT industry because of its ever-changing nature. The word ‘Entrepreneurship’ comes from the French verb ‘entreprendre’, meaning ‘to undertake’. So, it is obvious that business entrepreneurship refers to the process of doing a business activity and taking risks of a range of different things including the unknown areas of work.
Difference between Business and Entrepreneurship
There is much debate about the difference between business and entrepreneurship. Both involve doing some activity to enjoy profits. Both involve having the risk of loss. Both involve different models and procedures to do a business activity. Then what is the difference?
Well, the difference between both lies on the line of creativity and innovation. Entrepreneurship involves innovation in any business. The business entrepreneurship is not all about the bigger level of innovation only. It can be of a small level as well. You can sell the same product in a different way or you can sell different products in an ordinary way. And you can still be called as the entrepreneur.
Maybe you are a student of business classes in some high school. And now you want to decide to go either for ‘Bachelor’s of Business’ degree or ‘Bachelor’s of Entrepreneurship’. Well, Bachelor’s of Business will equip you with foundational to professional skills to carry out a business activity. It involves learning the scientific approach to successfully manage a group of people to increase the profitability of the business.
While the Bachelor’s of Entrepreneurship will equip you with creative skills to convert innovative ideas into profitability. As a student of this degree, you will learn how to create new concepts and ideas for new businesses. You will also learn how to face risks effectively. So, this is more of a creative degree rather than a scientific degree of business. One thing is for sure; in both entrepreneurship and traditional business, you will be entered into the world of business. Now, you decide which way to choose for you.
Becoming a Business Entrepreneur
Becoming a business entrepreneur has been greatly romanticized in every society. Popular business entrepreneurs like Mark Zuckerburg, Larry Page, and Sergey Brin have been wildly wealthy and successful. Ben Cohen and Jerry Greenfield collected 8000 USD and got a loan of 4000 USD and purchased equipment to create totally unique ice cream flavors. And guess what! They were successful. After many years, their annual revenue is in millions.
But the road to success in the world of business entrepreneurship is treacherous, filled with unexpected roadblocks. There are ‘perfect plans’ that do not just work out. You have a great plan but you might not have enough funding. Getting funding for a new kind of business is not a piece of the pie. But it does not mean that you cannot succeed.
There is no proper to-do list for succeeding in business entrepreneurship. This is why; the rate of failure in newer businesses is higher than in traditional ones. The road to business entrepreneurship is the most mystifying in the business world. But I can let you know some procedures and habits to follow to ensure your success in the world of business entrepreneurship. Let’s have a look!
The most entrepreneurial ventures fail because of no financial stability. So, the first step to becoming a successful business entrepreneur is to ensure that finances go smooth. I am not saying that you cannot start off as a college student. Mark Zuckerburg actually did. But then he took the time to make things better. He got an adequate cash supply later. You cannot think of enjoying the quick money in any case.
After you get better on the financial stability of your entrepreneurial venture, you try to get more and more skills to apply in the real world for real results. If you are in an office doing your job, you could try learning soft skills. You should have the skill to do better things even in tough situations. You should have effective communication skills so that you effectively delegate work to the employees.
Business entrepreneurship involves doing business activity in an innovative way. You can do it only if you know already running traditional activities. You should familiarize yourself with the world around you so you can look at your related industries better. You must have knowledge about the related industry so that you may confidently do innovations. For that, read books, web pages on the internet, booklets, and any other related content.
Find a Problem and Solve
Now that you, as an entrepreneur, have the skills and knowledge to put into practice. Use the knowledge about the related industry to identify a problem. Use your skills and creative ideas to solve that problem. Solving a problem in a different way is the ultimate aim of business entrepreneurship. Analyze everything and start off. If you are successful in solving the problem in a smaller scenario, you can do it in a bigger scenario. This way, you scale up your entrepreneurial business venture and go global.
Business entrepreneurship has been defined differently by different successful entrepreneurs.Derek Hutson, CEO of Datical, said that entrepreneurship is all about blazing new tails. Click To Tweet Debbie Roxarzade, the founder and CEO of Rachel’s Kitchen wonderfully defined entrepreneurship as the constant hunger for making things better. Click To Tweet Amanda Austin, the founder, and president of Little Shop of Miniatures thinks that entrepreneurship is all about striking out on your own. Click To Tweet
And they are all right. Business entrepreneurship is all about problems, feelings, earning, learning, and whatever it takes to achieve the ultimate purpose or mission.