In keeping with the standard connotation of the term, Wikipedia defines entrepreneurship as the “process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture.” We are all familiar with stories of successful entrepreneurs; indeed, how can we not be – magazines and books are filled with anecdotes and case studies of entrepreneurial folks whose example we are urged to follow…the inventors of a certain search engine being particularly favoured role models.
Yet, after we are done digesting the rhetoric of gurus and ghostwriters, we seem to be none the wiser. The stories, as entertaining as they are, fail to capture the essence of entrepreneurship.
Entrepreneurs are those who care deeply about anomalies and have the ability to hold on to and think about them over extended periods of time. In doing so they sometimes resolve the anomalies that worry them, and are then recognized as entrepreneurs. However, there are many who struggle without success, and they are no less entrepreneurial than those who succeed. Such people, whether successful or not, necessarily possess a deep sense of the history of the problem they attempt to address. Indeed, this is must be so, for in resolving the anomaly they care about, they write another chapter of that history.
The essence of entrepreneurship is really many different parts which make up the whole. It isn’t a one dimensional expression but rather a composite of the best key ingredients which take advantage of capitalism and the free enterprise system.
Let’s take a glimpse at three key characters of the essence of entrepreneurship:
1. Innovation
The act or process of introducing new ideas, devices, or methods. Being able to notice and then desire to make changes is an equally important need. Because of that innate or developed ability, you may be able to discover how to produce better quality, bigger profits or more dominance in the marketplace. As a small and nibble business owner these often simple yet profound insights can be the difference between failure and success.
2. Opportunity Seeker
Being able to spot a future market interests or customer trend demands before others ever take notice. In essence you need to have the ability to get a sense of where business is likely to be heading in the coming years.
3. Courage
In order to take the plunge one must overcome and conquer some measure of fear about giving up total stability or security. Therefore an essential necessary element is that of having the courage to get started.
There are a lot of ways and attributes in order to become an entrepreneur. And its essence would differ dependent upon the person whom you ask. In any case, I picked up below some of the answers which pique my interest on Quora and here they are:
“Entrepreneurs are the trailblazers into the ever-changing wilderness of the needs and desires of the global consumer. They adapt by continuing to lean against the edges of their comfort zone. They refuse to be encumbered by the status quo. They are the masters of their own destiny and see themselves as the authors of possibility.”
– Christopher Schuhmacher,“A desire to change the world (or if you’re Elon Musk, the universe)”
– Mike Moradi“In essence it is willingness to do something considered not-possible…daring to the extent that he/she takes risk willingly putting a lot on stake….in common man language it is territory only treaded by insane…”
–Chetan Khemlani