What is entrepreneurship?

I am often asked about the word entrepreneurship. What does it mean? How is it different from doing business (if at all)? Here is what I have learnt so far.

At the very heart of entrepreneurship is an entrepreneur — a person who is seized of an opportunity to build/deliver a product/ service of value to people and is trying very hard to find and put into practice a sustainable way to build/deliver the product/service for the benefit of society (or some part of the society). Two important features of entrepreneurship are a) the often lonely belief of the entrepreneur in the opportunity (often against the trends and dominant thinking of the times; this grand vision of the entrepreneur is a very important element) and b) pursuit of an opportunity that requires resources (funds, people, infrastructure etc) beyond what is readily available and efforts to put together resources creatively to make the entrepreneurial effort possible. Entrepreneurship is merely the journey of an entrepreneur.

So how is entrepreneurship different from doing business? Entrepreneurship is not focussed on the daily financial transactions but on the grand vision of entrepreneur to create something of value. He/she cannot ignore financial transactions but that is not the heart of the entrepreneurship journey.  The overarching vision of the entrepreneur is the clear driving force and resource planning is done to accommodate that vision (and not vice versa where the available resources determine the goals). Yet another important aspect is to remember is that when the final goal is important, entrepreneurs will find creative ways to build the organisation that will realise the vision of the entrepreneur —- and that need not only be the traditional commercial businesses where the backbone of resource planning is arranging finance/ capital.  So, an entrepreneur will arrange resources whichever way he/she thinks is most conducive to the project….. that could include seeking in-kind contributions, appealing to employers/ suppliers/ customers’ good-will to arrange resources, seeking grants from government agencies and charitable organisations etc. Some entrepreneurs may even choose to work within existing organisations to give shape to their vision.

So, are you an entrepreneur? You can be one. You need to have the following:

  • A vision to build something of value for some part of society
  • Willingness and confidence to walk alone against the wind
  • An infectious ability to transmit your vision and passion
  • A commitment, plan and execution abilities to arrange and manage resources sustainably.

Can anybody be an entrepreneur? Yes, I think so.  First find your passion and purpose, and be convinced that it is worth pursuing against the odds. The rest can be learnt via practice and experience.