Various definitions of Entrepreneurship

1. Oyewole O. Sarumi |PhD|
Teaching and Learning Strategies CENTRE, Lagos, Nigeria.
Lms-consulting.org; tlstrategies@gmail.com

2.  Entrepreneurs - Risk Takers
 Let’s meet Mr. Eddie. He's an entrepreneur, which
is a person who starts a business. Eddie recently
graduated from college with a degree in
computer programming and has developed an
app that he believes will make him a small
fortune. So, instead of working nine to five for a
software company in Silicon Valley, he decides to
start his own. He wants to challenge himself and
work the way he wants to without answering to a
boss. He's using a small inheritance to fund the
start-up. As an entrepreneur, Eddie is not only
starting a business, but is risking his personal
wealth to establish it.
http://study.com/academy/lesson/what-is-an-entrepreneur-
definition-characteristics-examples.html

3.  Eddie is also trying to convince some friends
from school to form an entrepreneurial team with
him. An entrepreneurial team is a group of
people that help spread out the risk of the new
venture and also bring in different talents and
skill sets to it. Eddie has a friend who majored in
accounting and another who majored in
marketing. He's hoping they may come along
with him and bring their skills and some cash. If
he can build the right team, he can create a
synergy, where the group can achieve more
together than they can apart.
http://study.com/academy/lesson/what-is-an-entrepreneur-
definition-characteristics-examples.html

4.  Entrepreneurship is the willingness to take
risks and develop, organize and manage a
business venture in a competitive global
marketplace that is constantly evolving.
 Entrepreneurs are pioneers, innovators,
leaders and inventors. They are at the
forefront of technological and social
movements – in their fields, in their forward
thinking, in their desire to push the envelope.
They are dreamers and most importantly –
doers.
http://pinchot.edu/what-is-entrepreneurship/

5.  People who are thinking about starting their
own business should understand that
successful entrepreneurship involves much
more than having a great concept, said
Elizabeth Amini, CEO and co-founder of Anti-
Aging Games LLC, a company that develops
online games to train memory and focus, and
an adjunct professor at the University of
Southern California's Marshall School of
Business.

6.  "Most people think being an entrepreneur is
all about coming up with an idea, but that's
just one part," Amini told Business News
Daily. "It's also important to know, right from
the start, how you will reach interested
customers in an effective and affordable way."

7.  …The capacity and willingness to develop,
organize and manage a business venture along
with any of its risks in order to make a profit. The
most obvious example of entrepreneurship is the
starting of new businesses.
 In economics, entrepreneurship combined with
land, labor, natural resources and capital can
produce profit. Entrepreneurial spirit is
characterized by innovation and risk-taking, and
is an essential part of a nation's ability to
succeed in an ever changing and increasingly
competitive global marketplace
Read more: http://www.businessdictionary.com/definition/entrepreneurship.html

8.  Entrepreneurship means different things to
different people. Some imagine tech geniuses
with Silicon Valley startups, while others
picture small business owners opening up
their shop doors on Main Street.
 Ultimately, entrepreneurship encompasses
these and many other business ventures that
share a commitment to turning an idea into a
profitable business.
- See more at: http://www.businessnewsdaily.com/2642-
entrepreneurship.html#sthash.YfIq3Qnf.dpuf

9.  Entrepreneurship has traditionally been
defined as the process of designing,
launching and running a new business, which
typically begins as a small business, such as
a startup company, offering a product,
process or service for sale or hire.
 It has been defined 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."
https://en.wikipedia.org/wiki/Entrepreneurship

10.  While definitions of entrepreneurship typically
focus on the launching and running of
businesses, due to the high risks involved in
launching a start-up, a significant proportion
of businesses have to close, due to a "...lack
of funding, bad business decisions, an
economic crisis -- or a combination of all of
these" or due to lack of market demand.
https://en.wikipedia.org/wiki/Entrepreneurship

11.  In the 2000s, the definition of
"entrepreneurship" has been expanded to
explain how and why some individuals (or
teams) identify opportunities, evaluate them
as viable, and then decide to exploit them,
whereas others do not, and, in turn, how
entrepreneurs use these opportunities to
develop new products or services, launch new
firms or even new industries and create
wealth. https://en.wikipedia.org/wiki/Entrepreneurship

12.  The history of the word “entrepreneurship” is
fascinating and scholars have indeed parsed
its meaning. I’ll spare you the results, and
focus instead on the definition we use at
Harvard Business School.
 It was formulated by Professor Howard
Stevenson, the godfather of entrepreneurship
studies at HBS. According to Stevenson,
entrepreneurship is the pursuit of
opportunity beyond resources controlled.
https://hbr.org/2013/01/what-is-entrepreneurship

13.  “Pursuit” implies a singular, relentless focus.
Entrepreneurs often perceive a short window
of opportunity. They need to show tangible
progress to attract resources, and the mere
passage of time consumes limited cash
balances.
 Consequently, entrepreneurs have a sense of
urgency that is seldom seen in established
companies, where any opportunity is part of a
portfolio and resources are more readily
available.

14.  Opportunity” implies an offering that is novel
in one or more of four ways. The opportunity
may entail:
 1) pioneering a truly innovative product;
 2) devising a new business model;
 3) creating a better or cheaper version of an
existing product; or
 4) targeting an existing product to new sets
of customers.
https://hbr.org/2013/01/what-is-entrepreneurship

15.  These opportunity types are not mutually
exclusive. For example, a new venture might
employ a new business model for an
innovative product. Likewise, the list above is
not the collectively exhaustive set of
opportunities available to organizations.
 Many profit improvement opportunities are
not novel–and thus are not entrepreneurial–
for example, raising a product’s price or,
once a firm has a scalable sales strategy,
hiring more reps.

16.  “Beyond resources controlled” implies
resource constraints. At a new venture’s
outset, its founders control only their own
human, social, and financial capital.
 Many entrepreneurs bootstrap: they keep
expenditures to a bare minimum while
investing only their own time and, as
necessary, their personal funds.
https://hbr.org/2013/01/what-is-entrepreneurship

17.  In some cases, this is adequate to bring a
new venture to the point where it becomes
self-sustaining from internally generated
cash flow.
 With most high-potential ventures, however,
founders must mobilize more resources than
they control personally: the venture
eventually will require production facilities,
distribution channels, working capital, and so
forth.

18.  Because they are pursuing a novel opportunity while
lacking access to required resources, entrepreneurs
face considerable risk, which comes in four main
types.
◦ Demand risk relates to prospective customers’ willingness
to adopt the solution envisioned by the entrepreneur.
◦ Technology risk is high when engineering or scientific
breakthroughs are required to bring a solution to fruition.
◦ Execution risk relates to the entrepreneur’s ability to attract
employees and partners who can implement the venture’s
plans.
◦ Financing risk relates to whether external capital will be
available on reasonable terms. The entrepreneur’s task is to
manage this uncertainty, while recognizing that certain
risks cannot be influenced by their actions.
https://hbr.org/2013/01/what-is-entrepreneurship

19.  An entrepreneur is someone who organizes,
manages, and assumes the risks of a business or
enterprise. An entrepreneur is an agent of
change.
 Entrepreneurship is the process of discovering
new ways of combining resources. When the
market value generated by this new combination
of resources is greater than the market value
these resources can generate elsewhere
individually or in some other combination, the
entrepreneur makes a profit.
http://www.econlib.org/library/Enc/En
trepreneurship.html

20.  An entrepreneur who takes the resources
necessary to produce a pair of jeans that can
be sold for thirty dollars and instead turns
them into a denim backpack that sells for
fifty dollars will earn a profit by increasing
the value those resources create.
 So, An Entrepreneur does this…..

22.  Many definitions of entrepreneurship can be
found in the literature describing business
processes. The earliest definition of
entrepreneurship, dating from the eighteenth
century, used it as an economic term describing
the process of bearing the risk of buying at
certain prices and selling at uncertain prices.
 Other, later commentators broadened the
definition to include the concept of bringing
together the factors of production. This
definition led others to question whether there
was any unique entrepreneurial function or
whether it was simply a form of management.
http://www.gdrc.org/icm/micro/define-micro.html

23.  Early this century, the concept of innovation
was added to the definition of entrepreneur-
ship. This innovation could be process
innovation, market innovation, product
innovation, factor innovation, and even
organisational innovation.
 Later definitions described entrepreneurship
as involving the creation of new enterprises
and that the entrepreneur is the founder.

24.  1. A person who organizes and manages any
enterprise, especially a business, usually with
considerable initiative and risk.
 2.
An employer of productive labor; contractor.
http://www.dictionary.com/browse/entrepreneurship

25.  I hope this can wet your appetite to seek for
more knowledge in the field of
entrepreneurship.
THANK YOU