For however long things stick around, the more things change, the more things stay the same - this is sort of the case with entrepreneurship. With a greater deal of social mobility allowing would-be individuals to set up companies and become an entrepreneur.
Because of this, we see the word more and more, especially where it relates to Google search terms. For such an ubiquitous term - what exactly is Entrepreneurship?
We'll be using this article to dig into what exactly we mean when we use the term, why people would want to become an entrepreneur, it's importance and some examples of entrepreneurs that know now as major international organizations.
Firstly, an Entrepreneur is an individual that has set up a business with the goal of generating a profit and fulfilling a critical need in their market. But even this definition is vague in nature because the notion of an entrepreneur has become so individual, and the same applies to their business.
For example, you could line up the CEO of JP Morgan next to the owner of a modestly successful freelancer and their online store and they would be generally be defined as entrepreneurs.
With this fresh in our minds, what do people mean by the concept of entrepreneurship as well?
If you've watched Silicon Valley, one of the episodes includes the constant repetition of 'making the world a better place.' And that's the root of entrepreneurship - an entrepreneur acting to solve a credible problem they identify in the world.
Along with seeking to fix something or provide an innovative solution: entrepreneurship is also about executing your ideas, no matter what your business aims to accomplish.
What makes a chain durable and resilient is the fact that it's made up of many links, all being pieced together to make one long solution. Entrepreneurship is exactly the same, and the reason that it matters is the way in which it influences and affects the world around it.
For one, they bring a new(ish) idea to the table of society. Whether it's a service or product that is going to change the lives of millions, or a solution that simplifies the process of a very niche segment of an industry. Entrepreneurs create change, and pull people and communities up with them.
In both a theoretical, and practical sense, entrepreneurs support their local communities directly through the creation of jobs and contributions to national income, but also indirectly; serving as a source of inspiration for anyone looking to become an entrepreneur themselves.
When we think of the word, some of us usually conjure up either the 'out there' individuals like Zuckerberg, Steve Jobs, etc. But the truth is far more inspiring - anyone with their sights set on changing their own, their communities or even the world's condition can effectively become entrepreneurs in their own right.