Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

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Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

  • Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
  • Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
  • Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
  • Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

  • Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
  • Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
  • Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
  • Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
  • Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

  • Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
  • Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
  • Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
  • Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
  • Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
  • Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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  • List of Commerce Articles
  • What Is Entrepreneurship

Entrepreneurship - Types of Entrepreneurship

Table of Content

  • Types of Entrepreneurship
  • Characteristics

Concept of Entrepreneurship

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace.

Meaning of Entrepreneur

The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas in the market by replacing old with a new invention.

It can be classified into small or home business to multinational companies. In economics, the profits that an entrepreneur makes is with a combination of land, natural resources, labour and capital.

In a nutshell, anyone who has the will and determination to start a new company and deals with all the risks that go with it can become an Entrepreneur.

Also Refer:   Top 8 Difference Between Businessman and Entrepreneur

What are the 4 Types of Entrepreneurship?

It is classified into the following types:

Small Business Entrepreneurship-

These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own their own business and hire family members or local employee. For them, the profit would be able to feed their family and not making 100 million business or taking over an industry. They fund their business by taking small business loans or loans from friends and family.

Scalable Startup Entrepreneurship-

This start-up entrepreneur starts a business knowing that their vision can change the world. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable business and experimental models, so, they hire the best and the brightest employees. They require more venture capital to fuel and back their project or business.

Large Company Entrepreneurship-

These huge companies have defined life-cycle. Most of these companies grow and sustain by offering new and innovative products that revolve around their main products. The change in technology, customer preferences, new competition, etc., build pressure for large companies to create an innovative product and sell it to the new set of customers in the new market. To cope with the rapid technological changes, the existing organisations either buy innovation enterprises or attempt to construct the product internally.

Social Entrepreneurship-

This type of entrepreneurship focuses on producing product and services that resolve social needs and problems. Their only motto and goal is to work for society and not make any profits.

Characteristics of Entrepreneurship:

Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship successful. A few of them are mentioned below:

  • Ability to take a risk- Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.
  • Innovation- It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change can be the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and economical way.
  • Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of his new venture. However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is paramount because leaders impart and guide their employees towards the right path of success.
  • Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognised the gravity of demonetization and acknowledged the need for online transactions would be more, so it utilised the situation and expanded massively during this time.
  • Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on the top, a businessperson should be equipped to embrace change in a product and service, as and when needed.
  • Know your Product- A company owner should know the product offerings and also be aware of the latest trend in the market. It is essential to know if the available product or service meets the demands of the current market, or whether it is time to tweak it a little. Being able to be accountable and then alter as needed is a vital part of entrepreneurship.

Importance of Entrepreneurship:

  • Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.
  • Innovation- It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
  • Impact on Society and Community Development- A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.
  • Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.
  • Supports research and development- New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy.

The above-mentioned concept ‘Entrepreneurship’ is elucidated in detail for Commerce students. To know more, stay tuned to BYJU’S.

Frequently Asked Questions on Entrepreneurship

Who is the father of entrepreneurship.

Joseph Alois Schumpeter is regarded as the father of entrepreneurship. He introduced the concept of entrepreneurship.

What are the two main types of entrepreneurship

There are many types of entrepreneurship, two examples of such are:

Small business entrepreneurship

Large company entrepreneurship

What are the key concepts of entrepreneurship?

The 4 key concepts of entrepreneurship are as follows:

  • Risk taking
  • Organisation

What are entrepreneur traits?

Some of the most important entrepreneurial traits are:

  • Risk taking ability
  • Persisting nature
  • Leading from the front
  • Ethical in nature

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1.1: Chapter 1 – Introduction to Entrepreneurship

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  • Page ID 21253

  • Lee A. Swanson
  • University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

  • Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
  • Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
  • Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
  • Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
  • Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

  • Does someone need to start a business from scratch to be called an entrepreneur?
  • Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
  • If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
  • If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
  • Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
  • Is someone an entrepreneur because of what they do or because of how they think?
  • Can someone be an entrepreneur without owning their own business?
  • Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

  • Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
  • Activities – What activities does a person need to do to be considered an entrepreneur?
  • Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
  • Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
  • Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

  • “The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

  • “Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

  • “Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

  • “Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

  • “Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
  • Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

  • “Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

  • To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

image1.png

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

  • The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
  • The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
  • The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
  • The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
  • The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

  • Why do some persons but not others choose to become entrepreneurs?
  • Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
  • Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

  • Need for achievement
  • Internal locus of control (a belief by an individual that they are in control of their own destiny)
  • Risk-taking propensity
  • Behavioural traits
  • Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

  • Prospect Theory
  • Cognitive Biases
  • Signal Detection Theory
  • Regulation Theory
  • Entrepreneurial Alertness
  • Risk Perception
  • Counterfactual Thinking
  • Processing Style
  • Susceptibility to Cognitive Errors

Entrepreneurial Scripts

  • “Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
  • Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
  • Cognitions lead to the acquisition of knowledge, and involve human information processing.
  • Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
  • The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
  • the processes that transfer expertise, and
  • the actual expertise itself.
  • Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
  • Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
  • The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

  • Idea Screening
  • Planning and Financing
  • Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

  • This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
  • This script ends when there are a sufficient number of ideas in the idea pool.
  • overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
  • implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

  • This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
  • This script ends when one idea is chosen from among those in the idea pool.
  • Evaluate the political, economic, social, technological, environmental, and legal climates
  • Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
  • Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
  • Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
  • Complete financial projections and analyze them to evaluate financial attractiveness;
  • Assess the founder fit with the ideas;
  • Evaluate the core competencies of the organization relative to the idea;
  • Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

  • This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
  • This script ends when sufficient business planning has been done and when adequate financing has been arranged.
  • The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

  • This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
  • This script ends when the business is ready to start-up.
  • The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
  • Start-Up (also called launch)
  • This script begins when the set-up script ends and when the business opens and begins making sales.
  • This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
  • The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

  • This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
  • This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
  • The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

  • Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
  • Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
  • Textbooks on entrepreneurship
  • Books about entrepreneurship
  • Biographies or autobiographies of entrepreneurs
  • News periodicals like Canadian Business and Profit
  • Trade periodicals like Entrepreneur and Family Business
  • Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
  • Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
  • Speeches and presentations by practicing entrepreneurs

1.1 Entrepreneurship Today

Learning objectives.

By the end of this section, you will be able to:

  • Define entrepreneur and entrepreneurship
  • Describe types of entrepreneurial careers and lifestyles
  • Understand entrepreneurs as problem solvers
  • Explain current factors driving the growth of entrepreneurship
  • Compare differences in entrepreneurial opportunities around the globe

As we delve into the study of entrepreneurship, let’s define what we mean by the word entrepreneur . An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. A small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant, whereas an entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.

In a broader sense, what people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. 5 Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market. Where does a franchise fall in this discussion? Again, there is not complete agreement, with some claiming that a franchisee and entrepreneur cannot be the same, and others arguing that a franchise is, indeed, an entrepreneurial venture. According to an article in Forbes , “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before. And, no, the McDonald’s franchisee didn’t create McDonald’s. But he certainly created a McDonald’s where there never was one before. Franchisees are entrepreneurs.” 6 The point is that small business owners and franchisees can be considered entrepreneurs. For the purposes of this course, you will learn the key principles of entrepreneurship alongside the concepts, strategies, and tools needed to succeed as a small business owner or franchisee.

Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor. Entrepreneurs might take a variety of approaches to their entrepreneurial venture, such as those shown in Table 1.1 .

In this course, you will explore these myriad avenues toward entrepreneurship.

Are You Ready?

How do you define success.

What is your personal definition of success? How would you define success for your venture idea? Take time to consider these questions carefully.

  • Write your answers to both questions as formal descriptions of your definition of success.
  • After completing your definitions, meet with your family members or your personal support group (the important people whose support you need to achieve the defined success statement) to discuss your personal definition of success.
  • After hearing their input, you might want to revise your personal success statements.

Follow through with this activity by talking to your startup team or other supporting people about your venture’s success definition. This activity may help guide you in decision-making throughout your life journey and the journey of starting your venture. It will also be helpful when you and your startup team create a vision statement for your venture.

The Entrepreneurial Lifestyle and Career

People often have thought of entrepreneurs as corporate rebels, nonconformists, or activists. Being an entrepreneur has become synonymous with being an innovator, a change agent, or a risk taker. Regardless of job titles or descriptive characteristics, entrepreneurship has a universal appeal for how people think and engage with the world.

Choosing the path of entrepreneurship requires a willingness to take on calculated risks. The difference between risk and calculated risk is due diligence , or conducting the necessary research and investigation to make informed decisions that minimize risk. Not everyone is comfortable letting go of a steady paycheck, especially when we know that there is no long-term guarantee that the paycheck will continue into the future. In one approach to minimizing personal financial risk, some startup entrepreneurs continue with their current employment while working on the side to develop their idea into a venture that eventually will generate an income. Until the venture requires near full-time work and generates income, maintaining an outside income works well for many entrepreneurial teams.

Consider the eyeglass startup Warby Parker ( Figure 1.2 ). Dave Gilboa and Neil Blumenthal , lead entrepreneurs for Warby Parker, were still working their normal jobs when they approached an angel investor with their idea. The angel investor asked a few questions and wasn’t impressed. This investor believed that Gilboa and Blumenthal should demonstrate their solid commitment to the venture by quitting their day jobs to dedicate more time and energy to Warby Parker. Instead of following that advice, Gilboa and Blumenthal kept their day jobs while they continued to work toward building their venture, and Warby Parker eventually became highly successful. There are many paths to becoming an entrepreneur, and many paths to creating a successful venture (see Entrepreneurial Journey and Pathways ). It is important to identify the path that works best in your life—and for the venture—and that supports your goals and your unique situation and visions.

Within the entrepreneurial world, the idea of a lifestyle venture has evolved to mean a business in which the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business. Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.

For a lifestyle venture, the entrepreneur is more likely to be a solo entrepreneur, someone who moves forward in starting a new venture without the support of a team or group of likeminded individuals who recognize the value or potential of an entrepreneurial idea that could potentially result in significant returns. A lifestyle venture is also more likely to be funded through family and friends, and more traditional methods such as a bank loan or a small business loan. This lifestyle includes greater freedom to decide areas of responsibilities, hours of contribution to the venture, and other decisions that support the desired lifestyle. An example of a startup lifestyle venture is The Wander Girls , a company that identified the unique concerns of women traveling alone. 7 The Wander Girls organizes trips and events for groups of women traveling in India. A team member organizes the trip, travels with the female tourists, and handles daily interactions and transactions.

Another example of a lifestyle venture is based on how an entrepreneur aligns values, interests, and passions to create a balance between enjoying life and earning enough money to support those passions. Roxanne Quimby had a passion for living off the grid, creating her own life in the woods of Maine, and not being restricted by the rules and regulations required when working as an employee. After becoming a parent, Quimby faced the challenges presented by her lifestyle choices and started making candles to earn enough money to support her family. Eventually, Quimby’s lifestyle candle-making business expanded into the highly successful Burt’s Bees Corporation , moving her lifestyle business into a career as the CEO of Burt’s Bees ( Figure 1.3 ). After selling Burt’s Bees to Clorox Co. , Quimby continued her passion for the north woods of Maine by donating land and money to create a wildlife sanctuary and preserve that land from development.

Quimby’s latest endeavors include creating a pasta company, My Pasta Art , focused on increasing employment opportunities for people in northern Maine, 8 and building the tourist industry to encourage people to enjoy the region’s beautiful habitat and scenery. Although she is highly successful from a financial perspective, money was never the motivation for her ventures. As you can see, there are many paths to finding your career in entrepreneurship, and multiple trigger points at which you might make the decision to become an entrepreneur.

What Can You Do?

How can you put your strengths to work.

Create a list of ten strengths that you currently possess. If you need help creating your list, ask your friends or family what they believe you are good at doing. Think about what achievements you have accomplished, what compliments you have received, and what people say about you. The answers to these questions will help you identify your strengths.

  • Create a list of ideas that build off your strengths or are related to your strengths.
  • Then analyze this list to create another list of possible businesses that you could start that relate to your strengths.

The Entrepreneur as a Problem Solver

What are some challenges you face in your life? Have you ever actively thought about how you could solve those problems? Or have you actively identified exactly what the problem is from an analytical perspective? We often have a tendency to jump quickly from noticing a problem to selecting a solution, with little understanding of whether we have even correctly identified the problem. Identifying the problem—and testing the potential, novelty, and feasibility of your solution—is an important part of resolving the problem. Often, when we start to explore the problem, we find that it has multiple causes. Among them are:

  • The need for something to be better, faster, or easier
  • The effects of changes in world on your industry, product, or service
  • Market trends based on geography, demographics, or the psychology of the customers

You will learn more about identifying opportunities in Identifying Entrepreneurial Opportunity and Problem Solving and Need Recognition Techniques .

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture—perhaps combining the problem of feeling hungry between meals into a street kiosk or a vending machine with food choices or creating a new snack that is nutritious, satisfying, and portable. People need to eat, and they get hungry, but during a busy day with no open time or convenient food, people end up hungry. Rephrasing the problem, or need, from an opportunity viewpoint opens the search for a sustainable solution beyond the simple awareness of feeling hungry. We might solve this problem by opening a snack bar with offerings that contain essential vitamins and proteins, and is easy to transport with a long shelf life. Understanding the problem from the perspective of how to solve it for one person into how to solve it for multiple people rephrases the problem into an opportunity-identification perspective.

You might also have an interest in solving food-related problems on a larger scale. People trapped in a war-torn region may not be able to leave the safety of their shelters to find food, grow food, or barter for food, or they may not have the money to buy food. How could you reach your target market within a war-torn area? Red Cross emergency response vehicles traveled 2.5 million miles to deliver food, relief supplies, and support to communities affected by disasters during 2017. 9 That’s the equivalent of driving around the globe 103 times. Could your idea of creating a snack bar fit into a partnership with the Red Cross?

Although this might seem like a simple problem with a simple solution, persevering from the recognition of a problem to finding a realistic solution, then moving that solution forward into a successful venture, requires an entrepreneurial mindset. Every day, people become entrepreneurs as they identify and solve problems, or face new challenges or frustrations, and resolve them in creating products or services to address these issues.

Recognizing Problems

In your daily life, what problems do you encounter? What would make your life easier? How would you finish this sentence: “If only ________ existed, my life would be better or easier”? To spur your creativity, you might research global problems to find an area that interests you, that sparks your passion for living a fulfilling life. When identifying a problem, consider process-related problems as well as service-related problems.

For more ideas like Chloe Huang ’s, visit the UNESCO Global Action Programme on Education for Sustainable Development (https://en.unesco.org/gap) and review other submissions that may activate your own creativity in thinking about how you want to contribute your skills and knowledge to improve our world.

  • What problem have you identified?
  • What can you do to resolve that problem?

Factors Driving the Growth of Entrepreneurship

Do you know anyone who has lost their job? Or who has been rejected or mistreated at work? Or had their income reduced, or benefits removed? Research shows that 47 percent of all US employment is at risk through artificial intelligence and other technologies, although there will also be new opportunities for jobs that currently don’t exist. 10 These types of experiences and outlooks have provided the impetus for many people to start their own businesses. When we work for someone else, we are at the mercy of their decisions and actions, but we get paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make the decisions (not that making decisions is easy). But when we have our own business, we have greater control—in exchange, we also carry the risk for all decisions we make. This control over decision-making is one reason that some people find the world of entrepreneurship attractive.

Another contributing factor to the desire to become an entrepreneur is the excitement and fun of creating something new. Many entrepreneurs are excited at the idea of moving the concept through to the materialization of the idea.

A third factor that supports the growth in entrepreneurship is the combination of retirement and longer life expectancies. Many people enjoy working. For them, retirement consists of too much open time and not enough activities or the type of engagement with the outside world that fulfilled their needs during their working lives. Retirement also presents unique financial considerations, depending on an individual’s lifetime savings and planning. The combination of having available time and a desire for continued earnings encourages some older adults to explore their own entrepreneurial opportunities.

A fourth factor driving the growth of entrepreneurship is the expanding awareness and support of entrepreneurship as a viable career choice. In much of the twentieth century, families encouraged their children to find a stable career with a large corporation. During this era, there was a certain expectation of reciprocal loyalty between the employer and the employee based on some traditional employee-employer roles in that century. The general, informal agreement was that if employees came to work every day and fulfilled their responsibilities, they would have long-term employment with that corporation. But as competition increased and new business practices evolved, this unspoken guarantee no longer held true. The model of certainty of employment gradually disappeared. As people acquired a new perspective on their careers and income, they increasingly realized that we are all responsible for our own paths. Most studies suggest that people change their careers between three and seven times. 11 Note that this is not how often people change jobs, but how often they change their careers, moving from one industry to another, or moving from one type of work to a different type of work. The older model of stability through working hard for someone else has vanished. This awareness and acceptance have encouraged recent generations to consider creating their own futures through entrepreneurial ventures.

Just as individuals have become aware of the benefits of entrepreneurship, communities and organizations have also become aware of how entrepreneurial ventures add economic development and enhancements worth supporting, bolstering opportunities for those who decide on this path.

Entrepreneurship around the Globe

In the United States, entrepreneurial opportunities abound, relatively speaking. Between 1990 and 2014, the number of campus-based entrepreneurship education programs increased from 180 to over 2,000. 12 Comparing globally, the United States has the greatest number of entrepreneurial ventures, with Switzerland, Canada, Sweden, Denmark, and Australia following in order, according to Global Entrepreneurship Index , a global consulting firm ( Figure 1.4 ).

Why is the United States leading with the greatest number of entrepreneurial ventures? What does it take to become an entrepreneur? In addition to having an entrepreneurial mindset (see The Entrepreneurial Mindset ), entrepreneurs also need education and funding to support their new ventures.

You will learn more about funding in Entrepreneurial Finance and Accounting , but as an introduction, you should know there are three primary sources of outside funding: family and friends, angel investors, and venture capitalists. Some family members and friends are willing and able to invest money in helping the entrepreneurial team. An angel investor is someone who has available funds and an interest in supporting a new venture. They are often entrepreneurs who have successfully launched and harvested their own ventures, and who have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and a desire to receive a return on their investment in the venture. Angel investors often provide funding early in the life of a venture. As the venture grows, it typically requires more funding, at which time venture capitalists may invest in the venture. A venture capitalist (VC) is a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round, investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold, or harvested, at which time the investors will receive a return on their investment. Because they tend to be in larger groups, VCs typically have access to larger amounts of money and resources than individual angel investors. (You will also learn about other types of financing, such as bank loans and bootstrapping, in Entrepreneurial Finance and Accounting .)

In the United States, VCs contributed $72.3 billion in 2015 for 3,916 deals, or funding rounds. In China that same year, $49.2 billion were invested in 1,611 ventures. 13 European VC investment totaled $14.4 billion and 1,598 deals. Tracking these numbers over time shows steady increases in VC funding as entrepreneurial ventures have become more common ( Figure 1.5 ).

Other factors that can affect entrepreneurial opportunity include employment rates, government policies, and trade issues. For example, in the Middle Eastern kingdom of Saudi Arabia, a newer driver of entrepreneurship includes a high unemployment rate with a large percentage of the population in its prime earning years. In the past, employment was less of a concern because of dependency on state support from oil revenue. The population received monthly allotments to cover expenses from state-owned oil production. More recently, the population has become restless, with a desire to become productive and have greater control over their own resources. And the rulers recognize that oil production income is volatile and unsustainable. Today, with more future-oriented leaders, countries in the Middle East desire to encourage their citizens to consider starting their own businesses. 14 The example of entrepreneurship in the United States has spread around the globe, with other countries taking an interest in developing support systems to encourage their populations to become entrepreneurs.

As noted, the United States is a world leader in entrepreneurial innovation. Perhaps because the United States is, in large part, a nation of immigrants, with people arriving from all over the world, Americans have few prescribed traditions that encourage conformity. America’s longstanding traditions and reputation for individualism, ingenuity, and self-reliance have reinforced this mindset. However, the governments of other nations have discouraged their citizens from independent or innovative thinking. Some cultures emphasize political, cultural, and economic unity, and place a strong value on not being noticed, blending in, and following prescribed habits and traditions. Countries like Japan, France, Russia, China, and others continue to reflect these norms. Other countries have complex bureaucracies that prevent quick responses and place barriers to entrepreneurial activities. Parts of worldwide economic structures (banking, investments, and technology) are not accessible or even explicitly exclude some nations and the poor. Systems like this discourage people from coming forward with entrepreneurial ideas because the culture and bureaucracy prevent people from finding access to information necessary for the successful advancement of an idea. In contrast, other countries are noticing the benefits of encouraging their populations to become more open-minded and creative through new ventures.

Link to Learning

Transparency International is an organization that tracks corruption, which can be an inhibitor to entrepreneurship. The Transparency International website provides information to rank 180 countries in identifying the abuse of entrusted power for private gain. 15

Key characteristics that encourage entrepreneurship include support for freedom to create and innovate. What conditions encourage creativity and innovation? Acceptance of failure is a key characteristic for success as an entrepreneur. Many of the great inventions in the United States resulted after dozens of failures, as when Thomas Edison eventually developed a working light bulb. Edison identified a problem: Once the sun set, working hours were restricted, as were daily activities such as reading a book or washing dishes. Edison, along with many other inventors, recognized the need for an artificial light source. Consider how complex this idea was and how many failures must have occurred before creating a product that emitted light.

Another condition that encourages entrepreneurial behavior is the ability and opportunity to connect with other people to discuss ideas, problems, challenges, and solutions. This connection with other people, in an open environment that supports the exchange of ideas, is essential for encouraging creativity and innovation.

With the advent of the Internet, people around the planet are becoming increasingly aware of geopolitical and environmental situations across the globe. As more people observe these changes and situations, more people exchange ideas. These discussions can generate new opportunities for people to discover methods for solving problems. Any one of us could be living in one country but identifying a problem in another country. Given our interests and backgrounds, we could actively choose to develop a solution for that problem. What we need, as a general approach, is an efficient and transparent way to form companies and enable constructive competition, along with continued free and fair trade.

These are just some of the areas that many nations and organizations consider as they seek to encourage a transition away from group-prescribed thinking toward uniquely individual entrepreneurial ideas. Each of us encounters life from a different perspective. Although we all might recognize the restrictions presented by the sun setting every night, only a few people might question why we couldn’t change that situation by creating our own light. Similarly, someone in another country may observe our country (or vice versa) and ask why that country has a particular problem. Meanwhile, people living with that problem may have become so accustomed to it that they might not recognize the opportunity to seek solutions.

Increasing opportunities in entrepreneurial education are also driving growth. More colleges and universities are teaching entrepreneurial studies and opening entrepreneurial centers that encourage students from every discipline to become entrepreneurs. 16 , 17 As the employment and entrepreneurial landscape continue to evolve, some institutions have started offering courses to prepare students for work in the gig economy. 18 In fact, some of the best new entrepreneurial ideas come from groups of students in different majors who collaborate to create new, innovative business ideas that meet specific needs and challenges in today’s world. In some cases, students from different universities around the globe are connecting to come up with business ideas to solve global problems, such as the lack of clean drinking water and the need for medical vaccination programs. Technology and global travel have made such partnerships more common and very productive.

The world of entrepreneurship opens doors for each of us to look beyond our own self-created barriers and explore opportunities around the world. Consider the creation of Starbucks , borne from the realization of how pleasant it can be to sit at a European café and drink excellent coffee. Awareness of an idea that is commonplace in one country, but new to a different country, presents the possibility of introducing that idea to another nation. In the Starbucks example, was there a problem that needed to be solved? Not necessarily, but the founder, Howard Schultz , had a desire to bring a specific quality-of-life element from one country to another, a business idea with an entrepreneurial aspect. One of the entrepreneurial aspects of creating Starbucks was the idea of mass expansion of coffee shops. Prior to Starbucks, the idea of creating a high-quality coffee drink hadn’t been developed. Even more significant was the idea of expanding the business across the United States and then around the world.

Given the growth of coffee shops throughout the United States, we might not think that this idea is innovative, but before Starbucks, coffee typically was served at a diner, and it was served out of habit, rather than as the main attraction. With Starbucks, people changed their ideas about coffee and their coffee-drinking habits. Although businesses like Dunkin’ Donuts served coffee, their focus was on selling donuts, not coffee. As Starbucks grew through repositioning coffee as their main product, other companies like Dunkin’ Donuts and McDonalds realized the missed opportunity in not reinventing the coffee market with multiple choices of high-quality coffee. In fact, Dunkin’ Donuts has changed its name to just “ Dunkin ,” removing the emphasis on doughnuts. 19

Social and Environmental Issues and Opportunities

A social entrepreneur has an interest in solving a social, environmental, or economic problem. A social entrepreneur identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health (you will learn more about social entrepreneurship in The Ethical and Social Responsibilities of Entrepreneurs ). One such person is Angad Daryani , a young serial inventor. Daryani left school in the ninth grade to join the Media Lab at the Massachusetts Institute of Technology (MIT), where he worked on an industrial-scale air filter to clean pollutants and carcinogens out of our planet’s air. Daryani’s home country of India is the world’s third largest emitter of carbon dioxide, according to Global Carbon Atlas, behind China and the United States ( Figure 1.6 ). 20

Social Entrepreneurship

Consider a social issue that you might feel compelled to take on as a passion project. Some social issues include childhood hunger, access to clean water, access to education, or opioid abuse. Watch Johann Hari’s Ted Talk on addiction to learn more.

  • Do you have any ideas for creating an entrepreneurial venture around the idea of building quality relationships and communities?
  • How would you balance a passion project with an entrepreneurial purpose?

Not only is Daryani interested in solutions for air pollution, but his product will also provide financial gains and add to his personal credibility as a serial entrepreneur , or someone who starts and harvests multiple entrepreneurial ventures. Darvani describes himself as an inventor and social entrepreneur, combining his interest in improving lives through a variety of entrepreneurial ventures including products like Sharkits (a do-it-yourself-kit company that teaches children how to build technology), the SharkBot 3D Printer (an attractive, low-cost, and reliable 3D printer), and several other projects that combine technology and human needs. As each of these products advances to commercialization, the products and technology are becoming more applicable for other uses as well. For more examples of projects that Darvani is working on, take a look at his website (http://www.angadmakes.com), which includes videos and articles, and highlights the international recognition he has received for his innovative work.

Entrepreneur In Action

Angad daryani.

Research Angad Daryani and his technology to remove air pollution (https://www.cnn.com/2018/03/28/health/angad-daryani-tomorrows-hero/index.html).

  • What other products could this technology or methodology be used for, besides the originally intended application of improving air quality?
  • What critical decisions would you anticipate that Angad will face in creating and commercializing his product?
  • How would you define success for Angad or this air-cleaning company?
  • 5 Hamid Bouchikhi. “A Constructivist Framework for Understanding Entrepreneurship Performance.” Organization Studies . July 1, 1993. doi.org/10.1177/017084069301400405; William D. Bygrave and Charles W. Hofer. “Theorizing about Entrepreneurship.” Entrepreneurship Theory and Practice 16, no. 2 (1991): 13–22.; Michael A. Hitt, R. Duane Ireland, S. Michael Camp, and Donald L. Sexton. Strategic Entrepreneurship: Creating a New Mindset . (Hoboken, NJ: Wiley-Blackwell, 2002).; Jeffry A. Timmons. New Venture Creation: Entrepreneurship for the 21st Century . (Irwin Press, Burr Ridge, IL: Irwin Press, 1994).
  • 6 Paul B. Brown. “Franchisees Are Entrepreneurs (Let the Debate Begin).” Forbes . September 19, 2012. https://www.forbes.com/sites/actiontrumpseverything/2012/09/19/franchisees-are-entrepreneurs-let-the-debate-begin/#55c9fb8f2bf3
  • 7 The Wander Girls. n.d. http://thewandergirls.com/
  • 8 Mary Pols. “Making Pasta’s the New Focus for Roxanne Quimby.” Portland Press Herald . August 13, 2017.
  • 9 American Red Cross. “2017 in Review: Red Cross Delivers More Food, Relief Items, and Shelter Stays Than Last 4 Years Combined.” December 18, 2017. https://www.redcross.org/local/georgia/about-us/news-and-events/news/2017-in-Review-Red-Cross-Delivers-More-Food-Relief-Items-and-Shelter-Stays-than-Last-4-Years-Combined.html
  • 10 Carl Benedikt Frey and Michael A. Osborne. “The Future of Employment: How Susceptible Are Jobs to Computerization?” Technological Forecasting and Social Change 114 (2013): 254–280. https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
  • 11 Dawn Rosenberg McKay. “How Often Do People Change Careers?” The Balance . September 20, 2019. https://www.thebalancecareers.com/how-often-do-people-change-careers-3969407
  • 12 Infographic.ly Team. “Infograpic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 13 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 14 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 15 Transparency International. n.d. www.transparency.org
  • 16 National Survey of Entrepreneurship Education. n.d. www.nationalsurvey.org
  • 17 “The Princeton Review & Entrepreneur Name the Top Undergraduate & Graduate Schools for Entrepreneurship Studies for 2020.” Cision PR Network. November 12, 2019. https://www.prnewswire.com/news-releases/the-princeton-review--entrepreneur-name-the-top-undergraduate--graduate-schools-for-entrepreneurship-studies-for-2020-300955876.html
  • 18 Diane Mulcahy. “Universities Should Be Preparing Students for the Gig Economy.” Harvard Business Review . October 3, 2019. https://hbr.org/2019/10/universities-should-be-preparing-students-for-the-gig-economy
  • 19 Kate Taylor. “Dunkin’ Donuts Is Officially Dropping the ‘Donuts’ from Its Name Despite Earlier Backlash.” Business Insider . September 25, 2018. https://www.businessinsider.com/dunkin-donuts-changes-name-no-donuts-2018-9
  • 20 “Fossil Fuel Emissions.” Global Carbon Atlas. 2017. http://www.globalcarbonatlas.org/en/CO2-emissions

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  • Authors: Michael Laverty, Chris Littel
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  • Book title: Entrepreneurship
  • Publication date: Jan 16, 2020
  • Location: Houston, Texas
  • Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
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Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

  • Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
  • Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
  • Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
  • Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
  • Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
  • Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
  • Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

  • Is becoming a successful entrepreneur an inborn quality or a developed skill?
  • Is it efficient to unite researchers and entrepreneurs into one organization?
  • Is contemporary entrepreneurship possible without online marketing?
  • How can creativity make your business more identifiable?
  • Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
  • What are the psychological causes that urge entrepreneurs to seek profit?
  • What are the reasons that spur the growing expertise of individuals in business issues?
  • Which factors can bring entrepreneurship to bankruptcy?
  • How could governments incentivize individuals to become sole entrepreneurs?
  • What are the leadership characteristics of successful entrepreneurial management?
  • Does gender influence a person’s skills in entrepreneurship as a career?
  • Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
  • Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
  • How can MBA help you to become an entrepreneur?
  • Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

  • In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
  • What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
  • Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
  • What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
  • Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

419 Best Sample Essays about Entrepreneurship

The definition of entrepreneurship.

  • Words: 1654

Starting a Business: Advantages and Disadvantages

  • Words: 1730

A Clothing Boutique as a Business Idea

  • Words: 1227

Entrepreneurship: Interview with Small Business Owner

  • Words: 1643

Concept of an Entrepreneur in Business

  • Words: 2037

Small Business: Features and Development

Entrepreneurs’ strengths and weaknesses, business failures: reasons and recommendations, working for someone vs. owning a business, entrepreneurship: history, reasons and roles, starting a business vs. working for an employer, case study analysis: opening a coffee shop.

  • Words: 1783

Independent Entrepreneurship, Intrapreneurship, and Social Entrepreneurship

  • Words: 1531

“Drinkworks: Home Bar” by Keurig

Natural hair care products as a business idea, eco-friendly packaging for food and beverage industry.

  • Words: 2749

Entrepreneurship, Intrapreneurship, and Formulated Marketing

The concept of enterprise “push” and “pull” in a business.

  • Words: 2024

Kirzner’s Theory of Opportunity

  • Words: 2450

Entrepreneurship Development in the UAE

  • Words: 3180

3M Corporation’s Innovation Engine Case

Entrepreneurship journey case study.

  • Words: 2941

Entrepreneurship: Making a Business Plan

Steve jobs as a successful entrepreneur, uae governmental programs for small businesses.

  • Words: 2367

Entrepreneur Interview: Local Business Store

  • Words: 1111

The Doctrine of Insurable Interest

  • Words: 2412

Entrepreneurship vs. Working as an Employee

Women entrepreneurs, governmental role for business, entrepreneurship: amara online shoe shop.

  • Words: 7379

Strategic Entrepreneurship: Creating Values

  • Words: 2626

Chinese and Japanese Business Systems Comparison

  • Words: 3387

Entrepreneurs and Opportunity Recognition

  • Words: 2804

“How to Change the World” by D. Bornstein

  • Words: 1389

Owning & Operating a Family Business

Critical success factors for entrepreneurs.

  • Words: 3872

Entrepreneurs and the Entrepreneurship Process

  • Words: 1233

Sources of Capital for Entrepreneurs

The definition of entrepreneurship and entrepreneurial behavior.

  • Words: 2683

Women in Entrepreneurship

  • Words: 3172

Katie’s Custom Engraving Logos

  • Words: 1669

Kier Group Plc: The Impacts of COVID-19

  • Words: 4343

Concepts of Customer Data Dynamics and Sub-Concepts

Entrepreneurial leadership characteristics and types, innovation and creativity in entrepreneurship, the incubation of a business idea, entrepreneurship: business planning and characteristics.

  • Words: 3246

Entrepreneurship and Its Peculiarities

  • Words: 1567

Social entrepreneurship: What Everyone Needs to Know by Bornstein and Davis

Entrepreneurship: who is entrepreneur, enterprise architecture and outsourcing strategy organization, franchising and its advantages, trait (or personality characterisitcs) approach to explaining enterpreneurship.

  • Words: 1972

Phenomenon of Entrepreneurship

  • Words: 1495

“Steve Jobs” by Walter Isaacson

Innovation, creativity and design, entrepreneurs’ new businesses & risk perception.

  • Words: 2365

Establishing a Food Truck Business in Dubai

Enterprise and entrepreneurial management impact.

  • Words: 2989

Employee vs. Entrepreneur: Benefits and Drawbacks

New enterprise start-up plan: on-demand courier service to deliver medicine.

  • Words: 15616

Frank Zamboni, an Entrepreneur and Inventor

Sole proprietorship and internal control.

  • Words: 1285

The African American Entrepreneurship Development Program Evaluation

  • Words: 1467

The African American Entrepreneurship Development Program

The dopeplus social entrepreneurship.

  • Words: 1166

Luxury Linens: Review of an Interview With an Entrepreneur

  • Words: 1104

Entrepreneurship by Young People

Sole proprietorship: advantages and disadvantages, capability: business model innovation in mergers, characteristics of writing a business plan, entrepreneurial activity: the key aspects, entrepreneurial personality and decision to start a business, the determinants of self-employment for artists, a study of ooredoo’s practices in the context of schumpeter’s theory, home depot’s entrepreneurship and value creation, entrepreneurial action module for modular business model.

  • Words: 11408

Discussion: Female Entrepreneurship in Asian Countries

Types of business forms and their organisation, entrepreneurship and christian world view.

  • Words: 1001

Entrepreneurship as a Powerful Practice

  • Words: 2501

The Microeconomics and Macroeconomics Factors in a Startup Café

The entrepreneurial journey of foods future global.

  • Words: 1385

The Minority Business Development Agency Program

  • Words: 1455

Supporting the Innovative Entrepreneurs in Turkish Universities

Starting a business: a restaurant of national cuisine, entrepreneurial education for university students.

  • Words: 2656

The Book “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight

How a business idea becomes an innovative product, family business succession in asian countries.

  • Words: 8061

Commercialization and Innovation Best Practices

  • Words: 2754

Establishing a Small Business Tourist Agency in the UAE

Investing in an offshore wind power plant in greece.

  • Words: 1214

Crowdfunding Project on Kickstarter

  • Words: 1010

What Is Business Intelligence?

Entrepreneurship: reducing unemployment.

  • Words: 1410

“The Art of the Start” by Guy Kawasaki

The innovation process: successes and failures, elements and infrastructures for technology startups.

  • Words: 2585

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Essay Samples on Entrepreneurship

What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

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What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

About entrepreneurship is a dynamic journey that involves the pursuit of innovation, creation, and the realization of opportunities. It is the process of identifying gaps in the market, envisioning solutions, and taking calculated risks to bring new products, services, or ventures to life. Entrepreneurs are...

Best topics on Entrepreneurship

1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

9. 300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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What Is Entrepreneurship?

Entrepreneurship is the foundation of capitalism, and is generally known as the process of creating a business to bring a product or service to the market, managing, assuming risk, but also bearing the financial rewards. While business owners can be considered as entrepreneurs, the concept has various meanings attached to it including creation of value, innovation or creativity, and being an agent of change. Most commonly an entrepreneur creates a firm to bring their idea into fruition, aggregate capital and labor in order to produce goods or services (Hayes, 2021). Entrepreneurs are seen as innovators to their respective industries, bringing new ideas or goods, or potentially changing or reinventing the industry or business processes as whole.

The word ‘entrepreneur’ originates from 13th-century French verb entreprendre , meaning ‘to undertake.’ By the 16th century, it was used to describe someone who undertakes a business venture. It has been since defined as someone who takes on personal financial risk, creates value by moving resources, and a person who assumes risk and management of a business. In the 20th century, economists Joseph Schumpeter and Israel Kirzner redefined the understanding of an entrepreneur by emphasizing the individual’s role an innovator, a disruptive force in the economy (Sobel. n.d.). It can be done through various paths: by introducing completely new products or creating new industry (Netflix with online streaming), drastically improving existing products to push the industry further (Steve Jobs and Apple with both computers and smartphones) or changing management or production processes drastically (Ford with his motor vehicle assembly line).

Entrepreneurs seek to exploit a commercial opportunity through bringing a new product to the market or sustainably improving an existing good, service, method of product. It has been in recent years especially strongly associated with the American identity, as the country and its capitalistic society is based on entrepreneurial undertaking in the spirit of freedom, self-reliance, and commitment to values of fairness, innovation, and cooperation. That is why entrepreneurs, both currently and in the past, have played a strong role in driving the economy while also being a part of popular culture as the concept of ‘making it on your own’ has been highly respected in the nation’s social fabric.

Cunningham & Lischeron (1991) present six approaches for describing entrepreneurship. The first is the ‘Great Person’ approach which suggests entrepreneurs have inborn intuition and vital traits to succeed in the industry and be good businessmen. The ‘psychological characteristics’ approach argues that in order to be an entrepreneur one needs to have unique skills, values, and attitudes which drive one’s character and decision-making. The ‘classical perspective’ emphasises innovation, focusing on progress and doing rather than owning and attempting to money, which are secondary to discovery and creativity. The ‘management’ model presents entrepreneurs as great managers, organizers, and evaluators of risk, which can be trained in technical functions of management, planning, and budgeting. The ‘leadership’ model emphasises entrepreneurs as leaders which can easily adapt to the needs of the people and motivate others to support their ideas. Finally, there is the ‘intrapreneurship’ approach that suggests entrepreneurship can be used in complex organization and organizational building in to create markets and expand services (Cunningham & Lischeron, 1991).

While definitions of entrepreneurship can be broad, there are four key elements to each one which are innovation, organization, risk, and vision. Innovation describes how the entrepreneurship contributes to the economy in terms of variation and uniqueness and the extent that these ensure success of the business. Entrepreneurs implement innovative ideas based on available opportunities to bring something new such as product, service, technology, manufacturing process, or even marketing strategy (Lounsbury et al., 2018). Organization is absolutely vital in entrepreneurship, not just from the perspective of running a business, but the entrepreneur typically has to manage multiple channels of communication, employees and stakeholders, and supply chains simultaneously. Organization is necessary to achieve strong output and efficiency, validate one’s product, and develop a solid business model to set the firm up for success (Hjorth et al., 2015). The common adage is that entrepreneurs work 24/7 and based on the accounts of many, especially at starting stages of the business, it requires maximum output and organization.

Risk is also an expected element of entrepreneurship, as it consists of building something new. Opening a new business in itself is usually considered risky due to the many economic factors at play, but building firm around an idea which is inherently innovative, presents an even greater risk since nobody has done it before with that specific product (Antoncic et al., 2018). Finally, there is the prospect of vision, which is generally expected in all modern organizations, but takes on a different meaning in entrepreneurship. The entrepreneur and their firm must have a strong vision, with a direct purpose and objectives, with the foresight on how the business and industry will move forward. It is around this vision that the organizational culture is formed, and business decisions are made (Kreiser et al., 2019).

There are a range of factors both internal and external that can either contribute to or inhibit entrepreneurial success. Business sustainability is a critical aspect for society, so creation of new business ventures must consider the four key domains of environment, behavior, human relations, and business activity that can serve as drivers or barriers to sustainable entrepreneurship. The environmental and business factors typically cover the three eleemnts of economic prosperity, environmental integrity, and social sustainability. Economic prosperity focuses on financial strength and differentiation, as well as an environment that is beneficial for new businesses. Environmental integrity encompasses protections to safeguard the environment and protect needs of future generations while social sustainability focuses on ensuring social and organizational wellbeing (Tur-Porcar et al., 2018). These elements are regulated by external aspects such as policies, regulations, social awareness, business-friendly environment but also internal elements of profit, business management, sustainable practices, and CSR.

Furthermore, there are also behavioral and human relations factors of entrepreneurship. There are also three categories of cognitive and motivational factors, values and ethics, and emotional factors. Based on the social cognitive theory, entrepreneurs are active contributors to the development of circumstances surrounding their lives and business. Based on this belief, motivation and self-efficacy are formed which regulated cognitive, motivational, and decisional processes, it is what allows entrepreneurs to initiate and fulfill innovative actions. Another aspect to consider are value and ethics, particularly when it comes to sustainability, these are factors which contribute to the development of necessary behaviors in the entrepreneur, which is then reflected in the firm’s actions. Finally, there is the element of emotions, which can be both a powerful drive and inspiration for the entrepreneur, but also create instances of helplessness, anger and despair, emphasizing the need to cope with both types of emotions and failure, as entrepreneurship rarely succeeds immediately or on the first attempt (Tur-Porcar et al., 2018). Based on these human and emotional factors, the concepts of organizational motivation and leadership emerge. A business needs strong but transformative leadership with a congruence and dependable reputation to achieve business success.

Elon Musk is most likely the name that is synonymous with entrepreneur in the modern-day. He is an engineer, business magnate, and entrepreneur that has played a role in creating or growing several highly successful and innovative companies across a variety of industries, most associated with technology in some form. Elon Musk was born in South Africa and immigrated to the US to attend college. He was able to come up from being poor, to now being the richest individual on the planet by net worth. Musk is well-known not only as the creator and business genius of the various companies, but as a highly charismatic, intelligent, and eccentric individual that has a unique way of approaching problems and generating ideas.

In the early 2000s, Musk both started a company called SpaceX and joined one at the early stages called Tesla. SpaceX was inspired by the vision that Musk had for space exploration and Mars colonization, given how expensive space flight was, he wanted to develop affordable and reusable spacecraft. After years of failures, Musk and his team were able to develop and then perfect the technology, now being a primary partner for NASA, developing new spacecraft, pioneering space tourism, and being essentially at the forefront of human space exploration. Meanwhile, Tesla, perhaps Musk’s most famous entity, is known for the production of fully electric vehicles. Starting as a small company, with bare capital, hindered production, and underdeveloped technology, Tesla is now the most expensive car brand by valuation and has transformed the automotive market by pushing it towards fully electric vehicles, not only by making the technology viable and affordable, but also creating an infrastructure (charging network) to support it (Wong, 2021). Musk is also involved in a series of other ventures such as the Boring Company by attempting to create new transportation networks via underground tunnels, Starlink which is attempting to provide high-speed internet from space, and even highly improbable technologies such as Neuralink that is attempting to develop methods to control technology using just brain signals.

A combination of factors makes Elon Musk a successful entrepreneur, ranging from personality traits to the way that he creates and manages his companies. In itself, Musk is a strong and charismatic leader. His intelligence combined with a unique quirkiness is appealing to many, he is both self-confident but also demonstrates humanity. However, his most admired traits as an entrepreneur are his work ethic and perseverance (Garn, 2021). Musk has faced failure and denial many times, starting with his first ventures when he was attempting to become CEO, eventually achieved the position at PayPal but was quickly ousted due to difference of opinion and lack of strategy. While he did make significant amounts of money from those sales, the time at the companies brought many valuable lessons to Musk as a manager and leader, which he did not have before due to lack of experience (Lazatin, 2020).

Musk is highly focused, often driven by a specific vision for each of his companies, as key trait as emphasized earlier for entrepreneurs. This is what allowed him to succeed with Tesla and SpaceX, developing technologies that no one thought were remotely possible in the near future. To support his vision, Musk also puts in the work, known for working everyday of the week, at times 16 or more hours per day, especially in times of crisis. An example of this is when starting Zip2, he would sleep in the office, and code at night until the website was built. Similarly, as Tesla was facing multiple production issues, he would notoriously sleep in the factory offices, spending all his waking hours to manage the crisis, until Tesla reached a point of profitability (Matousek, 2018). Throughout his ventures, Musk and his entrepreneurship are not only innovative, but adaptable. Musk does seem to recognize niches in the market and create or improve innovative solutions to solve them, driven by humanitarian and sustainable vision as can be applied to virtually every one of his companies.

Musk is a highly admired entrepreneur because he is a visionary. He creates entrepreneurships when there is a need. Online systems need a payment system, he helped co-found PayPal. Space launches were extremely expensive, he created technologies to reduce the costs multiple times over and popularize commercial investment in the industry. Recognizing that climate change is a serious issue, but understanding that people need cars, he developed Tesla which not only produces electric cars but also invests heavily into developing various solar panel and renewable technology (i.e. his other ventures such as SolarCity and solar roof panels for private households). Musk is the example of the American dream, by coming from zero wealth, creating his own, and pushing the status quo to achieve the best potential outcomes based on his vision (Clifford, 2017. Some have succeeded, some failed, and others have only seen moderate progress, but entrepreneurship is at the core of Musk’s approach, and he is adamant that instead of settling down, one should push the boundaries of what is possible.

Antoncic, J. A., Antoncic, B., Gantar, M., Hisrich, R. D., Marks, L. J., Bachkirov, A. A., Li, Z., Polzin, P., Borges, J. L., Coelho, A., & Kakkonen, M.-L. (2018). Risk-taking propensity and entrepreneurship: The role of power distance. Journal of Enterprising Culture, 26 (01), 1–26. Web.

Center for American Entrepreneurship. (n.d.). What is entrepreneurship ?  Web.

Clifford, C. (2017). There’s one thing that motivates Elon Musk above all else. CNBC . Web.

Cunningham, J.B., & Lischeron, J. (1991). Defining entrepreneurship. Journal of Small Business Management, 29 , 45-61.

Garn, R. (2021). Why is Elon Musk so successful? It all comes down to these 5 key personality traits. Entrepreneur . Web.

Hayes, A. (2021). Entrepreneur . Web.

Hjorth, D., Holt, R., & Steyaert, C. (2015). Entrepreneurship and process studies. International Small Business Journal: Researching Entrepreneurship, 33 (6), 599–611. Web.

Kreiser, P. M., Kuratko, D. F., Covin, J. G., Ireland, R. D., & Hornsby, J. S. (2019). Corporate entrepreneurship strategy: extending our knowledge boundaries through configuration theory. Small Business Economics, 56 , 739-758. Web.

Lazatin, H. (2020). Before Tesla and SpaceX, Elon Musk was fired from PayPal and dropped out of a Stanford PhD programme – 5 facts about the outspoken South African tech entrepreneur before the billions. SCMP . Web.

Lounsbury, M., Cornelissen, J., Granqvist, N., & Grodal, S. (2018). Culture, innovation and entrepreneurship. Innovation, 21 (1), 1–12. Web.

Matousek, M. (2018). Elon Musk said he slept on the floor of Tesla’s factory because he wanted to suffer more than any other employee during Model 3 ‘production hell.’ Business Insider . Web.

Sobel, R.S. (n.d.). Entrepreneurship . Web.

Tur-Porcar, A., Roig-Tierno, N., & Llorca Mestre, A. (2018). Factors affecting entrepreneurship and business sustainability. Sustainability, 10 (2), 452. Web.

Wong, W. (2021). Elon Musk, CEO of Tesla and SpaceX, is Time’s Person of the Year. NBC News . Web.

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7 Inspirational Essays on Entrepreneurship-Meaning & Importance

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Entrepreneurship is the process, skill, ability to create opportunities, solve problems and contribute into the society. It takes a lot to be an entrepreneur. The following Essay on Entrepreneurship talks about its very concept, meaning & importance in our Lives.

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E ssay on Entrepreneurship | Definition, Concept, Importance of Entrepreneurship for a Country

Entrepreneurship is simply the process of designing, launching, and running a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things.

Entrepreneurship is not easy. It involves taking risks, making sacrifices, and working hard. But it can be immensely rewarding, both personally and professionally. There are many reasons why people become entrepreneurs. Some want to be their own boss, some want to make a lot of money, and others just enjoy the challenge and excitement of starting something new. Whatever your reasons, there are certain qualities that all successful entrepreneurs share. These include creativity, initiative, risk-taking, determination, and perseverance.

Benefits of Being an Entrepreneur

There are many benefits to being an entrepreneur, including:

1. Freedom and control. As an entrepreneur, you are your own boss and you make your own decisions. This can be a very rewarding experience, both personally and professionally.

2. Opportunity for Growth . As an entrepreneur, you have the opportunity to grow your business and make it as successful as you want it to be. There are no limits to what you can achieve.

3. Pride and Satisfaction. Seeing your business grow and succeed can give you a great sense of pride and satisfaction. Knowing that you built something from scratch and made it successful is an incredible feeling.

4. Financial Rewards. Of course, one of the biggest benefits of being an entrepreneur is the potential for financial rewards. If your business is successful, you can make a lot of money.

These are just a few of the many benefits that come with being an entrepreneur. If you have the drive and determination to succeed, entrepreneurship can be a very rewarding experience.

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Qualities of a Successful Entrepreneur

Creativity. Successful entrepreneurs are creative problem-solvers. They think outside the box and come up with innovative solutions to problems. Initiative. Successful entrepreneurs take initiative. They don’t wait for someone else to tell them what to do; they take the initiative to make things happen.

Risk-taking. Successful entrepreneurs are willing to take risks. They know that there is always the potential for failure, but they are willing to take risks anyway. Determination. Successful entrepreneurs are determined to succeed. They never give up, even when things get tough.

Persistence. Successful entrepreneurs are persistent. They keep going, even when others would have given up. These are just a few of the qualities that successful entrepreneurs share. If you want to be a successful entrepreneur, you need to have these qualities in abundance.

Entrepreneurship is not for a faint heart. It takes a lot of hard work, dedication, and determination. But if you have what it takes to be an entrepreneur, the rewards can be great. So if you’re looking for a challenge, and you’re willing to take some risks, entrepreneurship might be for you.

Therefore, Entrepreneurship is an art of creating something new, whether a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things. So if you’re ready to take the plunge into entrepreneurship, go for it! There’s no better time than now.

Reflective Essay on Entrepreneurship:

As I sit down to write this reflective essay on entrepreneurship, I can’t help but think about my own journey as an entrepreneur. It has been a rollercoaster ride full of highs and lows, successes and failures, but most importantly, a learning experience like no other.

Being an entrepreneur is not for the faint of heart. It takes guts, determination, resilience, and a whole lot of hard work. You have to be willing to take risks, think outside the box, and constantly adapt and pivot as the business landscape changes.

But why do people become entrepreneurs? Some might say it’s for the freedom and flexibility that comes with being your own boss. Others might say it’s for the potential financial rewards. While these are certainly perks of entrepreneurship, I believe that the true driving force behind becoming an entrepreneur is passion.

Passion is what fuels entrepreneurs to pursue their dreams and turn them into reality. It’s that fire in your belly that keeps you going even when faced with challenges and setbacks. Without passion, it’s difficult to sustain the motivation and drive needed to build a successful business.

But being passionate about your business is just one aspect of entrepreneurship. You also need to have a solid idea, a sound business plan, and the ability to execute on your vision. These are all skills that can be learned and developed over time.

One of the biggest lessons I’ve learned as an entrepreneur is the importance of surrounding yourself with the right people. This includes mentors, advisors, and a strong team. As the saying goes, “you are only as strong as your weakest link.” Having a support system of knowledgeable and experienced individuals can make all the difference in the success of your business.

Another important aspect of entrepreneurship is embracing failure. No one likes to fail, but it’s inevitable in the world of entrepreneurship. What sets successful entrepreneurs apart is their ability to learn from their failures and use them as stepping stones towards success. Failure is not a setback, but rather an opportunity for growth and improvement.

As I reflect on my own journey as an entrepreneur, I am grateful for the experiences and lessons learned along the way. It has been a challenging yet rewarding path, and I wouldn’t change it for anything. Entrepreneurship is not just about building a business, it’s also about personal growth and development.

In conclusion, being an entrepreneur is not just about making money or being your own boss. It’s about pursuing your passion, taking risks, learning from failures, and constantly growing and evolving. It’s a journey that requires dedication, perseverance, and a willingness to learn. But with hard work and determination, the rewards can be endless. So for anyone considering entrepreneurship, my advice is to follow your passion, surround yourself with the right people, and never be afraid of failure because in the end, it’s all part of the journey towards success

Essay on Entrepreneurship in India:

Entrepreneurship in India has been on the rise for the past few decades, with more and more individuals taking the leap to start their own businesses. This trend can be attributed to a combination of factors such as a thriving economy, government policies that support entrepreneurship, and a growing culture of innovation.

One of the main reasons for the growth in entrepreneurship is India’s rapidly growing economy. Over the years, India has emerged as one of the fastest-growing major economies in the world. This economic growth has created a favorable environment for entrepreneurs to launch their ventures and tap into new markets. With a large and diverse population, there is a high demand for goods and services, providing ample opportunities for entrepreneurs to succeed.

Moreover, the Indian government has taken several initiatives to promote and support entrepreneurship in the country. The introduction of policies like Startup India, Standup India and Make in India has provided a conducive environment for new businesses to thrive. These policies have made it easier for entrepreneurs to start their ventures by simplifying procedures, providing financial aid, and offering tax incentives.

In addition, there is a growing culture of innovation in India that is driving the entrepreneurial spirit. Indians have always been known for their creativity and resourcefulness, and this is now being channeled towards entrepreneurship. With advancements in technology, access to information, and a growing network of mentors and investors, aspiring entrepreneurs are able to turn their ideas into successful businesses.

However, while the entrepreneurship landscape in India is promising, there are still challenges that need to be addressed. One major challenge is the lack of access to funding for startups. Despite the government’s efforts, raising capital remains a significant barrier for many entrepreneurs, especially those from underprivileged backgrounds.

Another challenge is the competitive market in India. With a large number of existing businesses and new ones emerging every day, it can be difficult for entrepreneurs to stand out and make their mark. This requires a high level of resilience and adaptability, which are essential qualities for any successful entrepreneur.

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In conclusion, entrepreneurship in India is a dynamic and ever-evolving landscape. With a strong economy, supportive government policies, and an innovative culture, the potential for growth and success is immense. However, it also requires determination, perseverance, and the ability to navigate challenges. As more and more individuals take the path of entrepreneurship, India is poised to become a hotbed for innovation and economic growth in the years to come.

Benefits of Entrepreneurship Essay:

Entrepreneurship is a hot topic these days, with more and more people opting to start their own businesses instead of working for someone else. And there’s no denying the numerous benefits that come with being an entrepreneur.

Firstly, entrepreneurship allows individuals to pursue their passions and interests. Unlike traditional jobs where you are limited to certain roles and responsibilities, as an entrepreneur, you have the freedom to create and innovate in any field you choose. This not only leads to personal satisfaction but also contributes to the growth of industries and economies.

Secondly, entrepreneurship offers a sense of autonomy and control over one’s own life. Being your own boss means having the freedom to make decisions, set your own schedule, and work towards achieving your goals without external constraints. This can result in a more fulfilling and balanced work-life balance.

Another benefit of entrepreneurship is the potential for financial gain. While starting a business may involve some initial investment, the long-term rewards can be significant. As an entrepreneur, you have the opportunity to build a successful and profitable business that can provide financial stability for yourself and your family.

Moreover, entrepreneurship encourages creativity and problem-solving skills. As an entrepreneur, you are constantly faced with challenges and obstacles that require innovative solutions. This not only helps in personal growth but also contributes to the overall advancement of society.

Lastly, entrepreneurship creates job opportunities for others. As your business grows, you will need to hire employees to assist with various tasks. This not only provides employment opportunities for others but also gives them a sense of purpose and the chance to learn new skills.

In conclusion, entrepreneurship has numerous benefits that go beyond just financial gain. It allows individuals to pursue their passions, have control over their lives, foster creativity, and contribute to society’s growth.

Successful Entrepreneur Essay:

Being a successful entrepreneur is not an easy feat. It requires hard work, dedication, and a unique set of skills. In this essay, we will explore the qualities and traits that make a successful entrepreneur.

Firstly, a successful entrepreneur is someone who has a strong vision and passion for their business. They have a clear understanding of what they want to achieve and are willing to put in the effort and take risks to make it happen. They are not afraid of failure and are persistent in pursuing their goals.

Secondly, an entrepreneur must possess excellent leadership skills. They need to be able to motivate and inspire their team, delegate tasks effectively, and have a clear vision that everyone can work towards. A successful entrepreneur also knows how to handle challenges and adapt to changes in the market.

Furthermore, successful entrepreneurs have excellent communication and networking skills. They know how to build relationships with clients, investors, and other professionals that can help their business grow. They are also great at pitching their ideas and selling their products or services.

In addition to these qualities, a successful entrepreneur is always willing to learn and evolve. They keep up with industry trends and are constantly seeking ways to improve their business. They also know when to seek advice and guidance from mentors or other successful entrepreneurs.

In conclusion, being a successful entrepreneur requires a combination of skills, dedication, and passion. It is not an easy journey, but with the right mindset and determination, anyone can achieve success in the world of entrepreneurship. So if you have a business idea and dream of being your own boss, don’t be afraid to take the leap and become an entrepreneur.

My Favorite Entrepreneur Essay:

As someone who is passionate about entrepreneurship and the power of innovation, there are many successful entrepreneurs that I admire. However, there is one entrepreneur in particular who has always stood out to me as my favorite – Elon Musk.

Elon Musk is a visionary entrepreneur and has been at the forefront of cutting-edge technologies such as electric cars, space exploration, and renewable energy. He is the founder of multiple successful companies including SpaceX, Tesla, Neuralink, and The Boring Company. His relentless drive to push boundaries and revolutionize industries has inspired me in my own entrepreneurial journey.

One of the reasons Elon Musk is my favorite entrepreneur is because he doesn’t just focus on making profits, but also prioritizes creating a positive impact on society. He has a grand vision for a sustainable future and is actively working towards it through his companies. For instance, Tesla’s mission to accelerate the world’s transition to sustainable energy has played a significant role in promoting clean energy solutions.

Another aspect that I admire about Elon Musk is his fearlessness when it comes to taking risks. From investing all his money into SpaceX despite multiple failed launches, to constantly pushing the limits of technology with each new project, he has shown that great success comes with great risk-taking.

Moreover, Elon Musk’s leadership style is also something I look up to. He leads by example and isn’t afraid to get his hands dirty in the day-to-day operations of his companies. He also prioritizes hiring talented individuals and fostering a culture of innovation and collaboration.

In conclusion, Elon Musk’s passion, drive, and fearlessness have made him my favorite entrepreneur. He continues to inspire me to think big and use entrepreneurship as a tool for positive change in the world.

What Make a Good Entrepreneur Essay:

Being an entrepreneur is not an easy task. It requires a combination of skills, traits, and personal characteristics to be successful in this field. In this essay, we will discuss what makes a good entrepreneur and the key factors that contribute to their success.

Firstly, a good entrepreneur must have strong leadership abilities. They should be able to inspire and motivate others towards achieving a common goal. This not only applies to their employees but also to their clients and stakeholders. A good leader knows how to communicate effectively, delegate tasks, and make difficult decisions when necessary.

Secondly, a successful entrepreneur should possess resilience and perseverance. Starting and running a business comes with its fair share of challenges and setbacks. However, a good entrepreneur does not let these obstacles deter them from pursuing their goals. They are determined to overcome any obstacles and learn from their failures.

Next, a good entrepreneur must have a strong passion for what they do. Starting a business requires hard work, dedication, and long hours of commitment. Without passion, an entrepreneur is likely to burn out or give up when faced with challenges. Passion drives them to keep moving forward, even when things get tough.

Moreover, a good entrepreneur must be creative and innovative. In today’s fast-paced world, businesses need to constantly adapt and evolve to stay ahead of the competition. A successful entrepreneur is not afraid to take risks and think outside the box in order to come up with unique solutions or products that meet the needs of their target market.

In conclusion, being a successful entrepreneur requires a combination of skills, determination, and passion. It’s not just about having a great idea, but also about having the drive and ability to turn that idea into a successful business venture. By possessing strong leadership abilities, resilience, passion, and creativity, one can increase their chances of becoming a successful entrepreneur

Speech about Entrepreneurship:

Dear aspiring entrepreneurs,

I am here today to talk to you about entrepreneurship – the art of pursuing your dreams, taking risks and creating something truly remarkable. Now, before I start, let me ask you a question – have you ever thought about starting your own business? Have you ever felt the desire to break free from the 9-5 grind and be your own boss? If your answer is yes, then my friends, you are already on the right path.

Entrepreneurship is not just about making money or being successful. It’s a way of life – a mindset that sets you apart from the crowd. It’s about having the courage to follow your passion and turn it into a reality. It’s about taking control of your own destiny and not being limited by someone else’s expectations.

Now, I know what you’re thinking – entrepreneurship is risky, it’s difficult, it requires a lot of hard work and dedication. And yes, all of that is true. But let me tell you something – nothing worthwhile in life comes easy. If you want to achieve greatness, you have to be willing to push yourself out of your comfort zone, to face challenges head on and to embrace failure as a learning experience.

But the beauty of entrepreneurship is that it’s not just about success or failure – it’s about the journey. It’s about waking up every day with a sense of purpose and passion, knowing that you are working towards something meaningful and fulfilling. It’s about creating something that you can be proud of and leaving a legacy for generations to come.

So my dear friends, don’t let fear or doubts hold you back from chasing your dreams. Don’t let the naysayers discourage you or the setbacks demotivate you. Remember, every successful entrepreneur started with an idea and a dream – and they never gave up on it. So believe in yourself, trust in your abilities and take that leap of faith. Because in the end, it’s not about reaching the destination, it’s about enjoying every step of the journey.

As I wrap up my speech, I urge you to think about what truly excites you, what drives you and what makes you come alive. And then go out there and make it happen. Because the world needs more dreamers who are crazy enough to believe that they can change it for the better. And I have no doubt in my mind that each and every one of you has the potential to do just that.

What is entrepreneurship in your own words essay?

Entrepreneurship is the pursuit of creating, developing, and managing innovative and often risky ventures with the aim of achieving success, typically in the realm of business. It involves identifying opportunities, taking calculated risks, and mobilizing resources to bring new ideas or products to the market.

Who is an entrepreneur (100 words)?

An entrepreneur is a visionary and proactive individual who initiates and organizes a business or venture, assuming significant financial and personal risks in the pursuit of innovation and success. Entrepreneurs are often characterized by their creativity, resilience, and ability to identify opportunities in the market.

They play a pivotal role in driving economic growth, creating jobs, and fostering technological advancements. Entrepreneurs come from diverse backgrounds, but they share the common trait of a willingness to take calculated risks and a relentless drive to turn their ideas into reality.

What are 3 reasons why entrepreneurship is so important?

Entrepreneurship is crucial for economic growth, job creation, and innovation. It promotes:

a. Economic Growth: Entrepreneurs stimulate economic development by creating new businesses and markets, leading to increased production and consumption.

b. Job Creation: New businesses founded by entrepreneurs generate employment opportunities, reducing unemployment rates and enhancing social well-being.

c. Innovation: Entrepreneurs drive innovation by introducing new products, services, and processes that can lead to technological advancements and improved quality of life.

What is entrepreneurship and its importance?

Entrepreneurship is the process of identifying and exploiting opportunities to create and manage new ventures, typically in the business context. Its importance lies in its ability to drive economic growth, create jobs, foster innovation, and adapt to changing market conditions, ultimately contributing to a dynamic and prosperous society

Essay on Entrepreneurship

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What Is Entrepreneurship? Definition, Meaning, and Tips (2024)

While the definition of entrepreneurship has stayed constant for decades, the possibilities for aspiring entrepreneurs have come a long way. 

Think about it: 100 years ago, what options did an entrepreneur have? If you weren’t skilled enough to make something or didn’t have the capital to buy wholesale products to resell, you were out of luck. 

Fast forward to 2024—there are now 582 million entrepreneurs in the world. There’s a simple reason behind this growth in entrepreneurship: the opportunities have exploded. 

Today, we’ll take a closer look at what it means to be an entrepreneur. You’ll also get insights from successful entrepreneurs on how they launched their businesses, along with tips to help you start your own.

Don’t miss out on Shopify’s Dropshipping 101 course if you want to start your own business off on the right foot. 

essay about what is entrepreneurship

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essay about what is entrepreneurship

What is entrepreneurship?

Entrepreneurship is the practice of launching, running, and growing a business venture. It requires a combination of innovation, skills, and clear vision to create products, services, or ideas that meet market demands and offer value to a target audience. Those who choose this path are ready to face the risks that come with starting a new business .

Entrepreneurs work hard to make their ventures successful, whether it’s a small business or a larger company. This effort boosts economic development and creates new job opportunities. Additionally, entrepreneurs contribute to society by solving problems and meeting the needs of the people around them.

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What is an entrepreneur.

An entrepreneur is someone who pursues a new business venture, often embracing the risks and challenges that come with it. However, this definition barely scratches the surface of what it means to be an entrepreneur.

Entrepreneurs embody passion, grit, and a desire to bring ideas to life. They want to solve real-world problems and improve lives through their endeavors. Being an entrepreneur means embracing a journey of innovation, resilience, and adaptability.

The term ”entrepreneur” encompasses a wide spectrum of entrepreneurial ventures, from side hustles and product development to freelance work and content creation. Anyone who earns independently through their own initiatives can rightfully be considered an entrepreneur.

What is entrepreneurial mindset?

Entrepreneurial mindset is a way of thinking that empowers people to pursue ideas, overcome challenges, and succeed in a variety of settings. Anyone can adopt this mindset, regardless of their inherent knowledge and strengths. Continuous learning and personal growth are key to developing and nurturing your entrepreneurial spirit.

Types of entrepreneurs

essay about what is entrepreneurship

Entrepreneurs can be categorized by their motivations, personality type, or nature of business. Here’s a look at the different paths you can take as an aspiring entrepreneur to forge your own success:

Side hustler entrepreneurs

Side-hustler entrepreneurs start their own businesses on the side while keeping their day jobs. They might be chasing a passion, looking to earn some extra cash, or just trying out a business idea before diving in full-time. Plenty of them have turned these side gigs into their main business.

Creator entrepreneurs

“Creator” is a term used to describe influencers, social media personalities, and online media personalities who earn money via self-employment. They have multiple streams of income, including sponsorships, merchandise sales, and subscriber-only content.

Maker entrepreneurs

Maker entrepreneurs are the crafty individuals who turn their hobbies into a business . They are the ones behind the handmade goods you love and the online courses teaching different DIY techniques.

Innovator entrepreneurs

Innovators are entrepreneurs coming up with fresh ideas, services, or products, or making existing ones better. These ideas can turn into new companies or patents, or could be sold off to other businesses.

Small business owner entrepreneurs

These are the people you usually think of when someone says “entrepreneur.” They might be going it alone or managing a small team while running all sorts of businesses, from a bespoke SEO agency to an online dropshipping store .

Consultant entrepreneurs

Consultant entrepreneurs are experts in their field who choose to work independently. They make their living by offering advice to companies and people on areas they know best, like decorating homes or smart investing.

What are the characteristics of successful entrepreneurs?

what is entrepreneurship

Certain traits are common among successful entrepreneurs, but no two are the same. Each has their own unique strengths that play a major role in how they manage and envision their business.

Top entrepreneur traits include:

Discipline means sticking to a plan. Entrepreneurs with this trait focus hard every day. They set goals, follow plans, and work tirelessly toward their objectives.

Passion 

Passionate entrepreneurs are guided by their strong love for what they do. This intense enthusiasm is like a powerful engine that keeps them going. It motivates them to overcome challenges and turn their dreams into reality.

Entrepreneurs with vision look beyond the horizon. They imagine what’s not yet seen, crafting a future that’s both ambitious and inspiring. This foresight also guides their business decisions and draws others to their cause.

Self-reliance 

Being able to count on yourself is huge. Entrepreneurs who stand strong on their own make decisions confidently, steer through tough times, and keep pushing forward, no matter the circumstances.

Risk tolerance 

Being OK with taking chances is risk tolerance. Entrepreneurs ready to take risks often find new paths. They’re not afraid to try, even if it means failing at first.

Pros and cons of entrepreneurship

essay about what is entrepreneurship

When considering entrepreneurship, it’s crucial to weigh the pros and cons. This step helps you grasp the risks and rewards involved. By doing so, you can make an informed decision about whether this path is right for you.

Pros of entrepreneurship

  • Work flexibility: When you run a small business, you can set your own hours. Work wherever and whenever suits you best.
  • Be your own boss: You’re in control. Make decisions quickly without needing someone else’s approval.
  • Unleash creativity: Without big company bureaucracy, you can solve problems in creative ways and try out new ideas often.
  • Make money from passion: Turn what you love into your career. No need to wait until after work to do what you enjoy.
  • Unlimited earning potential: Your income isn’t capped. The more your business grows, the more you can earn.

Cons of entrepreneurship

  • Financial risk: Putting your money into your business is a gamble. If your idea doesn’t take off, you’re the one who has to deal with the fallout with investors and lenders.
  • Long hours: Starting a business means there’s always more work to do. You’ll often find yourself working late and tackling various tasks at once.
  • More responsibility: Being in charge means all decisions—and their impacts—rest on your shoulders, which can be quite stressful.
  • Stiff competition: No matter the field, you’ll be up against established businesses and other entrepreneurs eager to make their mark.
  • No steady income: While there’s a chance for big earnings, they won’t come quickly. Expect to reinvest a lot into the business and face some tight financial times early.

Understanding these challenges is crucial for anyone thinking about starting their own business. Every successful entrepreneur has faced hurdles. If you’re aiming to bring an innovative idea to life through entrepreneurship, knowing what lies ahead is key to preparing for success.

Why do people become entrepreneurs?

essay about what is entrepreneurship

Every entrepreneur has their own “why” that drove them into being their own boss. Whether entrepreneurs need more freedom or to make an impact, they all take control of their lives by living on their own terms. 

Here are a few of the reasons why people become entrepreneurs :

Build your skills

Starting a business usually means you’re the jack-of-all-trades, handling marketing, product making, customer support, and even website tweaking. Those early days are like a crash course in business 101. What you learn not only helps you then but sticks with you, ready to be used wherever you go.

Earn a sustainable income

Starting a business doesn’t always go smoothly at first, but keep at it, and you might just create a steady money stream for years to come. This hits home for folks gradually setting up their own thing while moving away from a 9-to-5 job.

Mixing up where your money comes from is a big deal in the FIRE movement —which is about smart saving and investing to become financially independent. A lot of entrepreneurs are in it for the chance to clock out early or the freedom of earning as much as they can on their own terms.

Achieve work flexibility

The flexibility to choose your working hours is a significant advantage of starting your own business. You could be up working at 4 a.m., take your dog out when the sun’s up, or work whenever you feel most switched on. Entrepreneurship allows you to shape your business to fit the life you dream of, not the other way around.

💡 Tip: If you love traveling, think about a seasonal business that gives you the freedom to explore for months at a time. If family time is your priority, schedule your work around your kids’ activities and vacations.

Boost community engagement

Start your business and watch how you can help your community thrive. Every $100 spent at a local small business puts $63 back into your local economy, way more than the $14 that stays when you shop at big chains. Across the US, entrepreneurs are responsible for creating more than 1.1 million jobs in their local areas. Your business success can inspire and facilitate success for others too.

Create social impact

Entrepreneurs historically have been catalysts for change. They challenge the status quo, introduce innovative solutions, and inspire shifts in how industries operate. By engaging in social entrepreneurship, you can pursue your passion for a cause and make a broad impact.

Define your own success

A successful business doesn’t mean only making a lot of money. As an entrepreneur, you decide your goals and what success means. Success might be about your brand getting noticed, grabbing more market share, building a loyal customer base, or being able to help out a charity you care about.

How do you become an entrepreneur?

essay about what is entrepreneurship

Let’s take a look at the top tips shared by startup entrepreneurs, and how you can use these tips to become successful.

If you’re drawn to starting a new business, bringing an innovative idea to fruition, or aiming for financial freedom, congrats on making the first move! That entrepreneurial spirit of yours is gearing up, and you’re on the brink of embarking on the entrepreneur’s journey.

Prerequisites for becoming an entrepreneur

To kick things off, there are a few crucial things you’ll need—and the rest you’ll pick up along the way.

  • A solid idea: First off, you need an idea. It’s important to ensure your idea is viable by conducting thorough market research .
  • Passion: The road to entrepreneurial success is filled with highs and lows. Believing in your idea and vision is key to overcoming any obstacles you encounter.
  • Start-up capital: Depending on your business concept, you might manage to start small from your home with minimal initial costs. If not, figure out the amount required to launch your business properly.
  • A learning mindset: Remember, many successful entrepreneurs didn’t start with business degrees. What you really need is a willingness to learn from your experiences and persist through failures.

First steps to kickstarting your business

  • Craft a business plan: Jumpstart your venture by drafting a business plan . Using a template can guide you through assessing your idea’s potential, figuring out funding, and planning how to reach your audience.
  • Refine your idea and business model: Once your idea and business model are clear, and you know who your market is, it’s time to look for funding. While some dip into savings to launch side businesses, others explore options like venture capital, crowdfunding, small business loans, or investor funding.
  • Set up the logistics: Depending on your business model, you might need to stock up on inventory, find a space to rent, hire a team, or organize how you’ll send products to customers. The exact steps vary for every entrepreneur.
  • Build your brand and online presence: With your brand strategy in place and your website up and running, you’re all set to introduce your business to the globe and start attracting customers.

Embracing these fundamentals sets the stage for your entrepreneurial journey, paving the way toward achieving the success that many entrepreneurs strive for.

Examples of entrepreneurs

what is entrepreneurship

Let’s take a look at some examples of entrepreneurs.

Walt Disney

Walter Elias Disney became one of the most well-known names in the world. You know him from the Walt Disney Company and theme parks like Disneyland and Walt Disney World. His brand started with Mickey Mouse and eventually expanded to include thousands of characters and whimsical fantasy worlds.

But it wasn’t always smooth sailing. He faced challenges like loads of commercial failures, but he kept pushing through and stayed committed to his vision.

Mark Zuckerberg 

Mark Zuckerberg created several products before building Facebook. He created an instant messaging tool that his father used in his dentistry practice to communicate with his receptionist. 

Zuckerberg also created music software that Microsoft and AOL were interested in buying, even though he was only a teenager. Within a year of Facebook’s founding, it already had one million users. Today, Zuckerberg has a net worth of $65.7 billion.

Sara Blakely 

Sara Blakely first started the Spanx brand in 1998. Her brand specializes in shapewear and includes items like bras, panties, and hosiery. 

She’s also the inventor of arm tights, which allow women to wear their summer clothing year-round. At one point, Blakely was the youngest self-made female billionaire.

Entrepreneurship ideas for 2024

As a startup entrepreneur, there are so many ideas you can pursue, depending on the business skills you already have and what you’re willing to learn. Here are a handful of business ideas to get you started:

  • Ecommerce store owner
  • Freelancer ( write a blog , accountant, designer)
  • Teaching (online courses, author)
  • App creator ( chatbots , social media apps)
  • Service-based business (food delivery, cleaning, dog walking)
  • Consultant-based business (wedding planner, life coach)
  • Apartment rentals (Airbnb)
  • Marketing businesses ( influencer marketing , SEO brands, PR firms)
  • Affiliate marketing ( Amazon Affiliate , Clickbank, etc.)
  • Blogger (Product reviews, niche blog, magazine)
  • Vlogger ( start a YouTube channel , Twitch)
  • Flipper ( domain name , website, house)
  • Gig economy (driver, Fiverr)
  • Real estate agent (condos, houses, commercial)
  • Photographer ( product photography , sell photos)
  • Stock Broker (buying and selling stocks)
  • Website flipper
  • Reseller business

How real entrepreneurs define entrepreneurship

Let’s take a look at what real entrepreneurs have to say about the meaning of entrepreneurship, and what it means to them on a personal level.

Christopher Molaro's entrepreneurship definition

Founder and CEO of NeuroFlow Christopher Molaro says, “Entrepreneurship means being the one who is willing to take a leap and work hard enough to sacrifice everything else around them, all in the name of solving problems, because no one else is capable or possesses the desire.”

Jolijt Tamanaha entrepreneur meaning

The meaning of entrepreneurship is slightly different for Jolijt Tamanaha , VP of growth at Fresh Prints, who shares, “Entrepreneurs make their way down a never-ending list of problems with grit, passion, and energy. While intense, being an entrepreneur means you get to live life learning an incredible amount and maximize your impact on the world because you have to tackle the hardest problems.”

James Sandoval

According to James Sandoval, founder, and CEO of Measure Match , “Being an entrepreneur means diving headlong into a [likely very risky] venture of your own making, working hard, long hours, often alone, to carve out a path to success and never, ever giving up.”

Entrepreneurship quotes for inspiration

what is entrepreneurship

Need some inspiration? Here are some popular entrepreneur quotes to keep you lit up and ready to go.

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” —Peter Drucker

“Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.” —Niccolo Machiavelli 

“From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing in business is to make people’s lives better.” —Richard Branson

“A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur.” —Naveen Jain 

“An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” —Reid Hoffman

“The number one reason why people fail in life is because they listen to their friends, family, and neighbors.” —Napoleon Hill

“It’s not about ideas. It’s about making ideas happen.” —Scott Belsky 

“There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” —Phil Libin

“Being an entrepreneur is a mindset. You have to see things as opportunities all the time. I like to do interviews. I like to push people on certain topics. I like to dig into the stories where there’s not necessarily a right or wrong answer.” —Soledad O’Brien 

For more quotes about entrepreneurship, check out our post of best motivational quotes for entrepreneurs .

The future of entrepreneurship

In recent years, a lot of people have turned to entrepreneurship for various reasons. Some were looking for a way to make extra money, while others wanted to pursue a passion or saw a chance to meet new demands in the market. As a result, we’ve seen a significant increase in the number of small businesses.

Technology has played a pivotal role in this entrepreneurial boom. New and emerging technologies like AI are allowing entrepreneurs to make data-driven decisions, automate processes, and personalize customer experiences. This accessibility is empowering entrepreneurs to launch more sophisticated, scalable, and customer-focused businesses than ever before.

Additionally, technology has facilitated the rise of the gig economy and remote work, which has been a blessing for many aspiring entrepreneurs. People can now leverage their skills and talents from anywhere in the world, providing services, creating content, or selling products without the need for a physical storefront.

Overall, the integration of technology into the fabric of entrepreneurship has catalyzed economic growth and spurred the creation of new businesses across various sectors.

Are you ready to be an entrepreneur?

There’s no single right way to be an entrepreneur. These people come in all shapes and sizes and can influence virtually any aspect of life as we know it.

In a sphere with so much diversity, there are a few things that all entrepreneurs have in common: they’re full of passion and ambition, and they use these as a driving force to build empires that solve some of the world’s toughest problems.

If you’re looking to make your mark on the world or advance society—or even break free from the exhausting and inflexible 9-to-5 job—you just might be an entrepreneur in the making. 

Trust your gut, follow your instincts, and always keep your mind open to learning and exploring new opportunities that come your way.

What is entrepreneurship FAQ

What is the meaning of entrepreneurship.

The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether startup entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.

It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute it. Entrepreneurship is about the execution of ideas.

What are the different types of entrepreneurship?

  • Small-business entrepreneurship
  • Hustler entrepreneurship 
  • Creator entrepreneurship
  • Innovative entrepreneurship
  • Social entrepreneurship

What is the entrepreneurial mindset?

The entrepreneurial mindset is a person’s attitude to building an independent business. It means having an open mind and questioning everything in the hopes of creating something unique and innovative.

Want to learn more?

  • How To Start A Successful Ecommerce Business 
  • 9 Best Free Online Courses You Can Start Today
  • What to Blog About: 101 Irresistible Blog Ideas
  • How to Work Remotely : 9 Tips & Tools to Master Remote Life

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Essay on Entrepreneurship: Top 9 Essays | Business Management

essay about what is entrepreneurship

Here is a compilation of essays on ‘Entrepreneurship’ for class 11 and 12. Find paragraphs, long and short essays on ‘Entrepreneurship’ especially written for school and college students.

Essay on Entrepreneurship

Essay Contents:

  • Essay on the Benefits of Entrepreneurship

Essay # 1. Introduction to Entrepreneurship:

Entrepreneurship is the name given to the factor of production which performs the functions of Enterprise. In economics, Land, Labour, Capital, Organisation and Enterprise are the five factors which are thought to be the basis of all the production activities.

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Entrepreneurship in a broader sense can be considered as a process of action undertaken by an entrepreneur (Person) to establish his enterprise. It is a creative and innovative response to the environment.

Entrepreneurship can be described as a creative and innovative response to the environment. Such responses may take place in any field of social endeavour may be business, agriculture, social work and education etc.

For the entrepreneur it is important to have knowledge about the economic and political environment, more particularly about the economic policies of the government and the financial as well as commercial institutions.

Thus a simple definition of entrepreneurship is doing new things or doing things which are already being done in a new way.

According to Dr. J.E. Stepenek, “Entrepreneurship” is the capacity to take risk; ability to organise and desire to diversify and make innovations in the enterprise.

According to Higgins, Entrepreneurship is meant for the function of seeing investment and production opportunity, organising in enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers for day to day operation of the enterprise.

It may be concluded that entrepreneurship is a composite skill, the resultant of many qualities and traits. These include, imagination ready to take risk, ability to bring together and utilize other factors of production such as capital, land and labour along with intangible factors such as capability to mobilise scientific and technological developments.

Entrepreneurship thus involves taking risk and making essential investments under conditions of uncertainty. At the same time it is connected with innovation, planning and taking decisions so as to increase productivity in industry, business and agriculture etc. It thus plays a key role in the process of economic development.

Essay # 2. Definition of Entrepreneurship:

Entrepreneurship is a pro­cess of action an entrepreneur undertakes to establish his enter­prise. Entrepreneurship is a re­sultant mix of many qualities and traits of an entrepreneur.

Entrepreneurship can be de­fined as a process undertaken by entrepreneur to augment his business interests. It is an exer­cise involving innovation and creativity that will go towards establishing his/her enterprise.

Project Identification and Feasibility Study

Entrepreneurship is the inclination of mind to take calculated risks with confidence to achieve a predetermined business or industrial objectives.

Essay # 3. Growth and Success of Entrepreneurship :

Entrepreneurship has opened avenues of great scope in the Indian economy. Our national economy is most suited to the growth of small business enterprise. Small business units offer a more convenient means of nurturing and developing entrepreneurship by providing the means of entry into business for new entrepreneurship talents. Small-scale industries are labour-in­tensive and can play an important role in solving the problem of unemployment.

Success of Entrepreneurship :

Following aspects are necessary for the successful entrepreneurship:

1. Regular inflow of information related to buyers, consumers, distributors, dealers, retailers, transporters etc., about raw material, quality aspects, government organisations, employees and competitors.

2. Satisfying the needs of customers.

3. Generation of adequate cash flow.

4. Regular objective assessment of the enterprise.

5. Improving productivity.

6. Maintenance of quality.

7. Use of technology of the time.

8. Be innovative.

9. Keep employees motivated.

10. Scrap or waste material be utilised properly.

11. Time management.

Essay # 4. Entrepreneurial v/s Managerial Styles :

An entrepreneur is a person who is motivated to satisfy a high need for achievement in innovative and creative activities. This creative behaviour and innovative spirit forms a process of an endless chain and is termed as entrepreneurship. An entrepreneur is also required to manage his business. He has to perform both entrepreneurial and managerial func­tions. After the start of the business he becomes more as manager.

Manager is one who specialises in the work of planning, organising, leading and controlling the efforts of others. He does it through systematic use of his classified knowledge and principles. He should have an insight of job requirement, which he should continuously update.

An entrepreneur must adopt the style of professional management. He must organise mana­gerial functions by setting long term objectives, formulating strategic policies, developing man­agement information system, monitoring and evaluation systems. He is required to possess management knowledge related to technical, economical, financial, human and administrative aspects.

There is a vast difference between owner-manager and professional-manager. The owner- manager is identified with individuality, flair, strong motivation to achieve success and pros­per, while the professional-manager is concerned with the planning, organising, motivating and controlling. Owner-manager builds the organisation, assumes all business risks, and also loses his reputation and prestige in the event of failure of business, whereas professional-manager is not exposed to such risks.

Thus entrepreneurship is a process of combining resources to produce new goods or services and reappears to initiate another change. Entrepreneurs are also required to play other roles, especially those of capitalist and manager. Managerial function of an entrepreneur is a continu­ous process of combining the factors related to production.

Essay # 5. Entrepreneurial Development :

For the economic development, entrepreneurial development is necessary. For the purpose of entrepreneurial development, rapid growth of small scale sector is necessary. Entrepreneur­ial development programmes are designed to help a person in strengthening his entrepreneur­ial motive and in acquiring skills and capabilities necessary for playing his role effectively.

Main objective of the entrepreneurial development programme is to motivate and assist pro­spective and potential entrepreneurs to set up small scale units of their own and thus become self-employed and contribute significantly to production and employment in the country.

Entrepreneurial development programme must be designed properly and should incorpo­rate the following:

(i) Developing, achievement, motivation and sharpening entrepreneurial traits and behaviour.

(ii) Project planning and development, and guidance on industrial opportunities, incen­tives and facilities, rules and regulations.

(iii) Developing managerial and operational capabilities.

Keeping the target group and target area in view various strategies and approaches are adopted. The process of entrepreneurial development is designed very carefully and starts from identifying the potential and right candidates, linking suitable project with each one, and then training and developing the managerial and entrepreneurial capabilities, counseling and motivating them, and then providing the required follow-up support to help them in establishing their venture.

Objectives :

Objectives of entrepreneurial development programme are to help to:

(i) Develop and strengthen their entrepreneurial quality.

(ii) Analyse environment related to small business and small industry.

(iii) Select product and its project.

(iv) Formulate projects.

(v) Understand the procedure for setting up of small enterprise.

(vi) Support needed for launching the enterprise.

(vii) Acquire basic management skills.

(viii) Appreciate the social responsibilities.

(ix) Let him set the objectives of his business.

(x) Prepare him to accept risks.

(xi) Take strategic decisions.

(xii) Develop communicating skills.

Training for Entrepreneur :

Proper training is essential for the success of any industry in production techniques, man­agement, marketing and other aspects.

Small Industries Service Institutes and their Extension Centres are organising trainings:

(i) To improve technical skills of workers,

(ii) For acquainting the entrepreneurs with advanced production and management techniques.

The courses for workers are organised in the following areas:

(a) Shop practice courses such as machine shop practice, tool room practice, foundry, blacksmithy, electrical shop practice etc.

(b) Trade oriented courses, such as tool making, fitter, sheet metal, pattern making, carpentry etc.

(c) Process oriented courses, such as welding, heat treatment, electroplating, leather works etc.

(d) Product oriented courses, sport goods, foot wear, paint, varnish making etc.

Training programmes for entrepreneurs are of two types namely:

(i) For graduate and di­ploma holder engineers, physics and chemistry graduates and

(ii) For rural artisans, educated unemployed, ex-servicemen, weaker sections of the society, women entrepreneurs etc. with special courses for each of the categories of persons.

For providing training and upgradation of technology and managerial skills, specialised institutions have been set up.

For conducting entrepreneurship development programmes, the lead was given by Small Industries Development Organisation through its small industries service centres. Entrepreneurship Development Institute of India (EDII) was established in 1983 at Ahmedabad as a resource organisation at the national level for the purpose of creating the institutional infra­structure for entrepreneurship development.

National Institute for Entrepreneurship and Small Business Development (NIES BHD) was established by the central Government at New Delhi, with the objective of coordinating activities related to entrepreneurship and small business development.

In addition, institutions established by the Government are:

(i) Rural Entrepreneurship Development Institute (RED) at Ranchi.

(ii) Rural Management and Management Centres (RMEDC) at Maharashtra.

Other organisational actively conducting entrepreneurship development programmes are:

(i) State Bank of India

(iii) Centre for Entrepreneurship Development at Ahmedabad and Hubli.

(iv) State financial corporations.

(v) Industrial consultancy organisations in various states.

(vi) Small Industries Extension Training Institute, Hyderabad.

(vii) Institute of Entrepreneurship Development (IEDs) in Uttar Pradesh, Bihar and Orissa.

(viii) Management Development Institute (MDI) at Gurgaon (Haryana) near Delhi.

Some of the other institutions for entrepreneurial development are:

1. Central Institute of Tool Design, Hyderabad.

2. Central Tool Room and Training Centre, Calcutta.

3. NI SIET, Guwahati.

4. Institute for Design of Electrical Measuring Instruments, Bombay.

5. Electronic Service and Training Centre, Ramnagar.

6. Process-cum-Product Development Centre for Glass and Ceramic Industry, Ranchi.

7. Process and Product Development Centre, Agra.

8. Process and Product Development Centre, Meerut.

9. Central Institute of Hand Tools, Jalandhar.

10. Hand Tool Design Development and Training Centre, Nagpur.

11. New Indo-Danish Tool Rooms, Jamshedpur and Bhubaneswar.

12. Ino-German Tool Rooms-Indore, Ahmedabad and Aurangabad.

13. National Institute for Entrepreneurship & Small Business Development, New Delhi.

14. National Institute of Design, Ahmedabad.

15. Centre for the Improvement of Glass Industry, Firozabad.

16. National Council for Cement and Building Materials, Delhi, Ballabgarh, Hyderabad, Patna and Madras.

17. Indian Plywood Industries Research Institute, Bangalore.

18. Central Pulp and Paper Research Institute, Saharanpur.

19. National Federation of Industrial Cooperatives Limited, New Delhi.

20. Central Machine Tool Institute, Bangalore.

Essay # 6. Beliefs Regarding Entrepreneurship:

According to literature there are many myths about entrepreneurship:

But myths and realities about its are different as follows:

1. Myth about entrepreneurs is that they are born not made but “reality” is that entrepreneur characteristics and traits may be acquired through properly structured learning.

2. Myth regarding entrepreneurs is that all required is money but generally it is observed that excessive and surplus money reduces the risk taking opportunities, scarce for care resources and grasp for opportunities.

3. Myth regarding entrepreneurship is that it is profile of traits and characteristics but practically it is a combination of situational issues.

4. Myth about entrepreneurs is doer not thinkers whereas the reality is that frequent thinking in planning, creativity, innovation and risk taking is required.

5. As per myth “Business schools have no place in entrepreneurship” but in actual practice most of the successful entrepreneurs have come from engineering courses and business schools.

Essay # 7. Financing of Enterprise :

Finance is the main input of any enterprise. The entrepreneur needs capital to start with, and he also needs financial assistance at every stage of the project. Project finance is required for both short term and long term.

(a) Short-term Finance:

These usually refer to the funds required for a period of less than one year. These are usually required to meet variable, seasonal or temporary working capital requirements. Main sources for short term finance are borrowing from banks, trade credit, installment credit and customer advances.

(b) Medium-term Finance:

Period of one year to five years are regarded as a medium- term. These are generally required for permanent working capital, small expansions, replace­ments, modifications etc. These can be raised by issue of shares and debentures, borrowing from banks and other financial institutions, ploughing back of profits.

(c) Long-term Finance:

Periods more than 5 years are regarded as long-terms. These are required for procuring fixed assets, for substantial expansion, modernisation etc. Important sources of long-term finance are issue of shares and debentures, loans from financial institu­tions and ploughing back of profits.

Sources of Finance :

The sources from which the entrepreneurs can meet their financial needs for their projects are grouped as:

(a) Internal source, and

(b) External source.

In addition, the entrepreneur raises his finance by availing of available subsidies, state aid to industries etc. A judicious mix of funds from these sources should be given priority.

(a) Internal Sources of Finance:

(i) Personal and family savings.

(ii) Loans from L.I.C. and Provident Fund Account.

(iii) Loans against assets like land and property.

(iv) Loans against shares and debentures.

(v) Loans from relatives and friends.

(b) External Sources:

Substantial amount is required by an enterprise to buy machinery and equipment and to purchase land and buildings.

These finances are generally arranged from following sources:

(i) Borrowing from Banks.

(ii) Term-lending from institutions like IDBI; IFCI, Industrial Development Corpora­tions etc.

(iii) From Government and Semi-Government agencies.

(iv) Other sources.

Institutional Finance :

Institutional finance is available for large, medium, small and tiny industries by commer­cial banks. Commercial banks include the State Bank of India group, nationalised banks, pri­vate sector banks and development corporations which have been especially established to pro­vide industrial finance.

In addition, the Reserve Bank of India gives credit guarantees and the ECGC gives export guarantees to the small-scale sector. Industrial Development Bank of India (IDBI), by its refinance operations, plays a significant role in the promotion of the small scale- sector. The National Small Industries Corporation (NSIC) offers financial assistance in the form of its hire-purchase schemes.

Besides, new institutions like mutual funds, lease companies, financial service institutions, investment companies, merchant banks etc. provide financial assistance and financial services to industries.

Essay # 8. Factors Essential for Successful Entrepreneurship:

The following aspects/factors are essential for successful entrepreneurship:

1. Regular inflow of information concerning consumers or buyers, distributors and dealers/retailers, transporters, etc., about raw materials, quality aspects, competitors, government organization and employees.

2. Aspects regarding satisfaction of consumer requirements.

5. Aspects concerning productivity improvement.

6. Quality maintenance.

7. Utilization of upto date technology.

8. To be innovative in view of competition.

10. Proper utilization of scrap or waste material.

11. Proper time management.

Essay # 9. Benefits of Entrepreneurship :

Entrepreneurship has following three benefits for society:

1. Economic Growth:

These provide economic upliftment of society and generate labour employment.

2. Productivity Improvement:

It helped in improving the productivity, which means the ability to produce more goods and services with less labour and other inputs.

3. New technologies, products and services:

It helps in promoting innovative tech­nologies, products and services.

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Advancing Entrepreneurship Education in Universities pp 23–55 Cite as

Entrepreneurship: Origins and Nature

  • Robert James Crammond 2  
  • First Online: 14 March 2020

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In this chapter, Crammond discusses the origins, and ever-evolving concept, of entrepreneurship through time. Exploring many perspectives in relation to entrepreneurship, Crammond highlights the many economic, philosophical, political, and sociological considerations of entrepreneurship, as evolved understandings became increasingly apparent through the nineteenth and twentieth centuries. Drawing on seminal understandings of entrepreneurship and original economic activity, this chapter conceptually progresses the notions of entrepreneurship, rooted in economic theory, towards its impact on modern business and society today. ‘Entrepreneurship: Origins and Nature’ concludes by discussing many examples of entrepreneurship in practice, and crucially, how this benefits business and education in the twenty-first century.

  • Entrepreneurship
  • Economic theory
  • Business activity
  • Entrepreneurship education
In conceding what we have yet to realise, we realise the value of what we already know. Robert James Crammond

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Crammond, R.J. (2020). Entrepreneurship: Origins and Nature . In: Advancing Entrepreneurship Education in Universities. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-35191-5_2

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What Does It Take to Be a Successful Entrepreneur?

Female entrepreneur using laptop in workspace

  • 09 Jul 2020

The world is filled with aspiring entrepreneurs—people who believe they have what it takes to launch a company and build it into a profitable business. While anyone can start a business, not everyone will succeed.

Research by Harvard Business School Professor Shikhar Ghosh shows that up to 75 percent of startups fail. According to Zippia , 22 percent of small businesses fail within one year of being launched, half fail within five years, and approximately two-thirds fail within 10 years.

In light of these statistics, the question becomes: What does it take to be a successful entrepreneur? What steps can aspiring entrepreneurs take to lay the groundwork for success?

Access your free e-book today.

What Is an Entrepreneur?

An entrepreneur is someone who launches a business venture, typically in the form of a company that manufactures and sells a product or provides a service. Entrepreneurs are often viewed as innovators who identify a problem or opportunity, then develop a solution no one else has recognized.

In the online course Entrepreneurship Essentials , it’s noted that “entrepreneurs—either individuals or teams—actively scan the environment for opportunities, or discover them as they live and work. They form hypotheses about what customers want or need and how they can deliver value to the customer.”

Successful entrepreneurs don’t just charge ahead with their ideas. First, they seek to validate there’s demand.

One way they do so is through testing. According to Entrepreneurship Essentials , entrepreneurs “recruit people and invest money to determine if customers will indeed value the product and they can produce and deliver it at an acceptable cost. They often find different, even better ideas once in the marketplace.”

Check out the video below to learn more about what it takes to succeed as an entrepreneur, and subscribe to our YouTube channel for more explainer content!

Entrepreneurship Requirements

Do you have dreams of one day becoming an entrepreneur and launching your own company? In addition to a business idea, doing so will require you to possess certain skills and characteristics .

1. Key Entrepreneurship Qualities and Behaviors

Several researchers have tried to pinpoint a specific entrepreneurial personality or profile in an attempt to quantify what makes some more successful than others.

In Entrepreneurship Essentials , it’s explained that there’s no single personality profile that leads someone to success as an entrepreneur. However, there are a number of characteristics shared by some of the world’s most successful entrepreneurs.

Some behaviors that are distinct from personality traits and associated with entrepreneurship include curiosity, pattern recognition, team building, structured experimentation, adaptation, decisiveness, and persistence.

While it can be argued that some people are more inclined to exhibit these behaviors than others, each of these qualities can be acquired through proper training and development .

2. Essential Entrepreneurial Skills

Especially in the earliest stages of launching a business, entrepreneurs are responsible for performing a variety of duties—it comes with the territory. Before you have an accounting department, marketing staff, and product development team, you'll likely need to perform some of these critical responsibilities.

Taking the time to develop certain skills before launching your business can drastically improve your chances of success. Here’s a list of some of the most critical skills all entrepreneurs should have:

  • Communication skills , which you’ll leverage daily as you work with vendors, investors, customers, and various members of your growing team
  • Organizational skills , which will empower you to work toward your goals efficiently
  • Time management skills , which will be essential throughout your career, but especially early on, when you have multiple responsibilities
  • Data-driven decision-making , which will enable you to make objective, measurable decisions about your products, services, business, and customers
  • Strategic thinking , which will allow you to discover opportunities and threats that guide business decisions more easily
  • Accounting basics , which will be especially important before you have a person or team dedicated to managing your business’s finances
  • Resilience , because every entrepreneur faces challenges and struggles, and it takes resilience to bounce back

Entrepreneurship Essentials | Succeed in the startup world | Learn More

3. An Opportunity or Business Idea

For a new venture to succeed, the business plan must be centered around a solid opportunity. In Entrepreneurship Essentials , an opportunity is defined as a proposed venture to sell a product or service for which customers are willing to pay more than the required investments and operating costs.

An opportunity is more than a product idea, and it extends well beyond the initial act of getting into business. According to Entrepreneurship Essentials, “it’s a plan that shows how a venture will attract, retain, and reward all stakeholders, including customers, founders, employees, investors, distributors, and suppliers.”

That plan doesn’t end once you’ve identified an innovative business idea . Ideally, your concept should be validated before you commit resources, time, and effort to bring it to life. Once validated and pursued, you must constantly reevaluate your business to determine whether you need to adapt to new opportunities or threats.

4. Resources and Funding

Finally, to launch your business, you’ll need a source of funding to purchase equipment and materials, develop your product or service, iterate upon your offerings, and refine your processes. Exactly what funding looks like will vary depending on the type of business you’re launching and your industry.

For some entrepreneurs, self-funding is possible. In such cases, an entrepreneur might set aside enough money to pay for their living expenses while they get their business off the ground, in addition to the costs associated with the launch.

Self-funding isn’t the only option available. There are many other paths you might take, such as:

  • Securing an SBA loan from the Small Business Administration
  • Raising capital from investors
  • Applying for grants (this may be especially suitable for nonprofit organizations)
  • Crowdfunding from the public
  • Relying on a line of credit

Every form of funding comes with benefits and risks. Self-funding, for example, allows you to retain complete control over your business and potential profits, but also requires you to carry the risk of failure. Raising capital from investors, on the other hand, allows you to spread your risk and, potentially, launch your business quicker—but it forces you to give up a portion of your control. Ultimately, you must decide what makes the most sense for your business.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Your Path to Becoming an Entrepreneur

Countless aspiring entrepreneurs have an interesting, innovative, and compelling business idea, but don’t have the skills or qualities to carry it through to fruition. Similarly, many others have the skills and qualities, but lack an idea to pursue. Even those with a brilliant idea and the necessary skills can fail to get their project off the ground if they don’t have access to funding. Successful entrepreneurship requires a blend of all these components.

The good news is: Successful entrepreneurs aren’t born—they’re made. With the right training , instruction, and development, everyone has the potential to become an entrepreneur.

Are you interested in learning the ins and outs of entrepreneurship? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

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So You Want to Be an Entrepreneur?

  • Emily Heyward

essay about what is entrepreneurship

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

essay about what is entrepreneurship

  • EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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What Is Entrepreneurship?

  • Entrepreneurs & Economic Growth
  • "Necessity" Entrepreneurs vs. "Opportunity" Entrepreneurs
  • Where Entrepreneurship Aids Growth—and Where It Doesn't
  • Entrepreneurs & Social Progress
  • Entrepreneurship FAQs

The Bottom Line

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Why Entrepreneurship Is Important to the Economy

Entrepreneurship can promote economic growth, even if its benefits are sometimes overhyped

Diane Costagliola is a researcher, librarian, instructor, and writer who has published articles on personal finance, home buying, and foreclosure.

essay about what is entrepreneurship

Entrepreneurship is often cited as a major engine of economic growth, particularly in the United States. But the actual picture is more complicated. Here's what leading scholars have to say about the importance of entrepreneurship around the world.

Key Takeaways

  • Entrepreneurship can fuel economic growth under the right conditions and when people become entrepreneurs for the right reasons.
  • It is not, however, a magic bullet for growth, particularly in less-developed economies.
  • Social entrepreneurship can attempt to deliver both profits and societal good, though often with mixed results.

Entrepreneurship is a general, blanket term related to starting a business. But its precise definition has long been a matter of debate among scholars and policymakers.

"Despite widespread interest in the topic and a broad recognition of its importance to the economy, there remains a lack of consensus about how to specifically define entrepreneurship," the nonpartisan Center for American Entrepreneurship notes. "'Entrepreneur' is an English derivation of the French word 'entreprendre' (to undertake), leaving wide latitude for interpretation and application."

Howard Stevenson, known as "the godfather of entrepreneurship studies" at Harvard Business School (HBS), has defined it as the "pursuit of opportunity beyond resources controlled." As fellow HBS professor Tom Eisenmann elaborates, "'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."

The Stanford Center for Professional Development at Stanford University offers a somewhat simpler definition: "At its most basic level, entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business. An aspiring entrepreneur actively seeks a particular business venture and it is the entrepreneur who assumes the greatest amount of risk associated with the project. As such, this person also stands to benefit most if the project is a success."

How Entrepreneurs Fuel Economic Growth

Innovation and entrepreneurship undeniably contribute to economic growth, making them a particular area of interest for economists and policymakers worldwide. However, some scholars say that the growth created by entrepreneurship can be exaggerated.

For one thing, growth from entrepreneurial activity doesn't occur evenly across an economy. Studies of economic growth have pointed toward an apparent paradox in which the growth in productivity overall in the U.S. has been only modest in recent years, despite the pervasiveness of entrepreneurship, innovation, and innovation ideology. According to studies by the National Bureau of Economic Research (NBER) , this is because innovation affects industries very differently, having a large impact in some sectors of the economy but little impact in others.  

While generally positive, the link between entrepreneurship and improving societal welfare is also complicated, influenced by factors such as regional population, entrepreneurship density, and the specific industry in which the entrepreneurial activity is taking place, according to the scholarly literature.

What's more, some studies have suggested that economic growth may be correlated to an increase in overall inequality in certain circumstances. Scholars say that in the U.S. income inequality and economic growth have been linked since the 1970s.

"Necessity" Entrepreneurs vs. "Opportunity" Entrepreneurs

One interesting way to look at entrepreneurship is to divide it into two broad categories. "Necessity entrepreneurship" is the launching of a business by people who lack other opportunities. "Opportunity entrepreneurship" is the creation of an enterprise in response to a new or previously overlooked opportunity.

In countries where entrepreneurial activity is largely in the form of necessity entrepreneurship, it can be a signal that the economy isn't creating enough jobs or wage opportunities for workers. It may be connected to slow economic growth or lagging economic development overall, scholars say.

Necessity entrepreneurship can be a side hustle for someone who is trying to make ends meet or a way to meet their non-economic needs and goals.

Where Entrepreneurship Aids Growth—and Where It Doesn't

The level of economic development of a country can also affect whether entrepreneurship will lead to greater economic growth there.

In the 20th century, driven by the decline in manufacturing and the shift toward service businesses, industrialized market economies in later stages of economic development—like the United States and parts of western Europe, such as Germany and Sweden—were able to benefit greatly from entrepreneurship, the economist and management professor Zoltan Acs has noted. Starting in the 1970s, those countries saw a rise in entrepreneurship, which reversed the previous trend in their economies, when workers favored high-paying jobs with big companies over self-employment.

Other factors may be relevant as well. Scholars point out that the U.S., in particular, has benefited from a large and competitive domestic market, a highly developed financial system, and a high level of long-term government support for basic science.

For developing countries, on the other hand, entrepreneurship isn't a panacea for growth. A study of 74 economies across a six-year period concluded that less developed countries should not base their economic policy on "generic entrepreneurship" if they desire to stimulate economic growth. The authors argue that focusing on programs that develop human capital, take advantage of economies of scale, and entice foreign capital are more effective in spurring economic growth.

Italy may provide an additional example of a country where high levels of self-employment have proved to be inefficient for economic development. Research has shown that Italy has experienced large negative impacts on the growth of its economy because of self-employment.

Social Entrepreneurship and Economic Progress

With concerns over sustainability, inequality, and other issues gaining attention, some entrepreneurs have become more interested in the social consequences of their economic activity. In particular, the rise of social awareness among certain entrepreneurs has led to many attempts to use the principles of entrepreneurship to create a more just and sustainable world.

Social entrepreneurship , which has been around as a concept since the 1950s, has become increasingly common. It describes a category of entrepreneurship that can, in some cases, attempt to both make a profit and solve societal problems. It differs from the typical nonprofit model when it pursues both of those ends simultaneously.

From the perspective of social justice, which prizes a world with equal rights and access to opportunity, the reliance of an economic system on entrepreneurship presents both upsides and downsides.

Theoretically, socially conscious entrepreneurship offers the opportunity to generate solutions for marginalized communities, and the motivations for social entrepreneurs around the world tend to come from a genuine desire to fix serious problems. However, it's important to note that sometimes attempts to solve the underlying structural problems lead to murky results. The dual motives of profit and social good can sometimes clash, as the example of microfinancing in India and Bangladesh revealed.

Once popular in international circles, microfinancing is now seen as having a more limited impact on eradicating poverty and sometimes even increasing indebtedness.  The practice may have also led to a series of suicides among farmers in Andhra Pradesh in the 2000s.

What Is the Difference Between a Small Business Owner and an Entrepreneur?

In general, small businesses focus on existing products and services, while entrepreneurs look to introduce new ones. However, small business owners can be entrepreneurial in their own way and entrepreneurs may end up as small business owners if their idea catches on.

What Is an Intrapreneur?

An intrapreneur is someone who works within a larger company, typically one they don't own, to foster entrepreneurial ideas and innovation. Intrapreneurship can be another source of economic growth, and intrapreneurs often have access to greater resources than independent entrepreneurs without a company behind them.

What Is a Social Entrepreneur?

A social entrepreneur is someone who launches an innovative enterprise to address a larger social issue. They may or may not also hope to turn a profit from their efforts.

The relationship between entrepreneurship and economic growth is complicated and can vary from one country to another based on their level of economic development. In highly developed economies, entrepreneurs can accelerate growth, while in less-developed ones they may have less of a positive effect.

Some entrepreneurial efforts, often referred to as social entrepreneurship, hold out the promise for new innovations that will address problems such as climate change and structural racism, possibly while making a profit at the same time.

Center for American Entrepreneurship. " What Is Entrepreneurship? "

Harvard Business Review. " Entrepreneurship: A Working Definition ."

Stanford Center for Professional Development. " What Is Entrepreneurship? "

Duke Sanford Center for International Development. " Top 5 Takeaways on the Importance of Entrepreneurship ."

Academy of Entrepreneurship Journal. " The Economic Impact of Entrepreneurship: Setting Realistic Expectations ."

National Bureau of Economic Research. " The Role of Innovation and Entrepreneurship in Economic Growth ."

Management Review Quarterly. " The Impact of Entrepreneurship on Economic, Social and Environmental Welfare and Its Determinants: A Systematic Review. "

AgEconSearch. " Impact of Economic Growth on Income Inequality: A Regional Perspective ."

Innovations: Technology, Governance, Globalization, Massachusetts Institute of Technology Press. " How Is Entrepreneurship Good for Economic Growth? "

Center for MIT Entrepreneurship. " Necessity Vs. Innovation-Based Entrepreneurs ."

European Research on Management and Business Economics. " Entrepreneurial Activity and Economic Growth. A Multi-Country Analysis ."

European Parliament. " The Social and Employment Situation in Italy ," Pages 10–12.

Deloitte. " The Rise of the Social Enterprise ."

Journal of Management, Southern Management Association. " Social Entrepreneurship Research: Past Achievements and Future Promises ."

The Tavistock Institute. " Microfinance and the Business of Poverty Reduction: Critical Perspectives From Rural Bangladesh ."

Economic and Political Weekly. " Microfinance: Lessons From a Crisis ."

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Exploring Social Entrepreneurship: ‘My Generation Is Full of Activists and Humanitarians’

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Knowledge@Wharton High School first met Fiorella Riccobono in 2015 when she was a senior in high school. We featured her in a story about a business class project to promote fair trade practices among Haitian coffee farmers. Now Riccobono, who is 19, is a college student studying finance and interdisciplinary social science with concentrations in economics and social entrepreneurship. In this personal essay, Riccobono talks about how and why she is embracing her calling to become a bold and tenacious change maker.

I just completed my freshman year of college at Florida State University (FSU), and in many ways I am feeling transformed. When you first step foot onto your college campus, the feeling is incredible. You have a sense of personal freedom that you have never experienced. In college, you start to explore your major based on your passion and build the necessary classes and curriculum to earn your degree. Now imagine that the major you chose is an emerging field in the business world. Imagine that it is a new program at your school, and imagine just how much room for growth that opportunity means for you.

That chosen field for me is social entrepreneurship. I fell in love with social entrepreneurship a few years ago when Mrs. Zocco, my business teacher at Edward A. McCarthy High School in Florida, showed me a video of the most genuinely happy and grateful man I had ever seen. He was one of the farmers participating in a fair trade coop in Haiti that our class was helping to run, and his smile was amazing. He was thanking us because now, through fair trade – which in this case was helping coffee farmers in Haiti’s poorest region earn a just wage for their very hard work — his children had enough money to go to school. Since that moment, I have been driven to learn all I can about social entrepreneurship and how to make it my life’s work.

Leaving the World a Better Place

Many of us want to be extraordinary, to be change makers and to make positive and influential contributions to society. I have discovered that my generation is full of activists, humanitarians and philanthropists. No matter our passions — education, health, environment, economic development — many of us share a common goal: to leave this world a better place than how we found it. I’ve gathered inspiration from the stories of famous social-justice advocates around the world, like Muhammad Yunus, who created the concept of microfinancing, and Malala Yousafzai, who advocates for women’s education. Both Muhammad and Malala are recipients of the Nobel Peace Prize.

Social entrepreneurship is such an emerging concept that it is still not clearly defined. Most importantly, though, it is not charity. Although social entrepreneurs may need to rely on donations to launch their endeavors, they can’t create a business model based on donations, because charity is not sustainable. How can you build a business when you don’t know where your next dollar is coming from – or when?

In my experience, social entrepreneurs are individuals who draw on innovative business tactics to create solutions to societal issues. Social entrepreneurs combine government, nonprofit and traditional business practices in order to create a sustainable business model that is not only profitable, but also beneficial to the social sector. These innovators create large-scale, systemic and sustainable models by addressing a societal issue at its foundation – poverty, climate change, pollution, whatever it may be. Social entrepreneurs do not have an idea and then apply it. Instead, they go directly to the source of the issue and ask what is needed. Based on that answer, they build their business plans. Social entrepreneurs are often empathetic, bold, open-minded and tenacious.

So, that first day I stepped onto campus, I was more than ready to begin the next phase of my social entrepreneurship journey. The social entrepreneurship culture at Florida Sate University is growing rapidly. Early freshman year, I met Valarie Rodriguez, who wanted to start the Social Entrepreneurs and Innovators Club at FSU. I was the first person to join the team, and since then two of our board members have created social enterprises that are thriving within the Tallahassee community. Ramon started Unhoused Humanity, which uses crowd funding to help working homeless citizens make the down payment to get into a home. Often, the working poor do not have enough money saved up to make the hefty down payment needed for renting living space — typically first and last month rent and security and utility deposits. But they do generate enough income to pay their monthly rent once they are in. Unhoused Humanity helps the homeless get over that initial down-payment hurdle.

Another one of our members, Nikolas, has started Qultur. Qultur’s purpose is to use art to decrease crime in communities. Qultur creates and finds financing for events that bring together local artists, businesses and community members with the premise, “When we support and trust each other, we can live in harmony.”

Launching a social entrepreneurship club feels a bit like starting your own business. You have to find funding, promote your mission, explain the concept, and get people invested in your passion. I recruit local entrepreneurs to come speak at our events, plan those events, find funding and sponsors, and educate people on all aspects of social entrepreneurship.

I am getting hands-on social entrepreneurship experience in other ways, as well. The spring semester of my freshman year, I interned with a local fair trade coffee shop in Tallahassee. During that time, my team of interns created a micro social enterprise using the coffee shop’s food truck. We were trained as baristas and innovators and were responsible for creating a business model that would be profitable, while also maintaining a social mission.

We researched local areas and events and chose where to take our “fair trade” truck, what beverages we should make, and handled the actual food truck operations . We were the first group of interns to ever break even and create profit for this program. Our business model – like many other social enterprises — addressed a triple bottom line: people, planet and profits. The model had three key features: first, the coffee we brewed was purchased from small farmers who were paid a fair price through certified organic cooperatives. The coffee farms were bird-safe and shade-grown to ensure the organic coffee was environmentally sound. (Coffee farmers sometimes take strides to grow coffee in sunnier settings because it is faster; however, this often damages the biodiversity of the region.) And finally, the coffee shop placed all our profits in local and global humanitarian causes, truly addressing the triple bottom line.

Helping the Homeless

It is immensely inspiring to be part of a community where social justice is a priority. It is motivating to be surrounded by young individuals who are not only incentivized by profit, but by creating systemic change. I believe social entrepreneurship is the future of business and policy making. People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth. Young business minds no longer want to exploit our natural resources, rather build business models that protect our environment.

The best advice I can give to incoming freshmen at any school is to be empathetic, bold, open-minded and tenacious. You are about to be exposed to a world of information, opportunity and incredible curiosity. I am as passionate as ever about my social entrepreneurship future. This fall, with the help of my club members, I will be starting a research project at a local homeless shelter. My plan is to speak personally with members of the homeless community in Tallahassee in order to better understand their backgrounds, prior education, work experience and willingness to rejoin the workforce. I want to use this quantitative data to possibly identify a pattern in homelessness. By pinpointing the need, I can create meaningful solutions.

My ultimate goal is to launch a program that rehabilitates the homeless community and reengages homeless people as active, contributing members of society. My heart tells me that many of them want to improve their circumstances, but need the proper channels for lasting change. I’m not sure how this will all play out, but I have little doubt that we are laying the foundation for something truly extraordinary.

Related Links

  • RedEye Mobile Cafe
  • NY Times: The Rise of the Social Entrepreneur
  • K@W Video: Muhammad Yunus: Lifting People Worldwide Out of Poverty
  • FSU Social Entrepreneurship
  • Unhoused Humanity

Conversation Starters

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction?

Using the “Related KWHS Articles” and “Related Links” tabs, find out more about Malala Yousafzai and Muhammad Yunus. How have they made an impact on the world? Can you think of any other social-justice champions whose missions inspire you?

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not?

200 comments on “ Exploring Social Entrepreneurship: ‘My Generation Is Full of Activists and Humanitarians’ ”

Fiorella Riccobono stressed that social entrepreneurship is not charity. She wanted the readers to understand the difference between social entrepreneurship and social services, which I believe readers should give certain importance. As a reader, I feel that I have understood the relation between social entrepreneurship and charity. This distinction plays a role in opening the minds of the readers in defining other facets of social entrepreneurship.

I agree, because many people don’t know the difference between social entrepreneurship and social service. In the social entrepreneurship, you gain money and it is very different than a charity

Social entrepreneurship is where you start companies and develop a fund for some type of environmental issue. Fiorella Riccobono does gain money, but it is for a cause. Fiorella Riccobono donates money to the homeless community because they want to improve their circumstances. I agree as well, that many people don’t know the difference between social service and social entrepreneurship. Unhoused Humanity helps the homeless get over that initial down-payment hurdle. When you are in Social entrepreneurship, you are exposed to a new world of information and technology.

Social entrepreneurship and charity overlap in many fields (helping the homeless, for example); however, charity fosters a feeling of dependence in its recipients. Knowing this, many are scared away from the field. If social entrepreneurs are looking to make a difference, they must set themselves apart from well-established foundations and philanthropy.

1. Fiorella Riccobono stresses that social entrepreneurship is not charity. She is correct. Social Entrepreneurs run a business. While they are more empathetic because their helping the social sector by solving global and humanitarian issues, they ask what is needed and then base their business plan around that. They make a profit while contributing to society. 2. Muhammad Yunus won the Nobel prize for founding the Grameen bank which aided a lot of people with financial structure. Malala Yousafzai fought for women’s education in Pakistan. 3. I agree that social entrepreneurship is the future of business because it builds a good reputation, which is important for an enterprise, while simultaneously making a profit.

1. Fiorella believes that donations are essential, however it can’t create business models because charities are not sustainable. A sustainable business is not only profitable, it has to be beneficial. They want to solve issues and make the business better. Businesses want to fix social issues as well as enviornment issues.

2. Yuman won the noble peace prize and helped people with finances, Malala wanted education for women in Pakistan

3. I agree with social entrepreneuership because it builds a businesses reputation

1. Fiorella Riccobono believes that it is not charity because she is trying to point out to the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you can’t control the influx of money. She means that social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

2. Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book of her injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. Also, he won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah. She broke barriers by being one of the first black female millionaires in the United States. She also established an empire.

3. I believe that entrepreneurship offers a hopeful way to guide society. This helps people who have less money and in third world countries.

1) Fiorella Riccobonno stresses that it is not charity because she is trying to point out to the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you cant control the influx of money. She means that social entrepreneurship is different than charity because social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

2) Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book of her injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. He also won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah Winfrey. She broke barriers by being very successful in her field of work, and her work in helping those less fortunate.

3) I believe that social entrepreneurship offers a hopeful way to help rehabilitate the community of people that are less than well off when it comes to their financial situation. Social entrepreneurship is a great way to give back to the less fortunate.

Fiorella Riccobono stresses that social entrepreneurship is not charity because because charity is not sustainable it cant support. she means that how can you build a buisness not knowing when your next pay is. she makes this important distinction so that she can inform the reader so that she gives a guideline. Malala Yousafzai is a pakastani actavist that emphasizes on women empowerment and how a group of people can make a change.

Fiorella Riccobono stresses that social entrepreneurship is not charity because although entrepreneurs may rely on donations they cant really create a business model based on it. She makes this important distinction because people may think that entrepreneurship is based on charity and donations when they are basically innovative business tactics to create solutions to social issues.

I Believe Riccobono stresses that social entrepreneurship isn’t charity so much because of how she wants to impact the world. If Social entrepreneurship was a charity, the problem would only at best get monetarily fixed. However, Social entrepreneurship targets to change the actual problem rather then just throw money at it.

I agree with Fiorella’s statement that social entrepreneurship is the future. Based on the information in this article it appears as though the goal of social entrepreneurship is to help fix the world’s problems. However, instead of simply creating a solution social entrepreneurship also finds ways tranform the issue into an opportunity for economic growth.

Social Entrepreneurship is not a charity because the business still makes money. They do help the community, but making money is a priority. This is an important distinction because she needs to stress the fact that the business still needs to make money. Fiorella does not want people to think that the are a charity that donates all their money.

When Fiorella Riccobono stresses that social entrepreneurship is not charity she means that its also a business and she makes money off it. This is an important distinction because she needs to stress the fact that its a business and she still needs to make money at same time as helping.

The way in which Fiorella explained how social entrepreneurship is not a charity is very educated and clear to understand. It is easy to agree with her statement on social entrepreneurship not being a charity even though it, in some cases, acts like one. For example when a business receives money from investor, it is similar to a charity receiving money from people to support the business. She makes a very good point in saying that a business cannot operate not knowing where they will get their next dollar. Another good point she makes that not everybody would think of is that if a business is running on donations, and donations alone, the business would not be able to create a business model since charity is not sustainable.

I do agree with her thinking, thanks to our generation of young people getting more interested in social matters and being more open minded. Nowadays, people is more intereste in social, environmental, and economical matters, therefore, making them more eager to get involved with our society . Social entrepreneurs will help in developing abetter society for our people

When Fiorella states that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for some who do not necessarily know the exact difference between the two.

Malala Yousafzai is a true hero, a legend, who will be remembered forever. She is a courageous leader who fights for women to be able to get an education. On October 9, 2012 she was shot by the Taliban and left in critical condition. She pushed through and from this tragic event that happened to her, she made her voice heard. Her story is touching and she now has her own foundation that advocates for womens’ rights worldwide. Muhammad Yunus is a social entrepreneur from Bangladesh. He is known for founding the Grameen Bank and developing the concepts of microcredit and microfinance. His objective was to put an end to poverty by giving out loans that were suitable to the people and teaching them some financial principles to help themselves. Not only did these two icons earn a Nobel Peace Prize Award, but they will also have an everlasting legacy for their keen, creative, and unique minds. Some other social-justice champions that I admire are Eleanor Roosevelt and Oprah Winfrey.

Fiorella Riccobono explains that social entrepreneurship is not charity. She goes on to clarify that social entrepreneurship is, in essence, using traditional business practices to create a sustainable business model that is not only profitable, but also beneficial to the social sector. Fiorella makes sure to note that charity is not sustainable and that a business model cannot run on donations alone.

Social entrepreneurship is definitely the future of business and policy making because it is a business enterprise not only focused in profitable gains and societal claims. Its significance is reflected on the demand of customers for business to have grater social objectives.

Fiorella says that social entrepreneurship is not charity because it can’t create a business based on donations. Social entrepreneurship creates solutions to societal issues. This is an important distinct because social entrepreneurship should be it’s own business/its own work. It is not a charity where anyone can help, social entrepreneurship helps other businesses to thrive.

Malala Yousafzai and Muhammad Yunus are both huge figure in the world for what they are and what they accomplished. The impact that they had on the world is different from one to another but both helped the humankind to be better. Another social-justice champion that had a mission that inspire me is Nelson Mandela, for what he forgive and what he accomplished.

3. I do believe social entrepreneurship is the future. It allows to have a business that is self sustainable and driven to help the community/planet without having this motivation for self gain. More and more people will start to realize that if we help the planet as a whole, then we will all benefit from it. Not only does it feel great to know that you’re helping people but also you get the satisfaction of helping the whole entire planet.

Personally, I believe that there is a quote that fits this article.

“If you give a man a fish, you feed him for a day. If you teach a man to fish, you give him an occupation to feed him for his lifetime.”

Charity can be given to someone and yes, it can help them, however it does not provide something long lasting. Giving people jobs, and a way for them to work in just conditions is how you can truly help people. A sustainable company that can support the people, support the environment, and still make a profit for more investment is a company that can help people. That is how you can truly help and make a impact. That’s the difference between social entrepreneurship and charity. One is sustainable and can sustain others.

Malala Yousafzai is Pakistani activguist who publicy campaigned for girls to go to school and won a Nobel YouthPeace Prize. Due to her popularity and exposure, the Taliban were after her. On October 9, 2012, a Taliban masked gunman boarded her school bus, and asked for her by name. The gunman shot her in the head, neck and shoulders. Malala survived the attack and is now a world famous activist for peace and girls in school.

Muhammad Yunus is a Bangladeshi entrepreneur that was awarded the Nobel Peace Prize for founding the Grameen Bank and creating microcredit and microfinance. He is working hard to help advocate a world without poverty.

According to “I believe social entrepreneurship is the future of business and policy making.” as Fiorella said, I agree that social entrepenueurships is the future of bussines annd policy making since entrepeneurs are going up and being more involved in the future policies as well as business

As far as social entrepreneurship being the future of business and policy making, yes, I agree with Fiorella. She has definitely made some interesting and realistic points. She believes that, given our generation and what that all have made a living out of, we all want to leave the world a better place than how we found it. Social entrepreneurship is saving poor regions with solutions such as fair trade and I agree that if you work hard to make that a part of your life work that it can make a difference.

Yes I do agree that, “social is the future of business and policy,” because not only does the entrepreneur make a profit, he or she also supports and helps local, small businesses which in turn helps all the people in a community. Social entrepreneurs need to be smart and innovative to find ways to make money, but still support the community. This benefits the social entrepreneur and the people they are helping. This can build innovative skills and social skills making are world communicate and making our world be together.

I agree with Fiorella when she says “I believe social entrepreneurship is the future of business and policy making.” because we are moving towards a more socially and environmentally cautious world. More and more companies are starting to deal with environmental issues. I t is likely that most future companies or enterprises will be helping raise money to help solve global problems from the start

Fiorella Riccobono stresses that social entrepreneurship is not charity because charity is not sustainable and relies on donations from people. Social entrepreneurship is when individuals use a variety of tactics and strategies to tackle societal problems. She makes this important decision because although they overlap in some areas, social entrepreneurs need to find ways to make their business profitable.

1. Fiorella Riccobono stresses that social entrepreneurship is not charity because in a social entrepreneurship, making money is part of the goal. It does help the community. However, unlike a charity, social entrepreneurship can be sustainable. They don’t base their business plan off of the donations they received but they use innovative ideas and plans. I believe she addressed the difference between the two to clarify that they are separate concepts and emphasize the difference between them.

Throughout the article, Fiorella Riccobono emphasizes on the idea that social entrepreneurship is not charity. Fiorella realizes many young people are willing to help but prevent them self from doing so due to the dependent nature of charity. Through using social entrepreneurship, one is not dependent on others to create a sustainable and reliable network to help those in need. This entices future business students who want to help while still utilizing the skills they have learned.

When Forella says “I believe social entrepreneurship is the future of business and policy making,” I agree with this statement because nowadays the world of business is becoming based off of networking and social elements. It is becoming more common that people want to go out and work on social projects and participate in the community. As this becomes more popular it will begin to become a business. It takes knowledge to turn social work into a business. However if done right, it can make the world a better place.

Social entrepreneurship and charity are two different businesses models. As Fiorella Riccobono says, charity is not a viable business plan that can make money. Social entrepreneurship triple bottom line is people, planet, profits. They want to help the world while making a positive change in the world while making a profit.

I agree with Fiorella’s statement that “social entrepreneurship is the future of business and policy making” because it gives companies the opportunity to give back to their community while making a profit. The upcoming generation of business owners want to leave the world better than they found it, and social entrepreneurship is the perfect opportunity to make a difference. I believe this is extremely beneficial to society and its members as it will also help shape the future generations to become successful leaders through international connections and job opportunities.

Fiorella, in the article, stated that social entrepreneurship is not charity. By stating this she means that charities will help gain money for a cause, but as a social entrepreneur, you have the opportunity to take your knowledge and make money and business. In the article, Fiorella states that “People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth. ” If more people are able to gain that knowledge and share it, many people would be able to help more people at a constant rate. Charity is for one cause while social entrepreneurship can be for many.

Fiorella believes that social entrepreneurship is the future to business and policy, and I agree. Although, I would also argue that it is fundamental to today’s business and policy. This is so important because social entrepreneurship in other words is networking. These skills are important to meet others in the business world and expand upon your knowledge. If you have a wide range of connections you will have more opportunities to get jobs, knowledge in every field of business, and create a supportive business network in your working environment. After all you are not working next to computer all day, but next to people that are similar to you!

Fiorella makes the distinction between social entrepreneurship and charity. This is an important distinction because money in a charity flows in one direction. Conversely, money in a social enterprise flows both ways. Social enterprises cannot be charities because they are businesses, and need money to operate. Compared to traditional businesses, though, social enterprises are conscientious about the environmental and social impacts of their actions.

I agree with Fiorella when she claims that social entrepreneurship is the the future success of business and policy making. It doesn’t only help people who already have good conditions of life but it also financially helps those in need and who can’t afford much money. Entrepreneurs can make a lot of profits and invest their money on themselves and the community on where they which can benefit everyone.

The reason Riccobonno made the distinction between social entrepreneurship and charity is because some people don’t understand that social entrepreneurship is in fact a business and relies on more than just donations. In any business it is important to know where and when your money is coming from. Without the knowledge of when you will have money you can not make financial investments or take risks. If your business is not sustainable and it goes bankrupt it will not be able to help anyone.

Fiorella Riccobono stresses that social entrepreneurship is not charity because you cannot created a business based off of donations. Social entrepreneurship makes solutions to social issues.

I agree with Fiorella that social entrepreneurship because it will help many people.And to help the environment and the community.

Fiorella Riccobono stresses that social entrepreneurship is not charity. She focuses about this topic because she wants the reader and society to have the understanding of the difference between entrepreneurship and charity. An entrepreneurship may help and change many people, with different causes or problems, at different situation. A charity is help for a certain person or situation. She wants to make a change not throw money at it and have the problem fixed momentarily.

1. Fiorella Riccobono believes that social entrepreneurship is about making the world a better place. Charity is a completely different subject. Though, they do share a common goal. Malala Yousafzai held a campaign for girls to get an education at school. Muhammad Yunus won the Nobel Peace Prize for social entrepreneurship. They are an inspiration to society. I believe in Fiorella’s point of view. Social entrepreneurship is the future of business. It well help us grow and develop as a person. As well as create opportunities for many in creating a difference.

What Fiorella Riccobono stresses about social entrepreneurship not being charity is that it doesn’t have the ability to launch a business solely based from donations. This is not able to support a fully working business. The charity people give is meant to last a bit, it does not have the ability to make a business work for a long period of time. She makes this important distinction so readers can see the difference between a business that can support itself vs a business that runs on charity.

I agree that social entrepreneurship is the future of business. I believe this because we need to look out for others. There are many people in this world that are self centered and don’t think about others. We need to make sure we take care of others and make sure no one is left behind.

Business entrepreneurship is not charity basically because social entrepreneurs may need to rely on donations to launch their endeavors and making money is part of the goal.

When Fiorella Riccobono states that social entrepreneurship is not charity, she means to create the idea that social entrepreneurship is stable and a dependable new business worth taking part in. She makes this distinction because she wants it to be clear that although it shares a similar idea with charity, it is not only about helping the people but also the planet and business world of the future.

There definitely is a big difference between social entrepreneurship and charity. What Fiorella Riccobono means when she makes this distinction is to not think of social entrepreneurship as the same because of the many differences it has with charity. For example, charity can be looked at as a way to help one specific problem only one time. What she tries to make out of social entrepreneurship is that it helps more than one cause, it is more of a broad way of helping. Also it can shape a better lifestyle for people while charity can only help in one specific way. Giving someone money is not as big of a deal as giving a person a job to consistently earn money. Fiorella makes the distinction so readers know the way that she helps people, by setting a better road for the rest of their lives.

Social entrepreneurship is the future of the business and policy making because it is a way for entrepreneurs to not only make a profit but helps out the community and support their new ideas. And it is a smart way for people to come together as a community and do many great things together.

Fiorella Riccobonno stresses that it is not charity because she wants the reader to be aware that a charity isn’t sustainable because you don’t know where your next dollar comes from, in contrast with social entrepreneurship that is the process to earn profits while helping other people.

[3.] When considering Ms. Riccobono’s statement, “I believe social entrepreneurship is the future of business and policy making.”, I am reminded of the importance of working with non-profit, government, and traditional business, when working towards startling a successful and innovative business. I agree that social entrepreneurship is an important aspect thats importance will become increasingly apparent as time goes on. Using the policies and beliefs that fall under this category, I believe these thing will change the future of business management and development.

Fiorella Riccobono emphasizes a difference between social entrepreneurship and charity. She highlights that in a social entrepreneurship, the owner cannot solely depend on donations in order to maintain the business plan and model to a profitable amount. She makes this distinction because all social entrepreneurships create profit, whereas charities, specifically non-profit organizations, do not.

Ms. Riccobono had her opinion about the meaning of Social Entrepreneurship, in which she thought that it is not charity at all. She stated that making money is the desired outcome, while as compared to charity it is also stable and/or sustainable. She wanted to clarify the actual difference between the two, explaining it through the expression of her own opinion.

-Fiorella Riccobono believes that it is not charity because, she is trying to tell the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you can’t control the influx of money. She means that social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

-Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book about the injury that she had injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. Also, he won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah. She broke barriers by being one of the first black female millionaires in the United States. She also established an empire.

-I do believe social entrepreneurship is the future. It allows to have a business that is self sustainable and driven to help the community/planet without having this motivation for self gain.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? She wants the distinction to be clear that social justice in businesses for employees isn’t a charity, and that it’s an obligation for workers to be treated/paid fairly. She strives to make a community where social justice is a priority. Using the “Related KWHS Articles” and “Related Links” tabs, find out more about Malala Yousafzai and Muhammad Yunus. How have they made an impact on the world? Can you think of any other social-justice champions whose missions inspire you? Malala aimed for the education of all women in the world, even in countries where they aren’t educated. Muhammed inspired young entrepreneurs around the world. Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not? I agree, social justice calls for fairness in business with helping the homeless, being able to assist those in need, and policy wise making work better/ more efficient for employees/

I agree with Florella in believing that social entrepreneurship is the future. Social entrepreneurship is a useful tool to help the community while still making money in the proccess. Being a social entrepreneur allows said entrepreneur to help the people with less money while being able to maintain profit in the proccess.

Fiorella stresses a good point about social entrepreneurship because the businesses that are focused on being run like this are also making an enormous impact on different societal issues while benefiting as a business as well. That being said, theses businesses are definitely not like charities. She makes the distinction between the two because i’m sure the first thing many people think of when they hear about “social entrepreneurship” is charity. Social entrepreneurship is definitely going to take over in the future because it is a great way for businesses to thrive while also having a positive impact on society and the world.

Fiorella Riccobonno stresses the fact that social entrepreneurship is not charity because she wants the reader to understand the difference between social service and social entrepreneurship. Social entrepreneurs are also businessmen and run a business that also helps others.

Social Entrepreneurship is not a charity. It is not a charity because the business still makes money. They do help the community, but making money is the main/top reason. This is an important because she needs to continue stressing the fact that the business still needs to make money. Fiorella helped the people because she paid them more than what they were getting paid.

When Fiorella Riccobono stresses that social entrepreneurship is not charity, she means that the business cannot rely on donations. It would obviously help the business if donations come to them, but the business model cannot be built by just donations. Charity is not sustainable, which means that a certain business can’t survive on donations. Social entrepreneurships are meant to solve societal issues and that is what she is trying to do.

I believe social entrepreneurship is the future of business and policy making because the world is becoming more and more social. Whether it is through social media or just talking to people, people get ideas from other people who get ideas from other people. Nowadays so many people believe they want to be an entrepreneur and its possible because there are so many places to start a business.

Fiorella Riccobono stresses about social entrepreneurship not being charity and that it is not going to be able to launch a business solely based from donations. This is not able to support a fully working business. The charity people give is meant to last a bit, but it does not have the ability to make a business work or last for a long period of time. She makes this important distinction so readers can see the difference between a business that can support itself vs a business that runs on charity.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? She means that she believes a business is not sustainable by donations. On the other hand, charities are 100% sustained by donations. A business is very costly and it cannot be held by a thread or sustained by chance or luck. Starting a business, one wants to know that his or her business has an opportunity of thriving and growing. When one finds out someone is donating, the donation most of the time arrives that same day. In businesses, one has to know where the next dollar is coming from ahead of time. If a business is failing a backup plan needs to be formed, it cannot just sit around and hope for a miraculous donation.

I agree that social entrepreneurship is the future of business because it is a great way to give back to the people that are struggling financially, and it builds a good reputation which is very important for a business.

When Fiorella stresses that social entrepreneurship is not charity, she means that charity is not sustainable, because the influx of money isn’t not controllable, and a social entrepreneurship has to be sustainable so most involved benefit. I agree with Fiorella that social entrepreneurship is the future of business, and where relationships are built while making profit.

Fiorella stresses the difference between social entrepreneurship and charity. A business model can’t be made in a charity, due to charities not being sustainable. Both of these help the community in many ways but you can make money also in social entrepreneurship as it is sustainable.

Fiorella says,”I believe social entrepreneurship is the future of business and policy making” I agree with this statement because I believe that people now a days are trying there best to make this world a better place so being a social entrepreneur is not only helping yourself but also helping your community.

I really find this idea of “social entrepreneurship” to be very defining because this allows people with somewhat experience with the business world to get to experience real life. Many people don’t think business is that hard but this thought of having social entrepreneurship I feel will actually make the image of the business world easier to understand. Social Entrepreneurship is the future and is actually happening already, the reason is because being able to interact with customers and consumers will allow the buyers to have more confidence in the product. Interactions also allows the business to have good credit and good credit to a company means that they are worth more and are recognized as a company that has good stuff. Another reason why social entrepreneurship is the future is because it is easier to start than that of an actually big name company, so I predict that there will be more social entrepreneurs than companies trying to sell small products (that is the job of a social entrepreneur).

Fiorela Riccobono stresses that social entrepreneurship because it is still a business even though it helps people in need. People know the charities are basically just giving money to people and that is not what social entrepreneurship is about. Social entrepreneurship is a business so it still makes a profit but it also helps people. These businesses are all about making a profit while still maintaining a social message. They follow business plans and make a sustainable business while still making an impact with the social sector of the world.

Fiorella Riccobono states that social entrepreneurship it’s not charity. Social entrepreneurs run a business from which they want to take profit while they are contributing to society. She states that they practically show emapthy and use society to make money, which in a way, making money or not, at the end they are still helping people.

Fiorella Riccobono stresses that social entrepreneurship is not charity. She wants to show that social entrepreneurship isn’t charity because it isn’t to get things for people in need. Social entrepreneurship is to develop, fund and implement solutions to social, cultural, or environmental issues. She makes this important distinction because social entrepreneurship uses techniques and has ideas behind funding solutions to social culture, while charity is to do for the good of the people in need. Also social entrepreneurship looks to find solutions for issues, when charity just helps a certain cause.

I believe strongly in the idea of Social Entrepreneurship and the benefits it can bring to many people. I think that is great for college campuses to have social entrepreneur ship clubs so that college students can be exposed to all of the problems that the world has, I love how the article stresses how its important to be open minded and expose your self to new experiences because the world changes every day and it is key for young people to know that because they are the ones who have the most power to change things for the better

Fiorella strongly stresses that social entrepreneurship is not charity. This means that it is still business, that means that it is for profit. I think this is a good thing because the best way to support social programs is by money from companies that still have profit. Fiorella also must believe this because she is sure to emphasize the fact that social enterprises are making money and not bankrupting themselves for their programs or relying heavily on inconsistent and unreliable donations like a charity.

Riccobono emphasizes that charity is different from social entrepreneurship by expressing that charity works with donations and social entrepreneurship handles profits. She makes this distinction to help realize that everyone can win; farmers receive just payment for their goods and vendors of these goods can make a profit. This has definitely made an impact on the world by allowing almost any person attain a fair an income at little to no expense. I don’t completely agree with Fiorella’s belief because today many giant corporations, such as Monsanto, benefit greatly at others’ expense and won’t easily change. Yes, it is a great concept and should be adapted all over but it doesn’t seem like something that will truly happen.

What Fiorella Riccobono means by social entrepreneurship not being a charity is that they are totally different concepts. She makes this important distinction because a charity depends on people donating money for their cause. While social entrepreneurship do accept donations, they don’t rely on it. They use a business model to plan it out like a business.

3: I don’t necessarily disagree or agree with the statement that social entrepreneurship is the future of business and policy making, because there are many other business fields that can have a larger effect on society, for example, the economy keeps the world turning by trading goods to other nations and providing everyone with the funds they earn. The economy also provides storage units known to most as banks, to store any earned money that was not to be spent, this being the opposite of in-wallet or in-pocket money.

But, social entrepreneurship is a very crucial business, and as time goes by, this will get more important. In addition, social entrepreneurship is interconnected with the economics, because with social advantages, one might have a vast connection, thus leading to a higher chance of getting advertised, hired, or partnered with another company.

Firoella Riccobono stresses that social entrepreneurship is not a charity. Social entrepreneurship is a business that is profitable and is indeed not a charity because then it wouldn’t be sustainable. Instead it is comprised of individuals who want to make the world a better place.These individuals try to make the world a better place by using business tactics to try to create solutions to some of the societal issues that we face today, like poverty, climate change, and pollution. So, not only is it not a charity, it is profitable and at the same time it helps make the world a better place.

1.Fiorella Riccobono stresses that social entrepreneurship is not charity even though they receive donations, they can’t create a business model, charity is not sustainable. 2.Malala Yousafzai fights for gender equality, and Muhammad Yunus help the poor and poverty worldwide. This inspires me to leave my mark on the world and change the world for the better. 3.I agree when Fiorella said ” I believe social entrepreneurship is the future of business and policy making.” Because this will help the poor and raise charity.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with Fiorella because it will help give back to those who do not have the resources that they need. It will not only make provide good reputation to the business, but it will give you such a good feeling to know you are being involved in the community and helping others.

Fiorella Riccobono stresses that social entrepreneurship is not charity, because it’s not possible to create a business model based on donations, because charity is not sustainable. Malala inspires the education of all women in the world, even in countries where they are not educated. Muhammed inspires young leaders globally, and he has also won a Nobel Peace Prize. I agree that entrepreneurship is the future of business and policy making, because it gives hope to those who need help.

What Fiorella means when she says that entrepreneurship is not a charity is that in the business you have to know when your money is coming not just to wait around for a donation, which is what charity does. I do agree with Fiorella when she says “I believe social entrepreneurship is the future of business and policy making” because it helps keep the community going to a better place.

She means that you still make profit off of social entrepreneurship, as it is what is desired because charity is not sustainable. She makes this important distinction to show that social entrepreneurship is not charity and needs to have a constant influx of cash to help as much people as you can. I do agree because it is a good way to help people who are less fortunate with their situations.

Fiorella Riccobono affirms that all related with social entrepreneurship is not charity, by that you can extract that corporations or business don’t live related with donations or charity. Business must grown from experience, hard working and good ideas and not from donations. Donations can surely help, but a business concept doesn’t not relate to that.

Malala and Muhammad had a big participation with the world. While Malala made the education available for womens she wrote a book that affected the globally society. Muhammad inspired young leaders over the world. He won a Nobel Peace Prize for his social entrepreneurship, which had successful results. I agree with her when saying that the social entrepreneurship is the future of business, because the social entrepreneurship allows a business that self-survive to help the good causes without having this motivation for self gain.

What Fiorella Riccobono means when she says that social entrepreneurship is not a charity is that it does not involve raising money for a cause. Charities also do not have enough money to sustain them for a long period of time without donations. Social entrepreneurship aims to solve problems while still having the ability to make profit, although they do accept donations. It is a business that at the same time makes a huge impact on society.

When Fiorella says that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for some who do not necessarily know the exact difference between the two.

When Fiorella Riccobono stresses that social entrepreneurship is not charity, she means that social entrepreneurship is not focused on raising or donating money. Social entrepreneurship is a business that benefits when money is used. Of course you are going to need to raise money from somewhere, but the purpose of social entrepreneurship is to run a business not to collect money. Clearly, Fiorella makes this important distinction because she wants to show the readers that social entrepreneurship and charity are two separate things.

Fiorella Riccobono stresses that social entrepreneurship is not charity. When Fiorella said this, she meant that a social entrepreneurship does not just base solely on donations. Of course, donations can help, but a social entrepreneurship thrives from people working hard to help others. In addition, a charity, unlike a social entrepreneurship, is not sustainable She shows that it is more about creating a work place than a place just collecting money.

When Fiorella Riccobono says it is not charity she means that these companies are not run on donations and not ran by volunteers in their free time. She is saying these companies are real businesses that have to compete in the real world. They too have the goal of making money however, they also make businesses that help a society as well as protect the environment. She mentions this because often times they have no idea where there next check is coming from and when. This is a important distinction because these are people who are interfering with their career or salary to make the world a better place and not doing it on extra time.

Riccobono emphasizes that social entrepreneurship isn’t charity. The difference between a charity and social entrepreneurship is that in a charity, funds received are dependent on the contributions of donors. Profit generated from social entrepreneurship are directly correlated with the economic aspects that entrepreneurs find themselves confronted by, such as competition as well as supply and demand. Because of this, the defining aspect at the core of social entrepreneurship is that success is defined by the financial decisions that entrepreneurs choose to make within the current state of the market in which the entrepreneur operates. Au contraire, running a charity would rely on sporadic donations that prove to be a less reliable source of money than the profits and economic stimulus caused by small businesses and lower-class workers.

Fiorella Riccobono stresses that social entrepreneurship is not charity because even though some social entrepreneurs do rely on some charity to start their business, social entrepreneurship aims to solve problems and create a sustainable business that doesn’t rely on others to make profit.

1.I believe that Fiorella Riccobono had the need to express that social entrepreneurship is not charity, rather that relies on donations because she felt the need for the individuals that read the article to understand that this project is so innovative and new that the majority of the people don’t really know about it. Charity is defined as an organization that wants to help and raise money for those in need. Instead, what Fiorella Riccobono is doing relies on donations because although she is helping the needed and businesses, she needs resources and wants to improve the ideas she has for individuals to take on their business as soon as she sets them up for success with her unique innovated plan. This makes an important distinction because it may not always be for free that Riccobono may be doing her job, rather to create a change with an imaginative job that helps improve the world.

3. When Fiorella says, “ I believe social entrepreneurship is the future of business and policy making.” I somewhat agree with what she said. Due to the fact, that her job might be one of the ones that may help a large amount of people as it has economic and balanced strategies to make a business start or grow exponentially. However, I don’t coincide with it being the essential future of business rather social entrepreneurship taking on a branch. As it will only help an specific business that are in certain conditions. In addition, it may be a good and productive job, but not the overall future.

Fiorella Riccobono stresses that social entrepreneurship isn’t charity to emphasize that it isn’t an organization that runs on donations. Social entrepreneurs create real businesses that make a profit. Although their objective is to improve issues in society and assist people, their goal at the end of the day is also to earn a profit. I think Fiorella makes that important distinction to show that although social entrepreneurs are there to help people in need, they also create thriving business. It shows that there’s a lot more to social entrepreneurship than most people are aware about and how it’s different from any other non-profit organization.

Malala was shot by a takin when she was 14 years old, since then she fought for the rights of young women to study and gender equality. She became the youngest nominee for the Nobel Peace Prize and won it in 2013. Muhammad Yunnus created the Grammen Bank, it researched to study how to design a credit delivery system to provide banking services to the rural poor, he won the Nobel Peace Prize in 2006. Another social-justice champion is Martin Luther King Jr, he is best know for his role in the advancement of civil rights using nonviolent civil disobedience based on his Christian beliefs. On October 24, 1964, King received the Nobel Peace Prize for combating racial inequality through nonviolence.

Malala Yousafzai is a Pakistani women’s right and children’s activist, who is also the youngest-ever Nobel Prize laureate. Muhammad Yunus is a Bangladeshi social entrepreneur ans economist, who was awarded the Nobel Peace Prize for founding the Grameen Bank, in which he developed a micro loans and credit system that helped poor Bangladeshis ‘borrow’ small amount of money. Paulette Meyers mission inspired me because she founded and chaired the Women’s Initiative for Self Employment in San Francisco, for 15 years, which helped to train and finance low-income women to start their own businesses.

Fiorella Riccobono is saying that social entrepreneurship is not a charity because they are very different. For instance, charity needs people to donate money to succeed while social entrepreneurship does not rely on donations even though they do accept money to help their concept. Instead, they use innovative business tactics to create solutions to social issues.

Fiorella says “I believe social entrepreneurship is the future of business and policy making.” I believe this statement is very accurate to the future of the business landscape as large corporations are increasingly searching for ways to give back and help out society. Social entrepreneurship also opens up new possibility to those who enjoy philanthropic work while still utilizing their business skills. Through creating self-sustaining businesses that help out society, more individuals will be open to the idea of entering a field which help people as it eliminates the feeling of charity and volunteer work.

Fiorella Riccobono stresses that social enterpreneurship is not charity because although enterpreneurs may rely on donations they can’t really create a business model based on it. She makes this important distinction because people may think thet enterpreneurship is based on charity and donations when they really are basically innovactive business tactics to create solutions to social issues.

Fiorella Riccobono stresses that social entrepreneurship is not charity because charity is giving to those in need with nothing in return, which is similar to social entrepreneurship in the helping side but social entrepreneurs are looking for a profit and the thing that differ them from most of the entrepreneurs is that besides a profit they are looking to help, they are trying to make an impact in their community for the good. Making an impact is clearly really important to her and that’s why she distinct what social entrepreneurship to encourage people to also make an impact and show them they can make a profit out of something that will benefit the social sector.

Social entrepreneurship IS the future of business and policy making. The world is full of hunger, poverty, pollution, etc. What would be more successful than making a profit while helping to make this dirty filthy world a better place?

I agree with Fiorella Riccobono’s statement that social Entrepreneurship is the future of business and policy making. Based on the information her article is giving us, the goal of social entrepreneurship is to help fix the world’s issues or problems. To her, instead of a simple solution, social entrepreneurship can also finds ways to transform the conflict into an opportunity for economic growth.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not? I don’t think it is the future, yes it is helpful to the world and is good and helps people in need, but this can not be the future of business. If a business wants to be successful in the world they can’t be nice, they can’t just go around helping. A business needs to make a profit, needs to be able to pay all its employees, and all its assets. If a business ever hopes of progressing in this world it has to be heartless, or it will be taken advantage of. It cant have a soft spot it it will be open and it will be used. I understand why she would say this but that is in a dream world, but the business world is far from a dream. It is ruthless and has no heart, its all about the money.

Hi Sebastian. Fiorella, the writer of this essay, read your comment and wanted to respond. Here are her thoughts:

Although I do agree that a business needs to make a profit, I disagree with you on the point that the only value a company can generate is revenue. That is an outdated perception of the value modern day corporations and financial institutions are trying to generate. Social entrepreneurship does not exist to be charitable, it exists to create systemic social impact at the core of it’s day- to- day operations, while simultaneously generating profit.

The modern business structure is steering away from a profit-driven model, to a strategy that systemically addresses the triple bottom line. This is not a dream world perception, but rather the new trend and business models of all corporations are trying to adapt in order to stay competitive. But, you do not have to take my word for it, let’s use a modern-day example of investment banking. The young individuals who are entering the banking industry are increasingly making investment decisions that focus on sustainable growth. In order to learn more about impact investing, a form of social entrepreneurship, I have attached an article recently published by Morgan Stanley:

https://www.morganstanley.com/ideas/sustainable-socially-responsible-investing-millennials-drive-growth?cid=sm_smsp_LINKEDIN_MorganStanley_20170831

This generation is demanding socially minded products and companies are responding to this in order to stay competitive and relevant.

When Fiorella says that social entrepreneurship is the future of business and policy making I could not agree more. Many people in this generation are empowered to make a change in there society and around the globe. Social entrepreneurship is a great way for both a way to make a lot of money , and help the change that you want in the world. Also, social entrepreneurship is a great way to gain customers, because people that believe in your platform will want to buy your product and goods. Social entrepreneurship is a great way to not only help yourself succeed but also a great way to help other succeed and get through there struggles.

2- Muhammad Yunnus founded the Grammen Bank and pioneered the concepts of microcredit and microfinance. He gave loans to entrepreneurs too poor to qualify for traditional bank loans. by this Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development.

Malala Yousafzai is an activist for female education. She is known for human rights advocacy, especially education of women in her native Swat Valley in Khyber Pakhtunkhwa. Yousafzai opened a school in the Bekaa Valley, Lebanon, near the Syrian border, for Syrian refugees. The school offers education and training to gils aged 14 to 18 years.

A social enterprise is not a charity because is organization that applies commercial strategies to maximize improvements in human and environmental well-being. They basically combine business with social concerns; they ensure that the society can have access to opportunities to grow in the business environment and be able to sustain themselves.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What Fiorella means by this is that entrepreneurship is not runned by money or even sustained by money like a charity is. Although she says that here and there money will be involved but really and truly its not based on donations at all. Her making it a important distinction lets everyone know that its a innovative business.

Fiorella states that social entrepreneurship isn’t a charity. She emphasizes that is not a business that simply runs on donations, which is similar to a charity. Social entrepreneurs create certain businesses to make profit. These businesses do not rely on others to make profit. An important distinction made is that charities are run totally on donations. Real businesses simply can not last on just donations. Social entrepreneurs have actual businesses that make money that is used for social, cultural, or environmental issues. The important distinction is that charities are run on donations while social entrepreneurs create businesses that make money.

When Fiorella says that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people in need, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for someone who does not necessarily know the exact difference between the two.

Freshman need to join college already thinking of a way to change the world. By being innovative in the beginning, it opens your mind to greater things in the future. By joining entrepreneurship clubs, you can discover a whole new world of chances to help homeless people and poor communities. These people are in the need of a shelter and income, and if you somehow can manage to help those communities, they may even increase their business, earning well deserved money, and help other communities too.

I agree with Fiorella that, social entrepreneurship is the future of business and policy making because, to start a business people have to have technics and know how to talk face to face with other company CEO’s or to talk to banks so they know they will get a profit off you if they lend you their money. Those are the reasons why people have to be socially ready.

I agree when Fiorella says that she believes social entrepreneurship is the future of business and policy making. In a growing age where successful businesses are known for their high rates of pollution, many advocate for business techniques that are more environmentally friendly. Not only does social entrepreneurship promote profit while keeping detrimental environment effects to a minimum, but it also reaches out to the community to aid and improve the lives of those in need. Business thrives off high profit and the ideals behind social entrepreneurship (such as eco-friendly techniques and public aiding) are essential to good policy making and an excellent community of people. Thus, future business and policy making would greatly benefit from this.

Fiorella Riccobon stressed about social entrepreneurship not being a charity so much since the idea of a social entrepreneurship does not want to be labeled as a charity, because their approach to the problem can be very different. Charity solely depends on donations and uses the money the get to first have their business then give back. This distinction is very important since what social entrepreneurship wants to do is give back and make sure their purpose is directly served and is not based off on only donations.

Fiorella stresses about social entrepreneurship not being charity because it is not an organization that runs in donations, social entrepreneurs create real business that make a profit although there goal is to improve the issues in society and help people but at the end of the day there goal is to make a profit out of there business, I think that fiorella makes that important distinction, to show that social entrepreneurship is there to help people in need, and create a working business that are able to create profit at the end of the day.

I think what Fiorella meant by social entrepreneurship not being charity was that people actually have to put a lot of work in to their business and not just rely on donations. She states, ” charity is not sustainable.” Which means that entrepreneurs should not run a business if they do not know who is giving them money; especially off of donations.

Fiorella Riccobono stresses that social entrepreneurship is not charity. Social entrepreneurship is not charity because you cannot create and run a business in which you, the entrepreneur, do not know when or where the donations to your business are coming from. Social entrepreneurship is also not charity since it is a business, and the entrepreneur and his or her business earns a profit while helping others. Fiorella makes this important distinction so that people do not think that a social entrepreneur’s business is a charity to the homeless, it is a business that earns a profit while helping the community and the homeless.

Social entrepreneurship is indeed not a charity. While a charity is reliant on donations, a social entrepreneurship cannot create a stable business model without having a stable source of income. Instead, a social entrepreneurship finds an underlying problem such as pollution or poverty and then creates a business model that does not only solve the underlying problem, but also makes the business model profitable. Fiorella Riccobono stresses the distinction between a charity and a social entrepreneurship in order to highlight the fact that a charity only helps people, whether it be through financial or material means; while a social entrepreneurship continuously helps people by creating a profitable business model that not only solves a social issues, but also creates a profit. The distinction between a charity and a social entrepreneurship can be seen in the analogy where, “If you give a man a fish he will be fed for one day, if you teach that man how to fish and he’ll never be hungry.” A charity can be seen as simply giving a man a fish, while a social entrepreneurship can be seen as teaching a man how to fish.

Fiorella is right/wrong when she claims that entrepreneurship is not charity even though some business do help our community. Most of the business have a goal of making money and benefiting themselves, that’s the main goal of most entrepreneurship, they are sometimes too ambitious and don’t care about society. On the other hand some do care about our society and help our community by investing on something using their profits that will benefit not only them but everyone else in the community. She makes that important distinction because charity relies on donations and money support for those in need, she is trying encourage more people and other business that thrive in order to be more charity and help those in need.

When Fiorella Riccobono stresses that social entrepreneurship is not charity she means that you can’t create a business model based on donations, because charity is not sustainable. She says this to make it clear that it is not a charity.

Fiorella Riccobono stresses that social entrepreneurs is not charity and I agree. She means that social entrepreneurs create a business and make profits. They can’t create a business on donations. Social entrepreneurs create solutions to societal issues. She makes this important distinction because she wants people to understand that social entrepreneurs is not about donations, it’s about assisting and helping ours and your community.

I do not agree with Fiorella when she says, “I believe social entrepreneurship is the future of business and policy making.” Although social entrepreneurship will continue to grow and thrive in western businesses, saying it will be the future of all business is impossible. In places like the United States and other similar countries people generally have more money than those in third world countries, so when people start businesses they are more likely to have enough money to use sustained practices to create there products.we have also seen a shift in what consumers want. More and more consumers are looking for ways to make themselves feel like they are helping society in what they buy, so shifting to social enterprise might actually benefit your business more. Although this is true for first world countries in most other second and third world countries this business method would not work. In these countries people make a much smaller income than they would in first world countries so when consumers are looking for products to buy they will most likely pick a cheaper product that does not give back to society rather than spending more money for the same product with the difference this one will give back to society. These business also have less start up money making it harder for them to produce products in a sustainable manner. For reasons like this social enterprises will grown in first world countries or rich people but is no a viable option for people of lesser income. this is why I do not believe social enterprises will be the future business of the world but rather of the first world.

Fiorella Riccobono stresses that social entrepreneurship is not charity even though it has some analogous needs and events. For example, social entrepreneurship may need to rely on donations to launch their endeavors. However, like charity is not sustainable, it is futile to create a business model. It is crucial to express that social entrepreneurs try to solve societal issues by combining government, nonprofit, and traditional business practices.

Social Entrepreneurship is an emerging concept and, as any concept that is new, some people don’t really know what it means. Although it relies sometimes on donations, a business can’t sustain itself just by charity. Social Entrepreneurs main purpose is to help needed business to succeed and creating innovative plans in order to do that.

I believe that social entrepreneurship is the future of business and policy making due to a great deal of social entrepreneurs looking toward the future and building business models that favor our environment. These innovative minds see harsh problems like global poverty and world hunger as a new slate for growth in areas like economy or cultural growth. In the end, the positive minds of social entrepreneurs will be those of the future in business and policy making.

Fiorellla Riccobono is constantly stressing that social entrepreneurship is not similar than charity, because both overlap in many things. But what people don’t realize is that compared to charity social entrepreneurship is a business looking to make profit. Malala Yousafzai is a Pakistani activist for female education and the youngest to ever to receive a Nobel Prize, also survived a shot to the head once and is now a bounty. Muhammad Yunus is a Bangladeshi social entrepreneur who was awarded the Noble Peace Price for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. I agree seeing the benefit of social entrepreneurship just as many others.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not?

I disagree with her. I found social entrepreneurship a very respectable cause and i loved the idea, but i don’t think it is the future of business because since now there weren’t social entrepreneurship, so entrepreneurs can create their company without that help.

I agreed with what Fiorella Said about the future or entrepreneurship. I think that these newer generations are more biologically aware of what is going on with our planet and communities, specially with the current science they have more knowledge and a better understanding of the problems on this world. So judging by the way these generations are more aware and having more knowledge they would lean more towards businesses that can help the world and our communities.

“Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction?”

She means that its not a charity because a charity is not sustainable. She make the important distinction because a lot of people confuse it for a charity. She wants to make sure that they know the definition of social entrepreneurship is.

Fiorella is making points that social entrepreneurship can make a difference in people’s lives. Social entrepreneurship can help build of jobs and businesses. It also is helping other people that aren’t working in those businesses and improving their community around them. She wants to make a difference in this world I think that this is the key to change the future and what is soon gonna be the next generation of entrepreneurs.

When Fiorella said “I believe social entrepreneurship is the future of business and policy making.” I agree because social entrepreneurship is very important in the business world. People have to be able to communicate with people face to face. In todays millennials everyone uses phones and in the future could have a hard time communicating with people face to face. So I think that social entrepreneurship will be very important in the future.

Fiorella stresses that using social entrepreneurship isn’t just a charity and it is a way to make money. Even though it isn’t charity way of working it can contribute to the advancement of others or addressing problems injustice in the world. The social side promotes it to which the business can grow off the help of others it needs a source of revenue like any other business to thrive. Though the company’s can take in donations to work and run this helps things and what they need and to do at the same time promoting problems.

I agree with Fiorella. Social entrepreneurship is the future of business and policy making. As time goes on, more and more people are becoming aware of the state of our world and the people who live in it. Social entrepreneurship finds the source of a problem, and not only fixes it, but helps to make the world a better place in the process. I believe that this generation, as well as generations in the future, will want to help our world and people in need. More people are wanting to leave the world in a better state than we found it, and some people are already trying.

Fiorella Riccobono is saying that the Social Entrepreneurship is not a charity at all. The whole Social Entrepreneurship point is to help fix the worlds problems but making money is still a priority for the Social Entrepreneurship.This idea still finds ways to transform the issues for an economic growth. So Fiorella basically wants us to know that they’re not a charity that donates all their money.

Yes I do agree with Fiorella, social entrepreneurship is the future of business and policy making and the idea of it, is a great idea to help young entrepreneurs that are lost in the world of business, this would be a very good and helpful tool for them, and we can’t escape from that, because the technology is growing every second of our lives so i wouldn’t be a surprise if technology take over the world of business, many companies are successful and they did it without that help, but now it can be a very good addition for young kids with great ideas this can help them start and i believe they can be very successful with their projects and new businesses

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? she means its not charity because it cant create a business model, based on donations, because charity is not sustainable, because charity is mot sustainable. you cant build a business when you don’t know where your next dollar is coming from or when.

I agree with what Fiorella thinks about social entrepreneurship. The program is related to charity but is not the same thing as she had stated in the article. This program has a potential strong base for jobs in the future. The course deals with societal problems by matching them with economy issues as well as financial issues like a business. This sets it as a powerful candidate for future employments and jobs in my opinion as it has an extravagant amount of potential.

I agree and believe social entrepreneurship is the future of business and policy making because one of its main purposes is to make the environment and future businesses successful and better.

I agree with Fiorella because it’s true that in the future we need to socially communicate with different people. Some people are working and are not getting paid enough for the work that they are doing. It’s good that she and other people are making a change to this problem in the world. With the homeless Fiorella and other people are trying to make a difference helping the people that are in a finacial crisis or are in need of help

I agree with Fiorella. I find that social entrepreneurship does a good balance between profit and helping the community. They are not dependent on outside source like charities and are not focused on massive profit like the big enterprises. I believe that more of those kind of business will start to appear and be successful on the near future.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? Fiorella means that social entrepreneurship is forced to donate and charity is your choice to donate money to charity.

Social entrepreneurs can only do so much to help people out. Being a social entrepreneur cannot be anything like a charity because you need to guide yourself and get yourself out there. Like she said, we all want to leave the world a better place than it was before yourself, so yes you can help out but if you just keep helping someone, they are constantly going to keep asking for help. Give a man a fish and he can eat that day but teach a man to fish and he can now provide for himself. She makes this important because people need to understand it, too many people guide others around and can help them for that time but not later on in life. It’s similar to the first 18 to 20 years in your life, your parents provide for you with food and a roof over your head but they cannot support you forever.

I agree with Fiorella. No person, for their entire lifetime, is going to want to be bossed around by someone. Everyone eventually wants to become their own boss and be the founder or CEO of their own company. Everyone can do it, and there are many opportunities down the road, whether you’re getting right out of college (or even high school) or you’re in your later years and have some money to work with and want to make a change in today’s society.

As Fiorella Riccobono said, Social Entrepreneurship is not a charity. It is easy to think that, however it is important to recognize the difference between the two. A Social entrepreneurship is financial and business organization that combines aspects of a running business while helping social problems in the world advance.

I agree with Fiorella because Fiorella wants to make a charity to help homeless people and I think that’s great because she understand that Homeless people needs help and I like to help people that needs help.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with her because as people grow up they are starting to realize the real world and businesses and businesses techniques are changing

The student explained what social entrepreneurship is. She explained that it is not a charity and that it is made to last. In social entrepreneurship you have to think how to make the idea work so the idea doesn’t fall apart and you give money for specific things which will help the idea to develop.

Fiorela has stressed that social enterprise is not at all a charity, it makes money. She means that it is not a charity because then it doesn’t sustain itself well at all. It cannot create a good business model with donations, or nothing at all. She wants people to know that they are not a charity that donated all their profit away.

Fiorella Riccobono is correct because social entrepreneurs is a business. In social entrepeneurs people is more empathetic because of their helping the social sector by solving global and humanitarian issues, they ask what is the problem and then base on that they plan their business around that. They make a money while helping the society.

Social entrepreneurship is truly the future in my opinion because of business and policy making, it is a business enterprise not only with a focus in profitable gains and societal claims. Its meaning is reflected on the demand of clients for business to have grater social goals or targets.

When Riccobono thinks “social entrepreneurship is the future of business and policy making”, I support her opinion. For me, I think as young adults develop, they establish beliefs on how they can have a positive impact on the Earth. Of course, one of these ways is by social entrepreneurship. With young innovative minds, they can think of things they can create. These people need passion and commitment. They also need to develop skills that persuade other passionate and committed people to join their cause. Social entrepreneurship is about helping the world, and an increasing number of people are constantly trying to do that. As a result, global issues, like poverty, will decrease.

A social entrepreneurship is not a charity because all of the proceeds do not go to other organizations. A part of the revenue goes towards organizations but some goes towards the business to keep it running. A social enterprise is sort of a hybrid between profit business and non-profit charity. What she means to say is that the social enterprise’s goal is not to just give away money but instead to create money for its own needs while giving money to organizations that need it. She has to make this difference clear because many people know about charities and often do not want to donate, but since this is a charity/business in disguise it generates money while also providing a service and good.

Yes I agree that social entrepreneurship is the future of business and policy making. I believe that social entrepreneurship can do a lot of good in the world and benefit people both the ones being helped and the ones helping. It will open many doors for many people that need help.

1.Fiorella Riccobono stresses that social entrepreneurship is not charity because it makes profit and it is not a situation where someone receives money once, and slips back into trouble. When profit is made, the organization is clearly no longer a charity and social entrepreneurship helps people get back on track. This is an important distinction because it helps people realize that unlike a charity, this organization makes profit and helps people at the same time.

2. Malala Yousafzai has made an impact on the world by advocating for young girls to go to school, and Muhammad Yunus has made an impact on the world by providing small loans to the poorest people in the world. The most inspirational social justice hero to me, is Mahatma Gandhi because he liberated an entire country from England in peace and in friendship.

3.I do not believe social entrepreneurship is the future of business and policy making, because there are certain businesses that this won’t work with (Ex: car companies) and there are many people in the corporate world that will not support this type of organization.

Fiorella Riccobono stresses that social entrepreneurship is not charity because while both aims to aid those in need, social entrepreneurship makes a profit. Charities may give money to those in need, but unless these people are able to regain an income, they will return to their original conditions. It is impossible for charities to keep on giving money to support these people for the rest of their lives since charities relies on donations and the people working in charities also needs an income to support themselves and their own families. Social entrepreneurship tries to address the root of the problem and create a solution. As Fiorella Riccobono has mentioned, instead of giving small coffee farmers money, they bought their coffee for a fair price and sold it at their trucks. This not only helps the farmer, but also helps the people running the business to keep going and continue making contributions to the world.

I do agree that social entrepreneurship will be the future of business and policy making. Social entrepreneurship helps develop, fund, and implement solutions to many different social and environmental issues around us. With different aims and sizes of this concept, it can apply to almost any organization or job. So it can pretty much help out others who work in different industries.

1. Fiorella Riccobono is stressed that entrepreneurship is not charity because they are both different from each other, entrepreneurship helps us make the world a better place by making ideas. Charity is people helping others by giving them money to be successful in life.

2. I agree that entrepreneurship can be helpful in our future because of how helpful it can be for the country and for us living a better and healthy life style. It can also impact others and convince them too work for entrepreneurship to help our grow even bigger then it was suppose to be.

Fiorella Riccobono stress es that social entrepreneurship is not a charity, because charities are not sustainable and can not control the influx of money, in the contrary, social entrepreneurship is a business that is expected to make a profit and relies on more than just donations. Although social entrepreneurship is not a charity, it was also invented in order to help people, businesses and helping make the world a better place. Social entrepreneurship is the future to business and policy making and it is supposed to make enough money to keep the business going, with profits included, and help other businesses that may need financial help.

I think it was very wise for Fiorella Riccobono explain to us that social entrepreneurship is not charity because it makes us understand that you can do the right thing and still get revenue from your work. I think that now I understand way more about social entrepreneurship and I think is a great thing. I feel that It helps the community to improve in many ways. I’m glad she wrote this, I think she may have changed the point of view of a lot of people about entrepreneurship that thought it was like a charity.

Firoella Riccobono explains that social entrepreneurship is not charity because since its just emerging as an idea, she thinks that charity is not sustainable enough to do the job. You can’t build your business on not knowing when or how much money you are gonna receive from charity. They combine government, non-profit, and traditional business in order to create a sustainable business. These innovators create large sustainable models by addressing an issue in the world like poverty, pollution etc.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with her statements beacuse I think that future and presents Entrepreneurs are thinking in ways to make the world a better place. This impacts lots of people by the fact that they are attracted to make the world a safer and healthier place for everyone, especially for the people in need, like the homeless. While lots of people are getting involved in business, the majority will want to start their own social Entrepreneurship campaing which gives a high income and helps the world to be a better place.

I agree with Fiorella because the next generation of Entrepreneurs are trying to find new ways to make the world a better place. This has a huge affect on people today, For example the more unfortunate people.Now a days everyone want their own business where they can do something for money. But Fiorella addressed social entrepreneurship is like a charity where you get a profit from. This is another way we are trying to develop something new to make the world a better enviroment to live in.

I forgot to add that either most or all charities don’t profit, and that this is why she talks about the topic this way.

Fiorella Riccobono stresses that social entrepreneurship is not charity because for the business to thrive and grow it must have a stable amount of money behind it. The business can use help from donations but it cannot purely be charity. If it were to rely only on donations, it would not be sustainable over a longer period of time. Social entrepreneurship is for the benefit of important causes like the homeless. Having financial support ensures they can do their job.

When Fiorella Riccobono stressed that social entrepreneurship is not charity, she meant that social entrepreneurship although helping people, helps the person who made it generate income, while charity is straight up giving people or organizations money or aide without getting profit. This is an important difference because charities rely on donations and volunteers more than anything, and you never know how much you’ll get over relying on others. In a social entrepreneurship, you are responsible and you make money.

1. Fiorella Riccobono explains that social entrepreneurship and charities are different from one another: A charity is a nonprofit action that is made to see some sort of change in the world, for the better. However, it is made quite clear that social entrepreneurship is a business. Even though it receives donations, it is a business that generates some sort of profit; but, nevertheless, a business with a goal in mind, one that is to make the world better than how we found it. It’s important to make the distinction because a social entrepreneurship is better able to maintain itself without having to purely rely on external sources and donations.

When Fiorella states that social entrepreneurship is not charity work, I attatched that to the fact that it is strictly enterprises for a social change. The business owners in the social enterprise industry understand that they are not being given money for a cause nor are they raising awareness. Social enterprises are not charities because charities are given donations by others. Social enterprises on the other hand can be funded, but can not be donated to. This is a important distinction to make so that other do not get confused and make mistakes when they are starting their own businesses. It is crucial to make this distinction for the sucess of other businesses to come.

When Fiorella says that social entrepreneurship is not charity, she means that if you want to start a business, you have to have stable money behind it to produce it. Social entrepreneurship is a business that makes profit. In charities, you only get money for volunteers, not knowing if you will make lots of profit. Fiorella expresses this because she wants people to know that in entrepreneurship, you have to work or your business and get profit, not getting money from charities.

When Fiorella state that social entrepreneurship is not a charity, she is referring to the fact that charity relies only on founds specific for one cause, which may not be sustainable for a long enough time. Mean while social entrepreneurship, focusses on founding multiple things like homeless, and is not exclusive to one major cause, but is open to a variety of major causes.

What Fiorella means when she says that social entrepreneurship is not charity is that charity is when you raise money or objects for a cause or for a specific person or place. It for people and places that are less fortunate and cant afford a lot fo things. A social entrepreneurship is when you are making a profit out of something. You also focus on many different thing, not just one cause.

i agree because a lot of people don’t know the difference of social entrepreneurship and charity the difference is that in entrepreneurship you gain money in charity you donate money which means you’re losing money.

I agree with Fiorella’s statement on how social entrepreneurship is the future of business and policy, I agree with it because it is changing the way by how people see things. For example, the article states, “People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth.” New students will exposed to social entrepreneurship and soon enough, there will be plenty of individuals who will use innovative business tactics to create solutions.

Yes, I agree with what Fiorella states. It is the future of business and policy making because you need to “promote your mission” and find funding for it, all while getting other people involved in whatever you may be promoting. These are essential paarts of growing your business.

I do agree that social entrepreneurship is the future of business and policy making. Many people in the world have the desire to make it a better place for everyone; however, they don’t know how or where to start. With social entrepreneurship, the goal is help and contribute while still making a profit. By doing this, both sides have the ability to grow and prosper. The best part is that you are making the world a better place.

I agree that social entrepreneurship is the future of business and policy making because companies would have a steady flow of income to them instead of a charity which will have money coming in for one specific cause. Social entrepreneurship will be successful considering how many young minds we have for the future, bringing it to a new level and presenting fresh new ideas into the social entrepreneurship world, changing it completely, allowing success. This is the successful future we have.

I believe that it is stressed that social entrepreneurship is not charity because the organization does not only depend on donations to succeed, they have had a stable amount of money behind them in order to strive as the organization they are. Unlike charities, social entrepreneurship make a profit. This is important and stressed because social entrepreneurship’s need to work for their money and sell instead of relaying on donations and charity events to become a better organization. Social entrepreneurship’s are businesses; they do not depend on donations and they also make a profit. The business also can not be continued if they are not making money on their own.

When Fiorella states that social entrepreneurship is not charity, she means that when you volunteer for charity, you only give. There is no economic balance if you always give, and don’t get anything back. We need to do charity when there is crisis. If not, the economic balance would go down. What Firorella states, makes a lot sense because social entrepreneurship has a economic balance circle that goes around and you make profit in one way or another, but charity does not have a profit if you only give.

When Fiorella states that social entrepreneurship is not a charity, she means that social entrepreneurship is a force used to help people. She states that charity is not a sustainable money flow for a business. Social entrepreneurship, however, is something that people use to (not exclusive to) helping the homeless, sustaining the planet’s resources, and finding ways to make profits for a business. She makes this important distinction because she wants to differentiate between between charity and the work that her and social entrepreneurs do. Charity is an unsustainable source of business, and that is not the goal for social entrepreneurs; social entrepreneurs work to aid people in growing a sustainable economic system.

When Fiorella Ribccobono says that a social enterprise is not charity, she believes that an entrepreneurship that seeks to gain a profit, fails to create a sustainable charity. Therefore, a social enterprise uses specific causes to aid in its operations. For example, rather than giving coffee farmers a percentage of the profits, the coffee food truck buys its coffee beans from farmers who use sustainable methods of farming. This allows the farmers to get a profit and be able to live off their work rather than relying on charity. This distinction helps Fiorella argue the benefits of being a social enterprise for the business and the cause, rather than the charity that does not allow the cause, in this case the farmer, to grow at all. Charity promotes a stagnant, one-way economy that has no advances of any kind. Although charity is important in a crisis or catastrophe, a social enterprise is beneficial in aiding the economic growth of two bodies of work.

when Fiorella says that social entrepreneurship is not charity, she means that if you want to start a business, you have to make stable money behind it to produce it. Social entrepreneurship is a business that makes profit. In charities, you only get money for volunteers, not knowing if you will make lots of profit. Fiorella expresses this because she wants people to know that in entrepreneurship, you have to work or your business and get profit, not getting money from charities.

In the article, the author, Fiorella Riccobon, stresses that social entrepreneurship is not a charity. She uses two important distinctions to explain this. The first is that it’s a more stable business format. Charities rely on donations for their income and funds. Social entrepreneurship sells goods and uses the profit to help others. The second is the way they help. Social entrepreneurship teaches people to support themselves by getting fair wages like the Haitian coffee farmers. Charities give money or food which only helps people when they are there.

It is important, social entrepreneurship is more than just a charity. Even if the businesses your talking about or involved in a nonprofit business, it will sustain its self better than a charity. All charities come to a soon end. you must have a bullishness plan when it comes to whatever your collecting profit for. Charity does not have a foundation like a businesses does. An innovative business will help you make a better profit.

Fiorella is stating the social entrepreneurship is not like charity. Shes saying the for charity it doesn’t last for a long time, entrepreneurship is not on one major thing. Malala has won the Nobel prize inspiring woman and helping the communit

Giancarlo amazing statement

I believe that when Fiorella mentions social entrepreneurship isn’t charity that she is referring to the fact that charity is something that is done for the sake of a devastating event or in other words a single reason but on the opposing side of things , she is saying that social entrepreneurship is for a diversity of necessities including for example as one of the subtitles in the article says “helping the homeless.”

The details given by Fiorella in the article on what a social entrepreneurship does and its functions is truly brilliant. The new level that these social entrepreneurship are achieving is remarkable as they create a business that benefits small businesses, helping in the community, and produce a profit. It’s a truly beneficial business for all aspects included.

As far as the article goes, Fiorella did a really good job distinguishing between charity and social entrepreneurship. Before reading this article, they were both the same thing in my mind. She makes this distinction for exactly this reason, so people are more educated about social entrepreneurship and her business. The way I see it, social entrepreneurship is an equilibrium between charity and the economy. Charity isn’t a sustainable lifestyle, but a social enterprise is. In my opinion, a social enterprise uses the efficiency of the United States economy to benefit the person in charge of the business and others.

When Fiorella said that social entrepreneurship is not a charity, she is stating that charity relies on other founds for only one cause. When you start a business, you need some money to put behind it to support the business. Charity relies on other people to give money. With a business, there is an economic flow of money. Even though donations are involved in a business, its gains some sort of profit. You cannot build your business not knowing where or when your money is coming from. Charity doesn’t generate profit, this is why she said it that way.

I agree with Fiorella, that social entrepreneurship is not charity. What she means by that is charity is when you give to a cause if there is something horrible occurs, such as hurricane Harvey, you would give money to charity to give the people of Houston. But in this case, social entrepreneurship is when you teach someone how to do stuff like make their own food by people teaching them how to farm or raise cattle so they won’t need to be so dependent for others to give them money.

Fiorella stresses that social entrepreneurship is not charity. Even though social entrepreneurs and charity both rely on donations and are similar, social entrepreneurs can’t create a business of it because charity is not sustainable. She wants readers to understand the difference between social entrepreneurship and social services because most people think they are similar.

When Fiorella Riccobono says that social entrepreneurship is not a charity she means that charity is just giving away without gaining any profit out of it. A social entrepreneurship is different because social entrepreneurship makes a profit; it helps a community in some ways but it also benefits the entrepreneur in other ways. There’s a saying that Ms. Zocco said “Give a Man a Fish, and You Feed Him for a Day. Teach a Man To Fish, and You Feed Him for a Lifetime.” This saying explains much about what social entrepreneurship. An example of a social entrepreneurship is, you put a business in a poor town, you teach all the poor people in that town how to do the job and hire them. You pay them a wage that is going to allow them to live comfortably and they are good. An example of a charity is going to a poor town and just give them money. That will only help them for some time. She makes this important distinction because social entrepreneurship is much better than charities. It helps the people, it makes them work, and it helps the entrepreneur make a profit. Charity helps society but it doesn’t improve society as much as social entrepreneurship. This is important to know because the more people make social entrepreneurship, the less poverty will be in the world.

When Fiorella states that social entrepreneurship is not charity, she is referring to the fact that charity relies only on founds and specific for one cause.

It’s not the same because , although social entrepreneurs may need donations to launch their endeavors, they are not going to be able to create a business based on donations. Charity is not continuous. Just imagine building a business when you don’t know where your next dollar is coming from or when, you can’t. This is actually important because social entrepreneurs are individuals who draw on innovative business strategies to create solutions to societal issues. So, this is what I think.

Fiorella stresses that social entrepreneurship isn’t a charity because it isn’t. In order to start a business and have it flourish you need more than just donations to do that. Even though the two have their similarities (meaning they both rely on donations), they are different. You can’t just base your business on a “maybe”, because there’s no 100% that there will be more donations. That’s worry-some for your clients and yourself. Entrepreneurs may use the donations to start off but later own they’re going to have to make better decisions so they gain money instead of receiving it form anonymous or known doners.

When Fiorella Riccobono stresses that social entrepreneurship is not a charity, she’s referring to the fact that a charity is when people give without getting anything out of it. Rather, she wants people to understand that in social entrepreneurship, the entrepreneurs are helping with societal issues but they are building a business not a charity.

When Fiorella said that social entrepreneurship is not charity, charity rely on donations for only one cause but charity isn’t sustainable. All charities will help for some time and come to a soon end. But social entrepreneurship is an equilibrium between charity and economy because makes people work and help the entrepreneur make profit and improve de community. Malala Yousafzi and Muhammad Yunus are positive and influential contributions to de society. Malala advocates for women education and Muhammad created the concept of microfinancing. I agree when Fiorella says, “I believe social entreneurship is the future of business and policy making.” Because the more people who make social entreneurship with innovative business tactics the more solutions to social issues.

When Fiorella Riccobono stresses that social entrepreneurship is not donated, she means that social entrepreneurship is not focused on raising money. Social entrepreneurship is a business that benefits when money is used. Of course you are going to need to donated money from somewhere, but the purpose of social entrepreneurship is to run a business not to collect money. Clearly, Fiorella makes this important distinction because she wants to show the readers that social entrepreneurship and donating are two separate things.

Florella says “I believe social entrepreneurship is the future of business and policy making”, which I have to totally disagree on. I’m surprised that no one has talked about Corporate Social Responsibility (CSR), which is mandatory in many countries, as a % of the net profits made by the firm. Why are firms doing this? Well, if they make a difference (e.g. build a school for a rural place in a country), they gain good publicity. As consumers are getting richer now, they may choose to buy a good or service from a firm with good reputation. By enacting CSR, firms have a better brand image as they are seen to be kind, caring, and giving back to the community. Is this the truth? No. Firms are doing this for more profits and revenue. They can gain more demand and consumer loyalty by CSR.

Now back to social entrepreneurship. This is different from CSR as CSR can be donating money to a major firm. Right now, businesses focus on whether their acts are moral and ethical, as they may be creating lots of external costs e.g. pollution which decreases health of the labour force. Most businesses are for profit – only non-profits will focus on social entrepreneurship. Trust me, it isn’t highly profitable.

I have a social enterprise myself, from the club I created. I’ll talk about the club and distinguish between social entrepreneurship and donating / charities. They are different, but are similar in some respects. Both need money to operate. How do charities get money? They ask people to donate, which is usually tax deductible if they are a 501c3. How do social entrepreneurs get money? They have to get it themselves, which is a very proactive process. Most people get investors. However, I’m only 15, so I gain money by starting a business and profiting. I use those profits to operate my social enterprise.

Florella continues with “Social entrepreneurs do not have an idea and then apply it. Instead, they go directly to the source of the issue and ask what is needed. Based on that answer, they build their business plans. Social entrepreneurs are often empathetic, bold, open-minded and tenacious”. I totally agree on this, but as I am a student, I’m working with a 501c3, and together we are developing a model on how to alleviate poverty and hunger in a part of rural China. We’re working on small ‘life packages’, containing different proportions of food, sanitation, clothing, etc. and we’re finalising the model. Our solution is very meaningful and may bring a whole village out of the absolute poverty line. However, similar to a charity, we need funds to operate and purchase the food packages. I am the social entrepreneur, while the 501c3 is the charity. The charity of course has more funds as they are tax deductible, and a trusted organisation. On the other hand, I have less funds because I’m gathering it myself, but together we make a good group to help fight against the 1st and 2nd UN SDGs!

Finally, I’d like to comment on Malala, a true inspiration. There is a club at my school based off Malala’s vision, providing more education for girls. Although we live in a rich district in the metropolis Shanghai, there are rural places in China (places which need food packages) where girls don’t go to school. Malala’s story has made the whole world realise how inequality still exists, and keeps reminding us to fight against it. I’m so happy that service learning has just been approved at our school as a mandatory academic subject :).

Also, commenting a little more on Malala – her life has a “conveyor belt” image, as she was brought up in an elitist family who trained her to be the voice for many women. Her success would not have been possible without her father. Of course, she was very determined herself as she was stronger than before after being shot and fortunately surviving. Malala wasn’t a social entrepreneur, but more like a political ambassador / representative. Her Noble Peace Prize win raised more awareness of the issue of inequality, to empower women for education.

In the mere chance anyone stumbles by my post nearly 1.5 years ago, I’d like to make a correction after learning much more about impact investing and creating a business with impact. My previous viewpoints still remain the same (well, CSR is mutually beneficial for both the firm’s publicity and those who are supported by the received money/projects – it’s a win win!). However, social enterprises can be for profit. There are many impact investing firms, mostly venture capitals that invest in businesses that will both generate profits and a positive societal impact. Hence, social enterprises can definitely be profitable.

Also, update to the social enterprise I founded. Co-organised event with Rise Against Hunger where 220000 meals were packaged and distributed in Oct 2018!

Great. This article is excellent. I have read many articles with this topic, but I have not liked. I think I have the same opinion with you. ATTITUDE QUOTES

As stressed by Fiorella Riccobono, Social entrepreneurship is different than charity. I feel the same here as charity is merely done for compassion towards humankind and measured by the donations acquired, social entrepreneurship is done for social change and welfare.

When Fiorella says, “I believe social entrepreneurship is the future of business and policy-making”, I completely agree. The concept of innovative thinking is lacking in this world and by social entrepreneurship, such skills are highlighted.

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11 Benefits of Entrepreneurship: Figuring Out if It’s Right for You

Bailey Maybray

Published: August 19, 2023

Setting your own schedule. Working from anywhere. Pursuing your dreams. Becoming an entrepreneur can set you up for a thriving, successful, and fulfilling professional life. But do the benefits of entrepreneurship outweigh the down sides?

Benefits of entrepreneurship: a woman speaks before a large crowd.

If you strive to become your own boss, like 580m+ other entrepreneurs, many perks await you — from greater happiness to higher potential earnings.

Table of contents:

What are the benefits of entrepreneurship?

What are the down sides of entrepreneurship, tips for aspiring entrepreneurs, 1. flexible work schedule.

Despite 76% of employees wanting greater flexibility in their roles, major employers — such as Amazon, Disney, and Starbucks — started requiring employees to work in person following temporary remote work. Many fought back against these policies, with some succeeding in getting added flexibility.

But entrepreneurs never have to worry about a CEO taking away their flexibility. They set their schedule from start to finish. For example, they could sleep in and work more at night, or get up earlier and finish in the afternoon.

2. Aligned values

Non-entrepreneurs, such as corporate workers, often sacrifice personal values for the sake of employment. Nearly half of workers reported they may leave their company because of misaligned values. However, entrepreneurs can ensure their company always aligns with their beliefs.

For example, they might feel passionate about saving the oceans via social entrepreneurship or growing a software company that helps small businesses. Regardless of what they care about, they can start a business that integrates their values and beliefs.

3. Improved leadership skills

As baby boomers pass the torch to millennials, they must equip them with solid leadership skills. Unfortunately, over 6 in 10 millennials regard their current leadership development as inadequate.

Entrepreneurs, for their part, improve their leadership skills every single day. They speak and present to stakeholders, such as employees and investors . They provide a guiding role in marketing and branding. They represent the head of their organization, a role that forces them to practice leadership in a way corporate workers often cannot.

4. Greater happiness

Substantial evidence demonstrates that entrepreneurs tend to live happier and healthier lives than their worker counterparts. One Harvard study even found that self-employed women had lower rates of diabetes, low blood pressure, and a decreased risk of obesity, and that those who worked for themselves tended to exercise more.

Though entrepreneurship still induces stress, anxiety, or fatigue, research demonstrates the physical and mental benefits of becoming an entrepreneur.

5. Larger networks

Research shows that entrepreneurs maintain networks twice as large as non-entrepreneurs. Entrepreneurs regularly seek out co-founders , investors, beta testers, employees, mentors, and others.

Having a strong network grants you several benefits, including the ability to:

  • Validate business ideas
  • Collaborate with others
  • Find future employees or partners

6. Retain profits

Entrepreneurs retain whatever money they make through their business. They can then make decisions — increase their own salary, invest in hiring other employees, grow their business, or do whatever else they feel makes sense for them.

Regular workers usually cannot make more money unless they get raises, bonuses, or promotions — all of which are at the mercy of their managers.

7. Potential higher lifetime wealth

In the short term, entrepreneurs may make less than corporate workers. Most of the money will likely get reinvested into the business, leaving them a limited amount for their own salary. However, successful entrepreneurs stand to benefit from a higher earning potential than employees, since they reap the full reward of their company’s growth.

So, while corporate workers benefit from greater stability, high performers cannot match the earnings of a thriving business owner.

8. More learning opportunities

In the early stages of business ownership, entrepreneurs juggle a dozen different roles. They must figure out how to create a product, market it, manage their operations, and more.

While initially overwhelming, the role of an entrepreneur gives you the unique opportunity to learn critical business skills. Regular workers typically stay in their lane — marketers learn about marketing, financial analysts learn about finances, and so on. Only entrepreneurs handle and learn all aspects of running a business.

9. The ability to pursue unconventional ideas

Layoffs have resulted in employees speaking up less and taking fewer risks, per Harvard Business Review research. But taking risks or pursuing unconventional ideas gives people a sense of accomplishment, especially if that idea turns into a successful product or business.

Entrepreneurs can regularly test and validate their ideas, then pursue the successful ones. Corporate workers deal with office politics, which often means playing it safe for the sake of job security — especially during economic downturns.

10. Greater impact

Successful entrepreneurs tend to have a greater impact in their industries and communities. They often bring in game-changing ideas to their markets. They provide employment opportunities.

While entrepreneurs deal with high failure rates , they position themselves to make a greater impact in their roles in the long run.

11. Personal branding

Through their work, many entrepreneurs develop a personal brand — which can set themselves up for success long after they stop running their businesses. They can grow followings on platforms such as LinkedIn. They can then churn out content to establish themselves as  industry leaders while promoting their businesses.

Despite the benefits of entrepreneurship, there are down sides you should consider before pursuing it.

Running a business, especially in the early stages, takes up a huge amount of time: 82% of entrepreneurs work more than 40 hours per week — with 19% working over 60. Worse, only 57% of business owners actually take vacations.

Though many employees work long hours, entrepreneurs often take on more strenuous, tasking schedules.

High chance of failure

For every 10 entrepreneurs that make it, 90 fail . A sizable 10% flounder before reaching their second year.

Every worker can encounter failure in their roles. However, running a business means investing hundreds of hours of time and thousands of dollars in an idea — with a high change of failure.

Many founders reduce their pay to ensure the success of their business. One quarter of small-business owners choose to pay themselves nothing . Half of US founders bring in less than $100k, which resembles more of a mid-career salary for many professions.

Entrepreneurs have higher potential earnings, but can get paid much less than corporate workers. This also doesn’t include the more complex nature of insurance and taxes, which entrepreneurs must figure out for themselves.

Greater vulnerability to burnout

Over 6 in 10 entrepreneurs report struggling with burnout, a condition defined by exhaustion, detachment, and stress.

Long hours, higher rates of failure, and uncertainty takes a toll on an entrepreneur’s mental state. And because entrepreneurs tend to have worse work-life balances than non-entrepreneurs, they may struggle to recover from burnout.

If you want to become an entrepreneur, stack the pros against the cons — but make it personal to you. Consider asking yourself the following questions as starting points:

  • Do the main benefits matter to me (e.g., do I care about flexibility)?
  • How would these down sides impact my life (e.g., can I manage working long hours)?
  • Does my current lifestyle make sense for entrepreneurship (e.g., can I afford to become an entrepreneur)?

You may not care about burnout or working long hours, for example, which may make entrepreneurship a viable career choice for you. On the flip side, entrepreneurship may not make sense for you if you struggle with burnout, networking , or multitasking.

In reality, not every entrepreneur transforms into a wealthy billionaire. Many jump over hundreds of hurdles just to fail in the end. So, if you want to become an entrepreneur, treat it like a career choice — with all of its many benefits and flaws.

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University of Washington Information School

Q&a: how instagram influencers profit from anti-vaccine misinformation.

Rachel Moran

While Instagram might have a reputation for superficiality — a realm of exquisitely filtered images — it is now eclipsing other social media as a news source. The platform is increasingly filled with information, some of it pernicious and distributed via influencers.

Researchers at the University of Washington studied three prominent Instagram influencers spreading anti-vaccine misinformation as a route to profit. Each account occupies what lead author Rachel E. Moran , a UW senior research scientist at the Center for an Informed Public (CIP)  and staff researcher in the Information School, calls a “slightly different corner of Instagram.”

To protect the accounts’ anonymity, the team gave each a pseudonym, substituting the account’s actual name with a generic descriptor: the Wellness Homesteader (focused on things like homeschooling and farming), the Conspiratorial Fashionista (focused on fashion) and the Evangelical Mother (focused on Christianity). What unified the three U.S.-based accounts was that, amid their varied content, each dispersed overtly conspiratorial anti-vaccine messaging and used it to sell products and services they profited from either directly or indirectly.

The team recently published its findings in the International Journal of Communication.

UW News spoke with Moran about the paper, the particular methods of Instagram influencers, and the ways “misinformation is an immensely profitable endeavor.”

What made you interested in researching this?

Rachel Moran : A lot of my research at the CIP has been in the vein of health-related claims, particularly in the anti-vaccine movement. We’ve done a couple of research studies where we looked at how influencers on Instagram share information about vaccines, how they validate whether it’s true or not. And we noticed this pattern of influencers directing people to buy things. It’s something we see in our everyday lives all the time now. Everyone is selling something online. So we’re interested in what happens when people use misinformation and leverage it to make profit.

Can you describe the patterns you found in the three accounts?

RM : They were all female and kind of catering to female audiences, and they leverage gender in a really interesting way. They’re kind of homing in on mothers’ responsibilities so they can, for want of a better word, “guilt trip” people into buying specific products. They’re eschewing traditional vaccines or medicine in favor of more “natural wellness” products, for example.

We also saw the use of multilevel marketing companies. During the pandemic, the Food and Drug Administration tried to put a handle on some of these wellness-related multilevel marketing companies that were leveraging the pandemic as a way of advertising their products. The FDA came out and said, “You’re not allowed to say that your product will cure COVID,” for example. There’s a bit of a loophole, where you can sell a multilevel marketing product if you’re not employed by that company. Then, the policies aren’t really enforceable. This allows individuals with these Instagram accounts to advertise the product and make money off of it by leveraging misinformation without any consequence.

In the paper, you discuss how the ‘parasocial relationships’ that develop through these kinds of accounts can help the anti-vaccine messaging gain users’ trust. Could you talk about that?

RM : It’s a through line to a lot of our work within misinformation spaces — the importance of these parasocial relationships, which are sort of one-sided relationships we build with the people that we follow online, celebrities and so on. But with Instagram, you get this look into someone’s everyday life that sometimes can be very mundane, and you kind of build a rapport through that. They’re showing content that feels relatable. Maybe you’ve bought the leggings that they’ve advertised, and they work well for you. You build up that incremental trust, so that if they then share something that isn’t within their wheelhouse — maybe they’re not medical experts, but they’re sharing medical advice — you may be less likely to question it.

And it’s not quite as one-sided anymore. On Instagram, we can reply to an influencer’s story, and they sometimes respond and provide a little semblance of a two-way relationship. This also means that they know that parasocial relationships are really important. It really shapes the content that we see and all kinds of influencers online. They know that their job is to build trust, and they can then use that trust to get people to buy things.

Could you give examples of ways you saw these influencers leveraging those sorts of relationships for profit?

RM : Often they would share throughout the day using Instagram Stories, which is this ephemeral content that disappears after 24 hours. Maybe it’s just them getting up and getting their kids ready for school, or maybe their child is sick, and they say, “Okay, I’m not going to treat it with medicine, I’m going to treat it with this essential oil.” And then they would direct their followers to the link in their bio, or to swipe up on the story. And it would take the followers to a multilevel marketing campaign, or maybe an Amazon affiliate link, where they can purchase the product. Maybe it’s very genuine, maybe they actually are using this product, and it’s a safe product. But often, it would come with some sort of anti-vaccine rhetoric — this is what they’re choosing instead of a vaccine, which contains these free radicals or metals or whatever they’re claiming.

Instagram videos and images can convey a lot more information than more text-based social media. Just as much as that visual richness is a great tool for spreading good information, it’s also a great tool for people who want to spread bad information. Because people often go to Instagram for entertainment, they’re not necessarily thinking as critically about the information that they’re seeing as they might be on a platform like X, where they anticipate encountering news. They aren’t thinking: “I have to question everything.” So they’re probably more vulnerable to misinformation.

A lot of attention has been paid to misinformation as a social and political tool. Why is it important for people to also pay attention to it as an economic phenomenon?

RM : I think it’s important because it’s an avenue that we’ve kind of forgotten about. In a way, I think we’re all attuned to the fact that scams exist online and offline. But we think about the big stories: someone losing their life savings. Yet we’re all kind of being scammed on a daily basis by being told that some products work when they don’t or, on a more dangerous level, being told to choose certain products over those backed by proven scientific medical knowledge. Looking at those economic mechanisms helps us consider why we’re so attracted to misinformation.

In terms of intervention, we need to think about media literacy — how do we give people the skills to recognize when they’re being scammed? And we need to think about what intervention looks like for these companies like Facebook and Instagram and Twitter. Or what it looks like for government. A lot of these tools are quite benign, like the fact that you can direct people off-platform to do certain things — that’s all well and good, and it affords a richer conversation online. But these are the mechanisms that get taken advantage of. So what are ways that we can potentially curtail this problem?

Anything else you want to add?

RM : One thing that I think a lot about is that you now see things on Instagram that are fairly politically extreme, but feel quite normalized, because you’re not always consuming the content in a really engaged way. So with these three influencers, the amount of content that is anti-vaccine is fairly small compared to the whole gamut of what they’re sharing every day. But the nature of the content is extreme. It’s not hidden. It’s not suggesting that you maybe should question getting a vaccine or talk to your doctor about getting a vaccine. It’s often straight conspiracy theories about vaccines. It’s quite jarring to see that a lot of this really hardcore anti-vaccine rhetoric comes from everyday people who get sucked in and make it their cause and share it alongside all of the other stuff that they do daily. We need to be attentive and discerning when we’re scrolling through TikTok or Instagram. We’re consuming so much on so many different topics so quickly, that if we step back and reflect on some of the things we’ve seen, they can often be quite extreme and extremely misinformed.

Co-authors include Anna L. Swan , who completed this research as a UW post-doctoral scholar with the CIP and is now at AnitaB.org, and Taylor Agajanian , who completed this research as a UW researcher with the CIP. This work was funded by the CIP and the John S. and James L. Knight Foundation.

For more information, contact Moran at [email protected] .

This article was originally published by UW News.

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A Grainy Photo and a Dilemma: How U.K. Papers Are Covering Princess Catherine

In a country where the health struggles of even public figures are generally viewed as out of bounds, journalists are trying to balance the right to privacy with a thirst for royal stories.

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Catherine, Princess of Wales, smiles while facing a small group of people.

By Mark Landler

Reporting from London

After a week of often hysterical speculation about her well-being, there were suddenly two plausible pieces of evidence that Catherine, Princess of Wales, was on the mend : a photo of her in a car driven by her mother and a confirmation by the British Army that she would attend a military ceremony in June.

But as with almost everything surrounding the health of Prince William’s 42-year-old wife in recent weeks, any sense of certainty quickly melted away.

A palace official said on Tuesday that the army had jumped the gun in announcing Catherine’s participation in Trooping the Color, an annual ritual that celebrates the birthday of the sovereign. And while British newspapers reported the existence of paparazzi shots, purportedly of Catherine, that were posted on social media on Monday, none of them published the images.

At the end of another hothouse news cycle, consumers of royal news were back where they started: in the dark about the princess, who had abdominal surgery in January and has not been seen during her lengthy convalescence.

The only certainty in the saga of Catherine is the appearance of her freewheeling, unfiltered uncle, Gary Goldsmith , on a British reality-TV show, “Celebrity Big Brother,” which aired on Monday evening. At any other time, Mr. Goldsmith’s appearance might have been an embarrassment for Catherine, who has tried to cultivate a dignified, disciplined image as a senior member of the royal family.

In the vacuum of news about her, however, experts say Mr. Goldsmith’s reality-TV antics may provide a welcome distraction for Britain’s tabloid papers. Their editors have struggled to balance their zeal for covering the royals — an almost boundless enthusiasm, in the case of a future queen once known as Kate Middleton — with a recognition that even most public figures in Britain are generally entitled to privacy in matters of health.

“The media is, unusually, lagging behind,” said Sarah Sands, a former senior editor at the BBC and former editor of The Sunday Telegraph. “They are left scratching their heads. Did they love her too much and pile too much pressure on her? Is the new role of the media to provide reassurance?

“Coming to the aid of the tabloids is the friendly pantomime figure of Kate’s wicked uncle, Gary Goldsmith,” Ms. Sands continued. Mr. Goldsmith, she said, “is likely to be the only inside commentary we are going to get for the next few weeks.”

If that’s true, it could spare the papers and broadcasters from having to make decisions like the one they faced on Monday, when the American celebrity gossip site TMZ posted what it claimed were the first images of Catherine since before she was hospitalized. The long-lens photos, which are grainy and show a woman in sunglasses who resembles Catherine, were taken near Windsor Castle, according to the site.

The Daily Mail said the pictures were not published in Britain because Kensington Palace, where William and Catherine have their offices, “appealed for her to be able to recuperate in private.” But The Mail went on to speculate that they were taken on Monday morning shortly after Catherine dropped off her children at school, helped by her mother, Carole Middleton.

Chris Ship, the royal editor of ITV News, referred to the images on social media but said, “We are not running them out of respect for her privacy whilst she recovers from her operation on the time scale we were given.”

Kensington Palace has said Catherine will not go back to her royal duties until after Easter. Last week, caught up in a swirl of conjecture and conspiracy theories after William abruptly pulled out of a function, it reiterated that statement and said it would provide only “significant updates.” The princess, an official said, was still doing well.

On Tuesday, the palace refused to comment on the photos, saying it did not want to give TMZ publicity. British newspapers have treated paparazzi photos gingerly since the death of Princess Diana, William’s mother, in a car crash in Paris in 1997, after a high-speed pursuit by photographers.

“The memory for the British press is still sharp,” said Ms. Sands, who was deputy editor of The Daily Telegraph at the time of Diana’s death. “It was full of dry-mouth remorse. Rules on privacy and duty of care changed profoundly.”

British courts have ruled that the right to privacy extends to members of the royal family, and the Editors’ Code of Practice , under which much of the British press operates, protects all individuals against unjustified intrusion into matters of physical and mental health.

Some critics were less generous about the media’s motives, particularly given that the images are easily accessible to anyone with a few swipes on an iPhone.

“What’s fascinating is how the nonsense on social media about Kate gives the papers a chance to write about something that there’s nothing to write about, while being judgmental about what’s out there on the web,” said Peter Hunt, a former royal correspondent for the BBC.

This is the second time in four months that the British media has declined to publish details about the royal family even after they had circulated on social media. In November, papers did not print the names of Catherine and King Charles III after they were identified, in the Dutch edition of a new book, as family members who had allegedly asked about the skin color of the unborn child of Prince Harry and his wife, Meghan.

The floodgates broke only after Piers Morgan, a prominent TV host, disclosed the names on his program. Buckingham Palace said at the time it would contemplate legal action, but it did not act.

The mixed messages over Catherine’s attendance at Trooping the Color may end up being a simple case of bureaucratic bungling. The army said on its website that Catherine, in her capacity as colonel of the Irish guards, would review soldiers who are to parade in the ceremony on June 8.

But a Kensington Palace official said it was the palace’s job to confirm the schedule of the princess, and it has not yet done so. It has also not commented on the decision of Mr. Goldsmith, who is Carole Middleton’s younger brother, to join the cast of “Celebrity Big Brother.”

Mr. Goldsmith, 58, a former technology entrepreneur, pleaded guilty in 2017 to assaulting his wife, Julie-Ann Goldsmith.

In a promotional video for the show, a gleeful Mr. Goldsmith said: “Winding people up is probably my favorite hobby. Every part of me is just riddled with mischief and danger.”

Then he added, “I’m an absolute nightmare to live with. There’s a reason why I’ve had four wives.”

Mark Landler is the London bureau chief of The Times, covering the United Kingdom, as well as American foreign policy in Europe, Asia and the Middle East. He has been a journalist for more than three decades. More about Mark Landler

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