What is Entrepreneurship? | The Different Definitions You Must Know

Summary

This video explores the concept of entrepreneurship through various definitions, highlighting its essence as the pursuit of opportunity despite limited resources. It features insights from experts like Howard Stevenson, who defines it as 'the pursuit of opportunity beyond resources controlled.' The video also discusses the characteristics of entrepreneurs, such as spotting opportunities and taking risks to innovate and grow businesses, using examples like Aunt Daniella's food business and Mamromina's expansion of RM Corporation.

Takeaways

• 📚 Entrepreneurship is defined by various sources with some common themes, such as starting businesses and taking financial risks.
• 💡 The Macmillan Dictionary describes entrepreneurship as the activity of using money to start businesses and make deals.
• 💼 The Oxford Learner's Dictionary emphasizes making money through starting or running businesses, especially with financial risks.
• 📈 Merriam-Webster defines an entrepreneur as someone who organizes, manages, and assumes the risks of a business.
• 🔍 The Cambridge Dictionary highlights the skill of starting new businesses, especially when it involves seeing new opportunities.
• 🧩 A well-rounded definition of entrepreneurship involves seeing an opportunity, organizing, managing, and taking financial risks.
• 👨‍🏫 Howard Stevenson, known as the 'godfather of entrepreneurship' at Harvard Business School, defines entrepreneurship as the pursuit of opportunity beyond resources controlled.
• 🤔 Joel Trammell simplifies Stevenson's definition, stating an entrepreneur is anyone who spots an opportunity and pursues it, regardless of current resources.
• 🚀 Entrepreneurship involves taking a leap or risk to develop innovative products, build better organizations, and contribute to a strong economy.
• 👵 Everyday individuals like Aunt Daniella, who started selling food during a community lockdown, can be considered entrepreneurs.
• 🌐 Mamromina, the CEO and founder of RM Corporation, expanding to new regions, is another example of an entrepreneur.

Q & A

What is the general definition of entrepreneurship according to the Macmillan Dictionary?

According to the Macmillan Dictionary, entrepreneurship is the activity of using money to start businesses and make business deals.

How does the Oxford Learners Dictionary define entrepreneurship?

The Oxford Learners Dictionary defines entrepreneurship as the activity of making money by starting or running businesses, especially when this involves taking financial risks.

What does Merriam-Webster's dictionary say about the definition of an entrepreneur?

Merriam-Webster's dictionary defines an entrepreneur as someone who organizes, manages, and assumes the risks of a business or enterprise.

What is the definition of entrepreneurship provided by the Cambridge Dictionary?

The Cambridge Dictionary states that entrepreneurship is the skill in starting new businesses, especially when this involves seeing new opportunities.

What are the key terms that are common in the definitions of entrepreneurship?

The key terms common in the definitions of entrepreneurship are business, opportunity, organization, management, and financial risks.

How does Howard Stevenson, a professor at Harvard Business School, define entrepreneurship?

Howard Stevenson defines entrepreneurship as the pursuit of opportunity beyond resources controlled.

What does Joel Trammell, CEO and founder of Karo Software, say about the definition of entrepreneurship?

According to Joel Trammell, an entrepreneur is anyone who spots an opportunity and decides to pursue it, regardless of the resources currently at their disposal.

What does it mean to pursue an opportunity beyond resources controlled?

Pursuing an opportunity beyond resources controlled means to chase after a business opportunity even if you don't have all the necessary resources or capital at hand to do so.

What are some examples of opportunities that an entrepreneur might pursue?

Examples of opportunities an entrepreneur might pursue include pioneering an innovative product, devising a new business model, creating a better or cheaper version of an existing product, or targeting an existing product to new sets of customers.

Who can be considered entrepreneurs according to the script?

Anyone who sees an opportunity and decides to pursue it, regardless of the resources currently at their disposal, can be considered an entrepreneur. This includes individuals like Aunt Daniella, who started selling food products during a community lockdown, and Mamromina, the CEO and founder of RM Corporation, who is expanding her business to new clients in another region.

What is the role of taking risks in entrepreneurship according to the script?

Taking risks is an essential part of entrepreneurship, as it is necessary for developing innovative new products, building better organizations, and keeping companies and the larger economy strong and healthy.