There is a big contribution of entrepreneurs in our developments and advancements. They are the people who become reasons why we are able to enjoy a good life as they create organisations that serve our needs and requirements.
There is a world of difference between the life of an entrepreneur and a common person. An entrepreneur does extraordinary jobs to serve his or her surrounding communities and societies and a common man enjoys what entrepreneurs do and create for all of us.
Here we will help you learn the definition and meaning of the two common words in the business world and they are entrepreneur and entrepreneurship and I will also make sure you understand the ships they sail during their lifetime.
Who’s an entrepreneur?
An entrepreneur is an individual who does the job of creating a new business in order to solve general or specific problems of their target customers. Entrepreneurs are trained at things that are beyond the understanding of common people.
The definition of entrepreneur fits to a person who has the sight to find an investment opportunity, create a value, and act on that identified opportunity with full dedication and resources.
In other words, when someone asks you for the definition of the word entrepreneur, your response or answer should be that a person who has the quality of identifying a market problem, producing a solution, and isn’t at all fearful to accept and fight challenges is called an entrepreneur.
You can’t merely call someone an entrepreneur who is unable to exploit the production factors for maximizing advantage. The various factors of production entrepreneurs use are capital, land, and labour. An entrepreneur exploits these factors to the fullest of their value and makes sure to give everything for the survival of his or her business endeavours.
An entrepreneur doesn’t only generate wealth for himself but also helps to a great extent solve the employment issue. More and more people are employed because entrepreneur creates vast number of job opportunities for different roles in the business organisations. They don’t even allow the economic power to shift in the hands of few people and play a dominant role in the growth and development of their economies.
Entrepreneurs also become inspirational figures for others and because of it they motivate others to take risks, pursue their ideas and thoughts, and at large drive them to contribute to the betterment of their societies and communities.
When we look at the overall roles an entrepreneur plays, we get to the reality that he or she helps economy generate more revenue, provide employment opportunities, and give back to their respective societies by becoming socially responsible figures.
Entrepreneurs delve into different areas to tap different business opportunities. Some land in the manufacturing industry to ensure the production of goods while some render services to solve different problems of their people.
They are the people who formulate and direct their efforts in order to mobilize others towards the achievement of their business goals and objectives. They use lowest costs possible to maximise the profits.
They also are better planners and thereby are very capable of running their business ventures efficiently and smoothly. They make sure the optimum use of resources.
What’s an entrepreneurship?
Entrepreneurship is nothing but an activity of an entrepreneur to start a new startup business. It is the process entrepreneurs utilize to make sure the birth of new business enterprises.
If in minimum words possible we have to describe an entrepreneur and entrepreneurship, the former is like a king while the latter is his kingdom. Entrepreneur is the creator and his creation is his or her business.
Entrepreneurship is what all entrpreneurs practice to make sure a lot of economic activities are done for the benefit of their societies. It is an economic activity in which entrepreneurs make sure the production of goods and services for some profit while satisfying the needs of customers.
Entrepreneurship involves doing different tasks in new and better ways, hence making entrepreneurs people who practice innovation and creativity. Entrepreneurship goes beyond the capacities of an entrepreneur.
Entrepreneurship make sure usual and common ways of doing things are replaced with new and advanced ways for efficiency and productivity. Entrepreneurship helps entrepreneurs bring new ways of doing things in order to cope up with the latest and uncovered challenges. In short, entrepreneurship is the act of entrepreneurs and they are the actors who perform it with full zeal and efforts.
Sometimes many people land to the confusion when they take the meaning of both words as same. However, they are ignorant of the fact that both these terms are different in their meanings and purposes. Entrepreneurs are the teachers who pedal down the gears of their businesses.
If someone asks you about the difference between an entrepreneur and entrepreneurship, you should not hesitate in explaining that an entrepreneur is a person who creates businesses but entrepreneurship is his or her role he is she plays while performs while creating, managing, and growing their business empires.