Business entrepreneurship has become more important as the global economy continues to evolve. While the term may overlap with entrepreneurial thinking, business entrepreneurs are people who take on and develop new businesses. Entrepreneurs generally have an entrepreneurial bent, an entrepreneurial mindset, and typically seek greater financial freedom than most other entrepreneurs. As business technology advances and becomes more readily available to ordinary people, entrepreneurs are finding that they can turn their ideas into realities.
A business entrepreneur is anybody who starts and runs a business when assuming the inherent risks related to any such enterprises (i.e., using ones own personal property as collateral for start-up capital from a private lending source). The idea of entrepreneurship has two facets. First, entrepreneurs are those who risk investment and personal assets to produce new businesses. Second, entrepreneurs are people who change companies and socialize with the larger societal change they produce.
The idea of entrepreneurship is not a one-time process; rather it is a continual process as long as society itself exists. In order to undertake this task on a broad scale, some individuals and groups are willing to undertake the tremendous risk and put themselves at extremely great risks to produce results. Entrepreneurs are capable of applying the same discipline to social change that they would apply to business innovation. They recognize that there will be both short-term gains and long-term losses; the difference is that for the short-term gains, the individuals involved in making decisions that yield short-term results (like having a business or being a part of a social change) while being prepared for longer-term losses (like being unemployed or not receiving the benefits of their labor).
Entrepreneurs do not necessarily think of themselves as “entrepreneurship” even though they technically could be considered entrepreneurs by definition. For instance, if you wanted to open your own day care center, you would not be considered an entrepreneur; rather, you would be an educational resource business. The distinction between educational resources and other business ventures lies in the fact that educational resources need to pay for space, supplies and staff while other businesses can exist without any of those things except for a small amount of money. Entrepreneurship does not refer to specific business activities but refers to a general attitude or set of attitude toward a specific set of business enterprises.
By considering the definitions above, the meaning of the word entrepreneur has changed over time. At one point, “entrepreneur” referred to a person who was a manufacturer or inventor and who created new and innovative products and solutions to their customers. The ideas were his alone to determine the course of his business. In more recent times, the meaning of entrepreneur has been used to describe a visionary who creates new technological innovations and who may also provide services or products that solve a problem or create a need. The service element may also be included in this definition if the entrepreneur brings together people who have historically had very different interests and skills to create a new product or service that solves a problem. Another common usage of the term is in the context of business development, which means to create and manage strategies for managing resources to make maximum productivity and profit.
Entrepreneurship requires vision, creativity and a willingness to risk. Entrepreneurs need to think outside the box when developing a business plan so that they can determine a realistic plan of action that will achieve their goals. Although most small business entrepreneurs focus primarily on developing a product or service, there are some opportunities that come with social change. It may be wise to consider starting a non-profit business that helps people adapt to and overcome barriers to economic development. This type of business may require much less capital than a traditional corporation, though the results will be more sustainable in the long run.
Social entrepreneurship is best suited for someone who has a passion and who understands the problems that face everyday people. With the right attitude and skills, an entrepreneur can easily become part of the solution by putting his own ideas into practice. The idea is that if an entrepreneur can successfully execute a business idea that he started, then other people can do the same and so will new businesses become possible. For instance, if an entrepreneur starts a small art gallery and becomes known for his artistic creations, other people might want to buy his wares and thus he can develop other businesses around art as well.
Small business entrepreneurs can achieve a lot more in social entrepreneurship if they find a field that inspires them. This type of venture will allow them to take control of their future with very little risk. Since social entrepreneurs are usually doing it because they have a passion, they tend to get involved in projects that focus on social change. For example, if an artist wants to create a gallery that promotes social change through art, he will not have to look far for funding. Other small entrepreneurs may also find small business opportunities in environmental causes, political activism, international aid or ethnic arts.