How to define entrepreneurial spirit

Entrepreneurship is often difficult to define let alone examine in detail due to its perception as a highly creative and dynamic entity and it is with this caveat that this article is written.

While entrepreneurship can be applied to a wide range of disciplines and professionals, it is perhaps most closely associated with the business world and misused to describe many successful business people, when in reality very few people can actually demonstrate an entrepreneurial spirit.

Historical context of the meaning of entrepreneur

The word itself is of French origin and if interpreted in its literal context it means “between jobs”. It’s interesting that a word that has come to project the pinnacle of success has such mundane roots as a means to describe being unemployed.

This article examines a number of concepts that seem intrinsic to what constitutes entrepreneurship.

1. Uniqueness

In a highly developed global business community where new ideas and business models are increasingly rare, the importance of uniqueness cannot be underestimated and those who exhibit an entrepreneurial spirit are often associated with concepts that encapsulate originality and ingenuity. Take, for example, Steve Jobs launching the Apple IPOD on the market,

2. Creativity

Creativity is strongly connected to uniqueness, but the two are not identical. People with an entrepreneurial spirit are experienced in leveraging the creative process to help them produce a unique product/service or benefit. So while uniqueness describes the end result, creativity describes the process of how one achieves it. For this reason, people with an entrepreneurial spirit are often creative people who are ready, willing, and able to actively adopt new techniques to get ahead, even at the cost of being ridiculed by others.

3. Assumption of risks

In an often risk-averse Western society, those with an entrepreneurial spirit embrace risk-taking, and such a concept cannot possibly not be associated with entrepreneurship and the often high risk potential involved in pursuing a new, cutting-edge approach. It should be noted, however, that risk is not the same as recklessness and those who demonstrate an entrepreneurial spirit are likely to be adept at assessing the risks involved in any undertaking.

4. Business knowledge

As highlighted above, those with an entrepreneurial spirit should not be considered reckless mavericks, quite the contrary, good entrepreneurs are profit motivated and adept at identifying a lucrative niche in the market that can be exploited for profit. Take, for example, Steve Jobs at Apple Computers, who has successfully navigated a profitable course in the computer and software industry despite the fact that the market was dominated by Microsoft and IBM for several decades. In addition, he was the first to see the potential of using the computer industry to open up a new market for the musical fraternity, with the introduction of the IPOD, the market leader in their business flow. Such actions require great skill and confidence and demonstrate a clear entrepreneurial spirit.

5. Development of potential

Identifying, investing in, and cultivating potential are also essential to the ideals associated with entrepreneurship because of the need to find different solutions to a business problem.

Established companies often fail to discover breakthroughs because they stick to a rigid investment formula that has worked for them in the past instead of finding new ways forward.

6. Adaptability

The entrepreneurial spirit is always adaptable and ready to overcome barriers that business problems present, and is usually quicker to solve those problems than conventional business thinkers.

7. Ultimately destructive

Entrepreneurship is ultimately destructive to your own business in the medium term unless those engaged in using the concept recognize when it is time to hand it over to people focused on general management who can maintain and develop the organization. . This is because true entrepreneurship is obsessed with constant creativity and change, which makes employees uneasy without good management and clear direction. Many of those who demonstrate entrepreneurial spirit rarely stay long-term in any venture they start, for example, Richard Branson, who after launching numerous businesses under the “Virgin” brand, subsequently sold many of these to third parties at a large profit for him.

Summary

In conclusion, while there are key characteristics that encapsulate entrepreneurship, it would be foolish to claim that any one individual has all of these traits, and even more foolish to believe that such a concept can be comprehensively defined. It is also myopic to believe that those with an entrepreneurial spirit are only evident in the business community, in fact many different disciplines and vocations have historical and existing individuals within them who could essentially be described as entrepreneurs.

Well-known individuals who exhibit the entrepreneurial spirit: Richard Branson, Clive Sinclair, Freddy Laker, Steve Jobs, Bill Gates, and Anita Roddick.

Words often used to describe people with an entrepreneurial spirit: mavericks, moguls, pathological liars, bold, self-made entrepreneurs, successful, charismatic.