PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY

Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418

Tel. No. (075)522-8032/Fax No. (075)523-0894/Website: www.philcst.edu.ph
ISO 9001:2015 CERTIFIED, Member: Philippine Association of Colleges and Universities (PACU),
Philippine Association of Maritime Institutions (PAMI)

WHAT IS ENTREPRENEURSHIP

What is Entrepreneurship? Entrepreneurship Definition and Meaning

While the definition of entrepreneurship has stayed constant for decades, the
possibilities for wannabe entrepreneurs have evolved. Think about it: 100 years ago,
what options did an entrepreneur have? If you didn’t have the skill to make something,
and didn’t have the capital to buy something, you were out of luck. Fast forward to
today, and there are 582 million entrepreneurs in the world.

Entrepreneurship is the act of creating a business or businesses while building and

scaling it to generate a profit.

However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern
entrepreneurship definition is also about transforming the world by solving big
problems. Like initiating social change, creating an innovative product or presenting a
new life-changing solution.

What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what
people do to take their career and dreams into their hands and lead it in the direction
of their own choice. It’s about building a life on your own terms. No bosses. No
restricting schedules. And no one holding you back. Entrepreneurs are able to take
the first step into making the world a better place, for everyone in it.

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
struggles 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 execution of ideas.

ENTREPRENEURSHIP, according to Professor Nathaniel Left, is the capacity for

innovation, investment and expansion in new markets, products and techniques.

“Entrepreneur” derives from the French words entre, meaning “between,” and prendre,
meaning “to take”

Originally used to describe people who “take on the risk” between buyers and sellers
or who “undertake” a task such as starting a new venture

What is an Entrepreneur? Entrepreneur Definition

An entrepreneur is a person who sets up a business with the aim to make a profit. An
entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards. The entrepreneur is commonly seen as an
innovator, a source of new ideas, goods, services, and business/or procedures.
 PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY
Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418
Tel. No. (075)522-8032/Fax No. (075)523-0894/Website: www.philcst.edu.ph
ISO 9001:2015 CERTIFIED, Member: Philippine Association of Colleges and Universities (PACU),
Philippine Association of Maritime Institutions (PAMI)

This entrepreneur definition can be a bit vague but for good reason. An entrepreneur
can be a person who sets up their first online store on the side or a freelancer just
starting out.

The reason why they’re considered entrepreneurs, though some disagree, is because
where you start out isn’t where you’ll end up. An entrepreneur is someone who starts
a side hustle that can eventually create a full-time, sustainable business with
employees. Same with the freelancer. If your entrepreneurial mindset is focused on
creating a profitable business, you fit the entrepreneur definition.
However, the entrepreneur meaning involves much more than being a business or job
creator. Entrepreneurs are some of the world’s most powerful transformers. From Elon
Musk sending people to Mars to Bill Gates and Steve Jobs making computers part of
every household, entrepreneurs imagine the world differently.

And the entrepreneur definition rarely ever talks about the enormous impact
entrepreneurs have on the world.

Entrepreneurs see possibilities and solutions where the average person only sees
annoyances and problems.

Understanding what is an entrepreneur can help more people recognize the value they
contribute to the world.

Economists have never had a consistent definition of "entrepreneur" or

"entrepreneurship" (the word "entrepreneur" comes from the French
verb entreprendre, meaning "to undertake"). Though the concept of an entrepreneur
existed and was known for centuries, the classical and neoclassical economists left
entrepreneurs out of their formal models: They assumed that perfect information would
be known to fully rational actors, leaving no room for risk-taking or discovery. It wasn't
until the middle of the 20th century that economists seriously attempted to incorporate
entrepreneurship into their models.

Three thinkers were central to the inclusion of entrepreneurs: Joseph Schumpeter,

Frank Knight, and Israel Kirzner. Schumpeter suggested that entrepreneurs—not just
companies—were responsible for the creation of new things in the search of profit.
Knight focused on entrepreneurs as the bearers of uncertainty and believed they were
responsible for risk premiums in financial markets. Kirzner thought of entrepreneurship
as a process that led to the discovery.

The options available to entrepreneurs today have exploded. Thanks to technology

like Shopify and, yes, Oberlo, the barriers to enter entrepreneurship have been
removed. That’s a big reason why, according to Google, usage of the term looks like
this:
 PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY
Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418
Tel. No. (075)522-8032/Fax No. (075)523-0894/Website: www.philcst.edu.ph
ISO 9001:2015 CERTIFIED, Member: Philippine Association of Colleges and Universities (PACU),
Philippine Association of Maritime Institutions (PAMI)

This lecture takes a closer look at what it means to be an entrepreneur. You’ll also
hear from some modern-day entrepreneurs who explain how they took the leap, and
how you can too.
Entrepreneur Meaning from Real Entrepreneurs
Let’s take a look at what real entrepreneurs have to say about the meaning of
entrepreneurship, and how they would define it.

What’s the entrepreneur meaning? Altimese Nichole, Founder of Nichole

Nicole shares, “Many are excited to become an entrepreneur but get discouraged
when reality hits. Entrepreneurship means staying committed to your goals beyond
your feelings of excitement. Stay the course and keep your “why” in mind.”

What’s the meaning of entrepreneurship? Founder and CEO of Neuro Flow shares:
“Entrepreneurship means being the one that is willing to take a leap, work hard enough
to sacrifice everything else around you, all in the name of solving problems because
no one else is capable or possesses the desire.”

The entrepreneur meaning is a bit different for Jolijt Tamanaha, Director of Marketing
and Finance of 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.”

What’s the entrepreneur meaning for Nicole Faith, Founder of 10 Carat Creations.
Here’s how she breaks it down, “Being an entrepreneur means having a plan and
vision but still succeeding or trying to succeed when the plan falls apart and you’re left
with only your vision. It also means knowing when to give up, especially if your idea
isn’t working due to forces outside of yourself.”

What’s the entrepreneur meaning? According to James Sandoval, Founder and CEO
of Measure Match, says, “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.”

Mike Kim, co-founder and COO of KPOP Foods, shares what the entrepreneur
meaning is really all about. He shares, “Entrepreneurship is not for the faint hearted. I
am a US Army veteran. I have been in combat and I have endured many difficult
 PHILIPPINE COLLEGE OF SCIENCE AND TECHNOLOGY
Old Nalsian Road, Nalsian, Calasiao, Pangasinan, Philippines 2418
Tel. No. (075)522-8032/Fax No. (075)523-0894/Website: www.philcst.edu.ph
ISO 9001:2015 CERTIFIED, Member: Philippine Association of Colleges and Universities (PACU),
Philippine Association of Maritime Institutions (PAMI)

situations. However, I can honestly say starting a company has been just as
challenging, albeit in different ways. While no one’s life may be in imminent danger,
the battles you face on your entrepreneurial journey can last years with no repose.

Creating a successful business requires massive amounts of action, perseverance,

and conviction. If you understand this and choose to proceed, you’ll find the
experience rich in rewards.”

Popular / Famous Entrepreneurs

What is entrepreneurship about? Let’s take a look at some examples of entrepreneurs
to find out:

Walt Disney co-founded the Walt Disney Company, one of the leading motion picture
studios. He was also the visionary of theme parks like Disneyland and Walt Disney
World. His brand started with the creation of the Mickey Mouse character and
eventually expanded to include characters like Snow White, Cinderella and more. As
an entrepreneur, he had to overcome adversity with challenges such as people
stealing his work, commercial failures and more. However, he kept pushing through
staying committed to his vision.

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 the year he first
founded Facebook, he had already had 1 million users. Today, Mark Zuckerberg has
a net worth of $68.3 billion.

Sara Blakely first started her Spanx brand in 1998. She was one of the first creators
of women’s leggings. Her brand specializes in shapewear and also includes bras,
panties, hosiery and more. She’s also the inventor of arm tights which allows women
to wear their summer clothing year-round. At one point, Blakely was the youngest self-
made female billionaire.