What is Entrepreneurship? Meaning and Definition

Hustlworks - What is Entrepreneurship? Meaning and Definition - Hustleworks

👋🏾, You've probably got a lot of questions about starting a business or side hustle, especially if you're a new to the entrepreneurial journey. Is it even possible to start one? What should I do with my profits? Should I become self-employed? And who should I hire? Keep reading because we'll help answer all your questions in this article on starting a online side hustle. And remember — every business owner out there is reading this right now 🙂 .

We would say independent business owners are one of the best jobs globally. Though it's indeed not the "superiority" one might expect from a title like this, think about it this way. It's a great skill to have and can lead to plenty of freedom and prosperity. Even if you are working for someone else, having the independence to do things on your own terms is often just as beneficial as working with someone else.

An entrepreneur is anyone who manages to create and manage a business with their own hands. Everyone considers the entrepreneur in his own way as a successful person. But, entrepreneurs respect the opinion of their peers and would never take that for granted.

Definitions of Entrepreneur:

en·​tre·​pre·​neur | \ ˌän-trə-p(r)ə-ˈnər , -ˈn(y)u̇r, ˌäⁿn- \

: one who organizes, manages and assumes the risks of a side hustle, business or enterprise

or

entrepreneur

/ˌɑn·trə·prəˈnɜr, -ˈnʊər/

a person who attempts to make a profit by starting a company or by operating alone in the business  or side hustle world, esp. when it involves taking risks: 

Ex. He's an entrepreneur who made his money from side hustles.

Being an entrepreneur is not simply about starting a company or being wealthy. The work is hard, and creating things that people value takes an actual amount of work. If you're running your own business or indie project, it's essential to figure out how you can grow it.

If you're interested in starting a business as an entrepreneur but don't have a crystal ball and know exactly how to go about building one, check out these 6-tips that will help you get started. From establishing your own online store to building your social media following, you'll learn how to do all the things an entrepreneur does differently. 

Ensure financial stability

Starting on your entrepreneurial journey with little financial capital may induce the idea that "You'll figure it out somehow." The benefit of having money is obvious, but the idea behind it's less so. Many people have a dream that they want to pursue, but they struggle to go through it independently and don't know how to get there. They often blame themselves for not having enough money or the lack of interest in their current venture.

They feel that if they had more money, everything would be perfect. This is just another self-fulfilling prophecy that puts obligations on you, which stops you from considering other possibilities. The biggest risk when starting at zero is taking on debt which can have serious negative effects.

Build your skills

Building a skill set may seem like an easy way to make more money; however, it is different from just 'doing something.' You need to build something in addition to what you already do instead of just learning a skill or skill set. If you want to be successful at times in life (and yes, I relate), you need to learn something new.

Research content across multiple channels

Consuming content across multiple channels can be tricky. There is always some overlap between content types when it comes to general interest podcasts and financial books. But what you may not know is that there is a difference between general interest podcasts and financial books, which could compound the confusion further. If you want to succeed with content consumption, it is best not to trust your interests with a single source and instead seek out multiple sources for quality information. One way to do this is through a network of blogs. We like to think of networks like Reddit and email networks equivalent to having several.

Solve a problem

Focus on the three important skills a business needs to focus on Visualization, Curiosity, and Problem-solving. These are the three methods entrepreneurs use to assess what their business needs to do next. Being curious is key to entrepreneurs. When you're facing a problem and don't know the answer, actively searching for ways around said problem and seeking out the answer you're looking for will likely lead to an innovative step forward; Visualization — determining your problem, understanding the solution and pursuing it.

Network every chance you get

A successful business is built from the ground up. It requires an ongoing combination of research, networking, decision-making, and personal effort. Networking is critical for any new entrepreneur; it takes time and effort to find contacts in your industry. Meeting the right people that can introduce you to contacts in your industry and even mentors can be the difference between success and failure.

Networking has unlimited benefits. It helps your business be found easier than contacting your customers directly, which is difficult, especially if you have a small or niche business.  It would help if you also made it a point to learn about new industries you aren't even familiar with. Networking has unlimited benefits. It helps your side hustle or business be found easier than contacting your customers directly, which is difficult, especially if you have a small or niche business. 

Lead by Example

Leadership is tough. It takes real commitment and is a difficult skill to master. Yet, it is rewarding. The way you lead others will be an important factor in your success. Whether you are starting your own business, running an existing business, or working with someone else to build their business, the following tips will allow you to be a highly successful leader. Leading by example is all about doing the right things through example and example. When someone does something well, you want to take it away from them and do it yourself. This can lead to more meaningful work being done by other people within your organization. The goal is to work like a leader, not just a worker.

Entrepreneurship has many definitions and connotations. One definition used by economic historians is "the activity or process of starting a new business or side hustle, especially one based on an idea received from elsewhere or which may be taken as an investment in one's idea or service. An entrepreneur generally carries out the following tasks:

  • Find customers and suppliers
  • Secure financing
  • Build equipment and fixtures
  • Hire staff, office facilities
  • Set up inventory
  • Deal with legal issues
  • Attract new clients
  • Run advertising campaigns and public relations campaigns to sell his/her products/services

The definition lends itself to be broad but does not work like that: there can be multiple entrepreneurs for every product or service; there are innovations that do not necessarily qualify for entrepreneurship.

Conclusion

We are all entrepreneurs. Thousands of us have risen out of humble beginnings and created thriving businesses (side hustles) from our garages. Millions more are just beginning their entrepreneurial journeys. Some will fail; some will succeed. It all depends on how you choose to get started. The key is to have an entrepreneurial mindset because every small business owner eventually becomes an entrepreneur — and vice versa. Before you go you gotta check out our:

FREE ENTREPRENEUR MINDSET 101 GUIDE BUNDLE

Learn how to get into the right mindset to start an online business. At the end of this guide, you should have a better idea of where you are in your journey of entrepreneurship and be able to take the next step.

LET'S GET SH*T DONE, TOGETHER! 

If you are an entrepreneur, we're here to help you launch your ideas to the world. Get the advice you need to start, learn, build, and grow your business today.  Subscribe here for free access to our library of resources.