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What is Entrepreneurship?

I know what it means but i don't fully understand it. How do you become a good one. How do you make a lot of money but then help people at the same time.

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Mike’s Answer

To me, being an entrepreneur means simply working for yourself as oppose to someone else. Many entrepreneurs have multiple business interests across several industries where others focus on just one. Being an entrepreneur can be very rewarding personally and financially while also often requiring long hours since you are the boss/owner and everything starts and stops with you, especially at the beginning.
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Joseph’s Answer

Hi Andrew - You can be an "Entrepreneur" without starting a business. You can be an Entrepreneur in your family, your school, your job, your team, and so on. Of course - you could also start your business to be an Entrepreneur.

Entrepreneurism is more of a mindset of solving problems through initiatives rather than purely starting a business and making money. For instance, in your school, what is something you think should change - from a new product, new process, new service, new teacher, and so on. How can you make the case to the relevant stakeholders (students, teachers, admin) to implement this change? What are the resources necessary to implement the change? How will you measure the impact of this change?
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Ann’s Answer

Hi Andrew - great question! According to Merriam Webster the definition of an entrepreneur is "one who organizes, manages, and assumes the risks of a business or enterprise". The important words in this definition are assumes the risk. Entrepreneurs are often the ones who innovate new ways of doing business and take on great risks to bring new business ideas to market. This is what makes an entrepreneur different from a business owner.

Entrepreneurship is the act of taking on great risk to start a business in order to enjoy the rewards if the business is a success. To be a great entrepreneur you need to be comfortable with the idea of great failure. Most entrepreneurs fail many times before they finally succeed.

There are many ways to help people while succeeding. The first step is to sell a product or service for the purpose of helping people. For example, Bombas socks is a success online retailer that formed in order to be able to provide socks to homeless shelters. Not only do they make sure their materials are ethically sourced, but they also donate a pair of socks for every pair purchased. Now they could make a larger profit by not donating socks, but they decided to build their values into their business model. Another way to help people is to provide good paying jobs with good benefits. American Appearal, for example offered a substantially higher pay than any other competitor and also provided training and education opportunities for all of their employees. This helped them build a strong brand known for high quality, but they also had lower turn over and provided good pay for people without degrees.

The entrepreneurial spirit is all about going big, taking risks and trying again and again until you succeed. Below are some books and podcasts to learn more. Good luck!

Ann recommends the following next steps:

Listen to the Podcast Startup by Gimlet. Each season documents people starting up new businesses from a variety of industries.
Read the book Power of Broke by Daymond John
Read the book Steve Jobs by Walter Isaacson
This article is about companies that give back https://www.businessinsider.com/guides/gifts/companies-that-give-back?op=1
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Anthony’s Answer

Please, note the following concerning entrepreneurship :-
1. Entrepreneurship is simply
"doing/managing one's own business".
2. First, consider the type of business.
3. Consider the goal and objectives.
4. Your general interest and knowledge in the business.
5. Finances/Capital.
6. Positive Thinking.
7. Honesty, integrity, diligence and
faithfulness at all times.
Best wishes.
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Austin’s Answer

Hi Andrew,

Great question! There are awesome responses in here, and I couldn't agree more. Joseph is right. Entrepreneurship is a mindset, and not necessarily a career path. The word often describes people who are willing to take risks and pave their own path. If there is any one thing I could add to all of the information above, it would be to chase your passion, not the money. Chase your passion and the money will follow.

Best,
Austin
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