What is Entrepreneurship? – A Textbook Definition

1. Indentifying and Evaluating Opportunities – An entrepreneur can find an opportunity in almost every situation and they know that all the best businesses start by filling a need.

2. Making Plans and Taking Action – Not only does an entrepreneur know a good opportunity when they see one but they also know when the time is right to move on that opportunity and make something of it. Some chances in life and business only present themselves once and if you recognize that you’ll be one of the big successes!

3. Gathering and Managing Resources –Things don’t go straight from start to finish just like that. Seasons don’t change overnight, cars don’t go from 0 to 100 in a one second and Rome wasn’t built in a day (and neither is a viable business).

A successful business goes through several stages of development and needs resources and management to go from the initial idea to the planning, launch and growth of the business.

What is Entrepreneurship? My Light Bulb Moment

I’d like to tell you about my light bulb moment when I finally found the answer to the “What is Entrepreneurship?” question myself.

I’ve always had taken an interest in business since I was a kid. I did the lemonade stands, the car washes and any other grand adventure where I could showcase my smarts and earn a few dollars here and there.

When I was a teenager I even sold bath and body products and got some good returns on that. When you’re that age you think of business as buying and selling goods and services. You pay X amount of dollars and get Y product...simple and straightforward.

I spend nights and days racking my brain trying to think about the next business opportunity I wanted to pursue. I thought about what people needed that I could exchange with them for some type of financial reward. The return was a big part of it, but it had to be something I’d enjoy doing as well (or else what’s the point...might as well get a 9-5).

The more I thought about it, the more I started to realize that yes, selling goods and services makes money, but there are even bigger, better and more lucrative ways of doing business. What did I have to offer that nobody else can duplicate and that people always want and are more than willing to pay to get it?

At that moment my light bulb came on and the epiphany hit me like a ton of bricks. I’d had the perfect product/service all along...and it was sitting right between my ears! My brain!

Well not exactly my brain, but my knowledge.

Don’t get me wrong here...I’m not claiming to be some kind of genius or anything and you’ll know that for sure when you come across any spelling or grammar mistakes you’ll come across on this and any other of my sites.

What I am talking about is my personal knowledge of topics that are near and dear to me and that I could talk about every day all day and never get bored.

So what is entrepreneurship to me? It's about finding your opportunity in a wide niche market and going through a deliberate planning process to deliver what that niche wants.

What is Entrepreneurship? What Does It Mean To You?

That’s enough about me...

The question that needs to be answered right now is "What is entrepreneurship to you and what can it do in your life?”

What could starting your own business mean for you?

• Give you a better lifestyle?
• Make you feel happier, more confident and with less stress?
• Help you afford to buy the house of your dreams?
• Pay for your child’s college fund?

Everybody knows something about something...including you.

Here's a free e-book entitled “Make Your Knowledge Sell!” that teaches you how to identify what you already know and make money from it. Click on the image to get access to the book.

Keep going until you reach your eureka moment and you answer the “What is entrepreneurship question?” for yourself. It’s up to you identify your opportunity, take action to get the ball rolling and stick to a process that works to see it through to your sweet rewards waiting for you on the other side!

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