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Oct. 27, 2021

A Beginner's Guide To Understanding Entrepreneurship

A Beginner's Guide To Understanding Entrepreneurship

Image courtesy of IrynaKhabliuk from EnvatoElements

 

Did you know that one of Google's most top searched business related questions in North America is,

'How do you understand entrepreneurship?'.

 

This is the question most new and aspiring entrepreneurs search for, because let's be real, starting a business comes with all kinds of challenges and uncertainties. Maybe you've searched for this on Google too? 

 

How to avoid the overwhelm 

As a new or aspiring founder, it can quickly feel overwhelming.

How do you know if you are on the right path? What steps should you take next? How will you get where you want to go?

Not everyone has the money or time to take a course in starting a business. But by taking the time to learn about entrepreneurship before you start as well as throughout your entrepreneurial career (as it's a process of continuous improvement and learning), you'll save yourself from the sinking feeling of desperation that leads to having to ask Google late at night, how you can understand entrepreneurship.

Making peace with the fact that there are many things that you don't know yet, while committing to proactively learn more over time, can help reduce that sinking feeling.

I feel your frustration, and although my answer here is brief and simplified, and there is a lot more to say for sure, I believe this post will help point you in the right direction to begin to understand entrepreneurship, which is such a broad and diverse topic.

 

Start with understanding the definition

Entrepreneurship is such a broad and diverse topic.  Let's simplify it to a most basic understanding, which is to understand how the word 'entrepreneur' is defined. It can be helpful to lean back on a trusted definition as a starting place.

To date the Merriam Webster dictionary defines the Essential Meaning of entrepreneur (noun) as 

 

a person who starts a business and is willing to risk loss in order to make money
 

While the Full Definition of entrepreneur is 

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

 

Entrepreneurship is a process that starts with a person - the entrepreneur - who recognizes an opportunity to create something new. It's about a person who sees a problem and immediately focuses on creating a clear solution. It's about a person who starts a business with the goal to solve a problem for a consumer while creating a profit.

This is it at its most basic.

 

The pandemic is fuelling a boom in entrepreneurship

You are joining entrepreneurship communities of approximately 582 million people globally in the process of starting or running their own business. The global pandemic has brought about a true boom in startups and the number of new companies around the world is expected to continue to grow. 

But don't let a growing number of entrepreneurs and new businesses intimidate you. There's room for you and your business.

 

 

Image courtesy of vadymvdrobot from EnvatoElements

 

 

What you can do to start understanding your new field

 

There are three key actions you can take that doesn't cost any money that will help you to begin developing a deeper understanding of entrepreneurship and the entrepreneurial mindset.

 

1. Start learning from successful entrepreneurs

This could feel challenging if you don't know any entrepreneurs personally. But you can start by learning from well-know founders by reading entrepreneurship magazines, blogs and books. 

 

2. Start joining entrepreneurship communities

Tap into entrepreneurship communities both online and offline to learn from fellow founders and to gain support. Entrepreneurship can be lonely, so this has a double-benefit. It helps you build a network from the start and develops your understanding of what it takes to succeed.

 

3. Start assessing your entrepreneurial strengths and weaknesses

Do you wonder if you have what it takes to become a successful entrepreneur? Do you wonder what your entrepreneurial strengths are and which areas you should improve on?

 

 

Image courtesy of BDC

 

This Entrepreneurial Potential Self-Assessment by the Business Development Bank of Canada is free to access and helpful to identify specific areas of strength and improvement.

 

This can help guide you but please remember this is a tool only. It's meant to guide you, not define you. Don't get stuck on your own perceived shortcomings. 

 

I truly believe that almost anyone can be a successful entrepreneur if they're willing to work on themselves and on their business or business idea, so don't feel discouraged with the results if it doesn't align with what you hoped for. The reason why we do these assessments is to help us measure where we are at in relation to a specific goal or skill set. The truth is you can only change with you can measure.

 

 

 

Prefer listening rather than reading?

Do you prefer listening to reading? Do you want to hear me share specific examples as I explain the three action steps?

Listen to this recent entrepreneurship podcast episode, on three action steps you can take to begin to understand entrepreneurship, and more:

 

 

We discuss in this episode, on actions you can take to begin to understand entrepreneurship:

  • What one of the top business-related questions searched for on the internet is. (0:07)
  • What entrepreneurs mean to society. (07:22)
  • Why people want to be entrepreneurs. (10:35)
  • 3 actions you can take to begin to understand entrepreneurship. (16:55)

 

 

Key Takeaway


Developing a deeper knowledge of entrepreneurship will take time and there is a lot that you can learn and apply daily if you take small action steps.

 

You can start with these three easy action steps to develop your understanding of entrepreneurship:

  1. Start learning from successful entrepreneurs through media and books
  2. Start joining entrepreneurship communities both online and in person if safe to do so.
  3. Start learning about yourself your strengths and weaknesses, and how it connects with your potential for entrepreneurship.