What is Entrepreneurship? How to Become an Entrepreneur

If one were to search the definition of entrepreneurship, they’d find that it is more of a concept than something that can be neatly defined by the Merriam-Webster Dictionary. Entrepreneurship is the concept that a person with an idea can build a business and succeed by offering their services, inventions, or designs to others for a price. Innovation is at the heart of entrepreneurship. 

Aspiring and seasoned entrepreneurs enter this venture understanding the risks that starting a business can entail. They understand that the drive and determination to succeed in their business, coupled with the risks, can produce a profit. Continue reading below to learn “how to” become an entrepreneur. 

What is an Entrepreneur?

To understand how to become an entrepreneur, it is important to know what defines one. An entrepreneur is a person who wants to start or has started a business—entrepreneurship is the action of running and setting up a business. 

Typically, most entrepreneurs possess an inherent drive for innovation. They are the visionaries and executors within their communities, identifying market gaps and striving to fill them for the benefit of others. Much to their chagrin, entrepreneurship plays a pivotal role in society, driving economic growth through discovery, innovation, and the introduction of disruptive technologies.

The 4 Types of Entrepreneurship

Similar to many concepts, entrepreneurship has subtypes. The four types of entrepreneurship include: 

• Small business entrepreneurship: Opening a business on a small scale without the intention of making it a large corporation.
• Scalable startup entrepreneurship: The goal is to change the world with the use of a business. This type is very research and investor centric.
• Social entrepreneurship: A business whose goal is to better their society and not make any profits. 
• Corporate entrepreneurship: Also called “large-company entrepreneurship.” It usually involves creating a sub-company from an organization that is already existing. 

Each subcategory of entrepreneurship plays its own unique role in this concept. Below are entrepreneurship examples of the above subtypes to boost understanding. 

• Small business entrepreneurship: This type of entrepreneur wants to use their business to “pay the bills” and typically does not have any intention of scaling their business into a large corporation. Examples of entrepreneurs who fall into this category are: 

• • • Hairdressers
    • Consultants 
    • Health coaches 
    • Construction workers

• Scalable startup entrepreneurship: This entrepreneur wants to change the world with their business or ideas. They are also called “innovators” and have a desire for their business to grow. Examples of entrepreneurs who fall into this category are: 

• • • Inventors 
    • Investors 

• Social Entrepreneurship: This entrepreneur wants to solve social needs and problems. Examples of entrepreneurs who fall into this category: 

• • • Non-profits 
    • Anyone who sees a need and wants to meet it

• Corporate Entrepreneurship: Existing organizations buy smaller innovative companies or create their own. Examples of entrepreneurs who fall into this category: 

• • Hospitals 
  • Major clothing brands

How to Become an Entrepreneur in 5 Steps

Every good “how to” article gives the reader steps to make their venture a reality. Below are 5 steps on how to become an entrepreneur: 

1) Identify a Business Idea

An entrepreneur is nothing without an idea. It is important to take the time to reflect on the needs that are around and think about how to meet those needs. 

2) Develop a Business Plan

As with all worthwhile businesses, it is very critical to develop a business plan. Benjamin Franklin once said “by failing to prepare, you are preparing to fail.” Having a plan creates a path for success and a roadmap for how to reach goals. 

3) Build Your Network and Get a Mentor

It may seem counterproductive to share a budding business idea with others, but it is actually one of the best steps an entrepreneur can take in making their business successful. By inviting others in to validate ideas, an entrepreneur may learn things they otherwise may have missed. It is also important to learn from those who have been entrepreneurs for a while. Mentorship allows entrepreneurs to learn and grow with someone by their sides offering advice and thoughts. 

4) Launch and Promote Your Business

Advertising and investing in solid marketing plans to promote the business plays a significant role in business growth and outreach. It is important to curate content that makes a product or service appealing to its intended audience.

5) Adapt and Scale

One of the best qualities an entrepreneur can display is adaptability. Entrepreneurs should consistently strive to learn new things and scale their businesses to the needs and economy around them. Adapting and scaling the business consistently prevents complacency. 

The Characteristics of a Successful Entrepreneur

It is easy to search for formulations on running a business and being a successful entrepreneur. However, entrepreneurship is more than just having an idea and the resources to get the job done- although these are critical. Below discusses key characteristics that successful entrepreneurs exhibit: 

• Open-Mindedness: Successful entrepreneurs understand that their initial idea may not end up like they imagined. They have an open mind to potential changes and are comfortable listening to the thoughts of others. 

• Adaptability: Just as the world around us is constantly shifting, so is the world of business. Adaptability is critical when starting or running a business. Successful entrepreneurs are willing to shift gears if needed.

• Creativity/Innovation: All businesses start from an idea born out of an unmet need or simply a creative thought. When it comes to innovation and invention, icons such as Thomas Edison, Leonardo Di Vinci, or George Washington Carver may come to mind. Furthermore, society owes many thanks to the creative mind of Leonardo Di Vinci as much of our understanding of medicine and more comes from him. To summarize, it is important for entrepreneurs to have a vision of how they want to change the way they function in the world for the better and find ways to allow others to do the same. 

• Leadership: Successful entrepreneurs have a strong sense of leadership. Those who start a business are the CEOs of their organization. Quality leadership is key to successful entrepreneurship and business management. 

• Thoughtfulness: Successful entrepreneurs are thoughtful in their actions and intentional in the way they operate. They have a desired plan with great foresight to accommodate for any hiccups that could occur along the way. 

• Decisiveness: It is important for entrepreneurs to be decisive. While it is important to analyze all information thoroughly, it is also important to decide on a course of action. Successful entrepreneurs evaluate the risk and decide if they will take it or not. 

Advancing in Entrepreneurship: The Role of Formal Education

Formal education plays a significant but not definitive role in effective entrepreneurship. Those who are educated in entrepreneurship learn various strategies which can assist in forming a successful business as well as managing challenges along the way. There are various types of formal education, which are discussed below: 

Undergraduate Degree Programs

These types of programs offer bachelors in business administration (BBA) degrees as well as bachelors degrees specific to entrepreneurship. These programs are stepping stones to further educational endeavors. 

Graduate Degree Programs

These programs offer masters in business association (MBA) degrees as well as specialized degrees in entrepreneurship also called a masters of science in entrepreneurship (MSE). 

Doctoral Programs

These programs are specialized to entrepreneurship, otherwise known as Ph.D. in entrepreneurship. These programs are the bookend to formal education in entrepreneurship but certainly not the end to education in general. 

Other Entrepreneurial Programs

Other programs to assist aspiring entrepreneurs include: technical programs, executive education programs, certificate and diploma programs, and specialized entrepreneurship programs. 

Entrepreneurial programs serve aspiring business leaders by offering the education and skills necessary for successful business management and entrepreneurship. They teach the textbook fundamentals while also encouraging skills development and critical thinking. These elements are all necessary for the next great generation of entrepreneurs to flourish and improve in their businesses.  

Rollins College offers these programs through our graduate school of business, Crummer. Our Early Advantage and Graduate Certificate programs offer students the skills and education specific to entrepreneurship. Crummer believes that entrepreneurship plays a vital role in business and deserves intentional focus in the classroom. 

Conclusion

The role that entrepreneurship plays in society is invaluable. Its core is one of innovation, curiosity, and a desire to meet needs and leave society better than it was found. While entrepreneurship is more of a concept than a definable term, there are many ways to become an entrepreneur. 

There are also many types of entrepreneurship. To become a successful entrepreneur, it is important to have an idea, have a plan, build a network, advertise the business, and adapt and scale the business. It is also important to reflect and develop the qualities and characteristics of a successful entrepreneur which include creativity, adaptability, open-mindedness, leadership, thoughtfulness, and decisiveness. 

Rollins College’s Crummer Graduate School of Business offers two programs geared specifically toward entrepreneurship and producing highly successful entrepreneurs. We offer both graduate and certificate programs that ensure our students walk away with the skills needed to succeed as entrepreneurs.