What is Entrepreneurship? The Meaning of Entrepreneur Simply Defined

What is entrepreneurship, exactly? In this post, we describe what entrepreneurship is and the meaning of being an entrepreneur. Read on!

Does the idea of creating a business from nothing appeal to you? How would you like to be your own boss and lead a team of employees?

There are more than 27 million entrepreneurs in the United States. Each one has a vision and a dream to make a contribution to the world.

Thanks to technology, there are more opportunities to become an entrepreneur. What is entrepreneurship?

Read on to discover the meaning of entrepreneurship and how to become an entrepreneur.

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Related Read: An Entrepreneur’s Glossary: 15+ Entrepreneurship Vocabulary Terms Defined

What Is an Entrepreneur?

According to Merriam-Webster, the definition of an entrepreneur is “one who organizes, manages, and assumes the risks of running a business.”

This entrepreneurship definition was first used in the 1700s from the Old French word entreprendere, which means “to undertake.”

That’s what you do when you pursue the path of entrepreneurship. You take an idea to create a business, validate the idea, write a business plan, and start your business.

Of course, you have to assume the responsibility of the business. You take on all of the risks to start the business and make it successful. There’s also a high reward for starting a business, too.

Related Read: 9 Characteristics of Successful Entrepreneurs

Types of Entrepreneurship

There are dozens of paths you can take as an entrepreneur.

There are many entrepreneurs who function as solopreneurs. Some examples of solopreneurs include freelance workers, such as writers and graphic designers. There are bloggers who make money and build a business from their content.

Other entrepreneurs have purchased franchises or created their own businesses that they turn into franchises.

There isn’t one path to become an entrepreneur. Some of the most successful entrepreneurs didn’t attend college. Others became successful entrepreneurs in their 50s.

That’s part of the beauty of becoming an entrepreneur. You get to set your own path as long as you have a vision and a viable idea for a business.

There is a lot of hard work involved in building a business. You have to prove that your idea is profitable, learn about marketing, sales, operations, and customer service. You can learn a lot about business and entrepreneurship by reading books.

Related Read: 10+ Best Business Books to Read for Aspiring Entrepreneurs in 2020

Who Are Successful Entrepreneurs?

Some successful entrepreneurs are treated like celebrities because they created a business and turned it into an empire.

Bill Gates is an example of an entrepreneur who started his business (Microsoft) in a garage. Mark Zuckerberg dropped out of Harvard to move to Silicon Valley and build Facebook.

Ray Kroc changed the food industry in the 1950s when he realized that he could franchise McDonald’s. He took an existing business and found a way to make it incredibly profitable by owning the land underneath the restaurants.

There are also entrepreneurs that you don’t hear about. There are plumbing contractors who decide to start a business. There are restaurants that started out of a food truck.

Related Read: 50+ Best Entrepreneurship Quotes to Inspire, Motivate, and Encourage

What Is Entrepreneurship?

So, what is entrepreneurship? The entrepreneurship meaning is the act of creating a venture that has a lot of risks, but the potential for great rewards. There isn’t one path to become an entrepreneur. You need to have a vision and a good business idea to start with. But most of all, you just need the courage to see it through.

Entrepreneurship isn’t for everyone. If it appeals to you, you should start to build your networks and learn as much as you can about entrepreneurship.

Related Read: 3 Reasons Why Every Entrepreneur Should Pitch Ideas on Goodwall

If you think entrepreneurship is the direction for you, there’s no better place to get the support, feedback, and visibility you need to succeed than Goodwall.

On Goodwall, you can share your ideas, build a network of like-minded individuals, ask and answer questions, get support from industry professionals, and so much more. So, if you haven’t yet, sign up to Goodwall today (links to the app below)!

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Christian Eilers
Written By Christian Eilers
is a writer and expert on the topics of education, entrepreneurship, career advice, travel, and culture. On the Goodwall Blog, he covers topics including self-improvement, social impact, college preparation, career development, climate action, and more. Christian is originally from New York City and now resides in Kyiv, Ukraine after living in Warsaw, Poland for the past 4 years. At his desk, you're sure to find Pickwick, his Devon Rex cat, either attacking his fingers as he types or the monitor as the mouse pointer moves around.

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