Reflections on Entrepreneurship Part 1: Definition

In order to benefit the business community, we are officially starting a series on entrepreneurship.  Please stay tune to what's to come!

Entrepreneurship:  A Definition

​What is entrepreneurship?  One definition I came across spoke of entrepreneurship in terms of a capacity and willingness to start a business relevant to the risks involved in doing so. I believe this is an adequate understanding of what entrepreneurship is.  It does however raise the question as to what defines capacity and willingness, and the definition also raises further questions relevant to the nature of risk.What is entrepreneurship?  One definition I came across spoke of entrepreneurship in terms of a capacity and willingness to start a business relevant to the risks involved in doing so. I believe this is an adequate understanding of what entrepreneurship is.  It does however raise the question as to what defines capacity and willingness, and the definition also raises further questions relevant to the nature of risk.

Entrepreneurship and Courage

I believe that entrepreneurship has a lot to do with the courage to live with the possibility of failure and the ability to deal with failure when it does occur.  So where does this courage derive? At the heart of what I will call, entrepreneurial courage, there lies, or ought to lie a certain modicum of humility. How so?

I remember back in the 80s when George Shin became the owner of the Charlotte Hornets,  one man I knew said that George had more money than sense. I think that deep in their heart every entrepreneur knows that there is someone close to them who will think them foolish should they try and fail.  Likewise, entrepreneurs soon discover when they succeed there will be few significant others willing to offer praise.

​Entrepreneurs face criticism and foreboding warnings for being bold enough to try from people who will think them foolish if they succeed, and are usually rewarded by the silence of friends and family when they do succeed.

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