Entrepreneurialism

How To Define Entrepreneurial Spirit

Because the entrepreneurial spirit is often hard to define, let alone study in depth, it is often difficult for people to grasp its essence.

While the entrepreneurial spirit is applicable to many different professions and disciplines, it is often associated with business. Incorrectly, this term is used to describe many businesspeople who have been successful.

Historical context of the meaning of entrepreneur

French origin, it means “between jobs”, if taken literally. It is quite interesting that a term that has become synonymous with success can also be used to describe being unemployed.

This article will examine a variety of concepts that are intrinsic to entrepreneurial spirit.

1. Uniqueness

In today’s highly developed global business community, where new ideas and business models are scarce, the importance of uniqueness cannot under be underestimated. Entrepreneurs are often associated with concepts that embody originality and creativity. Steve Jobs, for instance, bringing the Apple IPOD onto the market.

2. Creativity

Although creativity is closely linked to uniqueness, the two are not synonymous. Entrepreneurs have the ability to harness their creative spirit to produce unique products/services or advantages. Where uniqueness refers to the end result, creativity refers to the process of getting there. People with entrepreneurial spirit are more likely to be creative and willing to try new methods to succeed, even if they are ridiculed.

3. Risk Taking

People in western societies are often very cautious when it comes to taking on risk. Entrepreneurs embrace this spirit and it is easy for them to be associated both with the high-risk potential of following a cutting edge approach and with western society’s tendency to be risk-averse. But, it is important to remember that risk is not synonymous with recklessness. Entrepreneurs who have a entrepreneurial spirit will be better at assessing the risks involved.

4. Business Savy

Entrepreneurs are not reckless mavericks, as was previously stated. They are driven by profit and skilled at finding lucrative niches in the market that can make them money. Steve Jobs, CEO of Apple Computers, has managed to navigate a profitable path in the software and computing industry despite being overtaken by IBM and Microsoft for many decades. He was also the first to see the potential for the computing industry to be used to open up a new market for the music fraternity, with the introduction IPOD, which is the market leader in its particular business stream. This requires confidence and skill. It also demonstrates a clear entrepreneurial spirit.

5. Develop Potential

Entrepreneurial spirit is all about finding different solutions to business problems. This includes investing in, nurturing and identifying potential.

It is common for established businesses to fail to realize breakthroughs, because they continue to use the same investment method that worked in the past and not to look for new ways to succeed.

6. Adaptability

Entrepreneurial spirit is flexible and ready to overcome business challenges. It is often quicker than mainstream business thinkers at solving these problems.

7. Destructive Ultimately

If the people who are involved in the idea recognize when it is time for the transition to mainstream management focused individuals, who can sustain and develop the organisation, entrepreneurial spirit can be detrimental to the business. True entrepreneurial spirit is obsessed by constant creativity and change, which can be unsettling for employees without good management and clear direction. People who exhibit entrepreneurial spirit often leave an organization after they have launched several businesses. Richard Branson is one example. He sold many of his businesses to third parties for a substantial profit.

Summary

Although there are key characteristics that define the entrepreneurial spirit, it would be foolish for anyone to claim that they possess all of them. Even more foolish is to believe that such an idea can be fully defined. It’s also wrong to assume that entrepreneurs are only found in the business world. In fact, many disciplines and professions contain historical and current individuals that could easily be described as entrepreneurs.

The entrepreneurial spirit is well-known amongst those who are well-known: Richard Branson; Clive Sinclair; Freddy Laker; Steve Jobs, Bill Gates, and Anita Roddick.

Many words are used to describe people with entrepreneurial spirit: Tycoons; Mavericks; pathological liars; risk takers; self-made business people; charismatic, successful.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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