Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.
An entrepreneur is a person who starts a new business and usually risks their own money to start the venture.
Entrepreneurial spirit is a mindset. It’s an attitude and approach to thinking that actively seeks out change, rather than waiting to adapt to change. It’s a mindset that embraces critical questioning, innovation, service and continuous improvement.
Key Facts on Entrepreneurship
In April 2015, Ben Pasternak founded Flogg, a social networking app for young people to buy and sell. Pasternak's early success had caught the attention of venture capital firm Binary Capital. Binary agreed to lead a round of venture capital funding in Flogg before the app had launched. Binary were joined by other investors including Greylock Partners, John Maloney and Paul Bricault Flogg launched in April 2016 and was temporarily the No. 1 trending app on the US App Store (iOS).
In November 2016, Ben co-founded Monkey, a video chat based app for teenagers to meet like-minded people. The app has been used to make over 20 billion calls and has over 20 million users. The app peaked at No. 1 on the US App Store (iOS). Monkey had raised US$2 million in funding. On December 1, 2017, Holla announced that it had acquired Monkey for an undisclosed sum.
In early 2018, Ben founded a new startup called NUGGS. NUGGS manufactures a chicken nugget simulation made out of a texturized pea protein technology. In July 2019, Forbes reported that NUGGS raised a US$7 million in funding round led by Canadian food company McCain Foods.
The 50 Youngest Kid Entrepreneurs in the US
Curious if Entrepreneurship is for You; utilize the A.S.K. Worksheet to help you gather a greater understanding of your passion and also take the Entrepreneurial Potential Assment
What is Entrepreneurship or being and Entrepreneur?
Entrepreneurship - The Driving Force Behind All Economies
By Matt Ehrlichman Founder and CEO, Porch
Five indicators that demonstrate that the entrepreneurial spirit is alive and thriving in someone.
1) They are in-tune with their passion.
Think of the last conversation you had with someone about something they were deeply passionate about. It doesn't matter if the subject is completely uninteresting to you, the conviction in their voice and the authentic enthusiasm they have for it is captivating. Passionate people know what it's like to dive deep into a subject and completely understand it. This is something we look for when hiring at my startup Porch.com. When people are genuinely passionate about the problems that your company is trying to solve, they will be energized by any challenge that stands in their way.
2) They are always questioning how it can be done better.
Mark Twain once said, "Whenever you find yourself on the side of the majority, it is time to pause and reflect." The average person rarely considers how ordinary things can be made better or improved--those with the entrepreneurial spirit can't help themselves. They are continually questioning why things are done the way they are and aren't afraid to go against the majority to make changes. It's impressive in an interview when a candidate has real questions for the business and suggestions and ideas on how existing product could be improved.
3) Optimistic about all possibilities
To be entrepreneurial by nature is to be optimistic. People with the entrepreneurial spirit don't spend time thinking about what they can't do, but instead ask themselves, "Why can't I?" When starting up, the odds of success are strongly against you, so you really need people are optimistic more than ever. Look for candidates that get excited by the idea of aggressive challenges and big goals. They are the ones will push the boundaries of what was once thought impossible.
4) They take calculated risks
In addition to optimism, entrepreneurs are predisposed to a high tolerance for risk. But it doesn't mean they jump blindly into action, it's instead the opposite. Those with the entrepreneurial spirit make calculated moves while understanding that there are never any guarantees of success. It's also the ability to work autonomously and be decisive. The playbook isn't always clear, so it's ideal to be able to say agile and adapt in a high degree of ambiguity.
5) Above all, they execute
I can't count how many times I've had aspiring entrepreneurs come up to me for advice on their untested ideas. My response is always to go out and act on your ideas first to get real feedback. That's because ideas are meaningless until they are acted on. Those with the entrepreneurial sprit realize that execution is everything when it comes down to success or failure. Find hire the people that have the drive to execute at all times, no matter what the circumstances.
These 20th-century entrepreneurs changed the world - Article by The Love Money Staff. Press below to see who those entrepreneurs are:
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Is Entrepreneurship Right For Me?
What is an Idea?
Did you know these famous people were entrepreneurs?
Something, such as a thought or conception, that is the product of mental activity or An opinion, conviction, or principle.
The idea is the building block or seed that motivates the entrepreneur to move forward.