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  • Writer's pictureCode Branch Team

Entrepreneurship: Answer to 3 important questions around it

Updated: Dec 7, 2023

Entrepreneurship has been a trending topic for some years. It is a word you can easily relate to wealth, academy, young people, dreams, networking, and even UNICORNS!


it is possible that at a specific moment in your life, you would want to build a company, and is easy to have questions and doubts. Don’t be; in the internet era, all the answers and the knowledge are a click away.


More than knowledge, you are going to need skills.


In this blog, we want to define 3 important matters that a lot of people would like to know: What is entrepreneurship, what is the difference between entrepreneurship and business, and finally, can entrepreneurship be taught?


Leave a comment if you have more questions about entrepreneurship. :)


What is Entrepreneurship?



Entrepreneurship meeting
Entrepreneurship meeting



The process of starting, setting up, running, and expanding a new business endeavor with the intention of developing and introducing a novel good or service to the market is known as entrepreneurship.


An entrepreneur is someone who takes the initiative to spot a market need and starts a new company to address it.


To create a successful and long-lasting company, entrepreneurship entails taking risks and choosing how to allocate resources like time, money, and personnel.


Entrepreneurship can take many different shapes, from modest one-person operationns to massive companies with thousands of staff members.


Successful business owners frequently have a passion for their goods or services and possess the knowledge and abilities to spot opportunities, develop a business plan, get financing, and oversee day-to-day operations.


Some other definitions are:


According to Professor Howard Stevenson, from Harvard University, “Entrepreneurship is the pursuit of opportunity beyond resources controlled.”


Another definition from Ryerson Entrepreneur Institute says that “Entrepreneurship is a multi-dimensional concept that includes owning a small business (Risk Theory), being innovative (Dynamic Theory), acting as a leader (Traits School) or starting up a new company (Behavioural School)”


Also, in Entrepreneur Handbook, it can be found that “Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business.”


Finally, a more poetic definition taken from Oberlo would be, “Entrepreneurship is what people do to take their career into their hands and lead it in the direction they want.

It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place—for everyone in it, including themselves.



Which are the differences between Entrepreneurship and Business?


Entrepreneurship may be confused business, but there are some differences that we want to show you in the next table.

​Entrepreneurship

​Business

Entrepreneurship needs energy, resources, and time to build a model that is original and has been evolved from scratch

A business might be based on a concept that is not original or unique

Entrepreneurship intends to make profits but with the purpose of making a difference

The primary goal of a business is making profits.

Entrepreneurship skydives into risks.

A business takes calculated risks.

Entrepreneurship should have a vision that extends beyond the present and into the future.

Businesses are more concerned about everyday operations.


Can entrepreneurship be taught?



Entrepreneurship Mentor
Entrepreneurship Mentor


Indeed, you can learn about entrepreneurship.


A variety of skills and knowledge can be taught to aspiring entrepreneurs to help them thrive in starting and expanding their own businesses, even though some aspects of entrepreneurship may come more naturally to some people than others.


There are many ways to learn about entrepreneurship, such as through workshops, mentorship programs, academic courses, and accelerators.


Aspiring company owners can benefit from these programs by learning about market research, financial management, business planning, marketing, and other critical skills.


While there is no assurance of success in entrepreneurship, education and training can assist aspiring business owners in acquiring the abilities and knowledge required to recognize chances, control riscks, and build long-lasting businesses.


According to Marcos Simón, Founder and CTO of Audioscenic,


“Entrepreneurship can be taught, I think, yes, I think the best way to learn it is by doing it. But even when you're doing it, the best way to learn it is from a person that has done what you've been doing before. Somebody like a mentor, so it's important that you get a mentor and that you just keep on looking until you find the right person. Once you find the right person, he or she will help you a lot”


On the other hand, according to Dr. Badwan, Program Leader & Lecturer in Computer Systems and Innovation at the University of Winchester:


“Yes we can definitely teach entrepreneurship in fact research findings demonstrate that one of the best ways to teach entrepreneurship is by using mentorship practices in the classroom”


Getting a mentor is something extremely important for your starting a startup, these questions can help you to get to know your mentor better.



Conclusion


Entrepreneurship is the process of starting, setting up, running, and expanding a new business endeavor with the intention of developing and introducing a novel good or service to the market is known as entrepreneurship.


There are many ways to learn about entrepreneurship, such as through workshops, mentorship programs, academic courses, and accelerators.


You may be interested in reading our related blog post:


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