What does Entrepreneurial Mean?

What does Entrepreneurial Mean?
What does Entrepreneurial Mean?

“Entrepreneurial” can mean a number of things, and for many people the definition can change by the day. One of the great things about being an entrepreneur is that you don’t have to wait to graduate from a college before you get to work. To start working, i.e. “to get a job” all you need is an idea, and it doesn’t have to be full-time at the beginning of your entrepreneurial journey. In fact, entrepreneurship comes naturally to many people at some point of their lives – it might even feel like more of an extension of what they have traditionally done.

Entrepreneurship means going it alone. Instead of asking for someone else to give you a job, you find a way to employ yourself and possibly others. Although it has traditionally meant building your own business—anything from opening your own restaurant to buying your own franchise—the meaning of the word has liberalized to some degree in recent years as more people are finding different ways to innovate that don’t bear any resemblance to out-of-date entrepreneurship models. Part of this was born due to an unstable global economy and changing labor markets that forced people to find creative ways of making a living.

The shift to entrepreneurship in Western economies also coincided with the decline in traditional business models. While less than a generation ago most people held stable, often union jobs that guaranteed a stable middle-class wage, health benefits, and a pension, nowadays those kinds of jobs are few, and their numbers are shrinking at a rapid speed. As these traditional career paths started to disappear, people started to question the wisdom of their working class parents and worry about their own future. The flip side of the reality was that the Internet and digital technologies have become ubiquitous.  As the economy declined dramatically toward the end of the decade, many young adults, new graduates, and students who could no longer afford to look the other way and pretend that they would still make a career in their fields and that the situation, i.e. endless lay-offs and restructuring was “business as usual” for them. Although this was an undeniably scary realization for many, positives things have nonetheless emerged from it. Among the key “positives” was the upsurge of entrepreneurs and the awareness that being self-employed could be even more fulfilling than any corporate career path and not only that – it could be highly promising profit wise – as long as they are determined and continue to persist.

The concept of entrepreneurship is a motivator for many because it is a truly liberating idea, i.e. instead of working for someone else and waiting to take assignments, entrepreneurs create “their own assignments” and set personal long-term and short-term goals. Frankly, there is even more pressure “to get the job done”, unlike their peers who have work contracts or “permanent jobs”, but it is the only real way to realize their true potential, uncover their latent talents and get paid for it.

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