entrepreneurship journey essay

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My Entrepreneurial Journey

I never planned on becoming an entrepreneur but now, i can't imagine doing anything else. this is my story....

Published on  November 6, 2018

Filed under  entrepreneurship.

How did I get to where I am now – an entrepreneur who has run my own business for the past 7 years? Good question. I’ve tried to distill the major elements of my life into the story you’ll find on this page. I hope you’ll enjoy it and be inspired to uncover the important moments in your own entrepreneurial journey.

Ever since I was little, I have been creating businesses or thinking up ideas for ones. And I don’t mean the standard summer lemonade stand, because a) I don’t like lemonade and b) you don’t go outside for prolonged periods of time during an Arizona summer unless you want to willfully die by melting.

The businesses I started as a youngin were very creative and very air-conditioned.

It started with small enterprises. Like the time I sold a handmade 5-foot beaded lizard to a neighborhood boy for a whopping $20. I expanded my line to include other little beady animals and negotiated sidewalk deals for $2 here and $5 there. Talk about living a #girlbosslife… I thought I had made it big time with that moolah in my (cough cough) fanny pack.

I also experienced early business failures. Like the time I created an at-home library in front of our unused and perplexing fireplace (see: note about death by melting in Arizona).  My business model was to fine my family members when they didn’t turn in their borrowed books on time. After 20+ years, I’m still waiting for those fees. Serves me right for lending out books that weren’t mine!

Once the internet came along, my business horizons opened up. Near the end of high school, I got hardcore into sewing – if that’s even something you can get ‘hardcore’ into – and built a website to sell my garments. I would stay up until 2am every night deconstructing clothing (or sheets… yes, sheets) that I found for $1 at Goodwill, only to humpty-dumpty them back together again as a cute shrug, skirt, or top. I named my little business Quinntessential Clothing. Note the double “n” in the name. My 17-year-old self would want to make sure you noticed that.

Ultimately, my childhood foray into business planted the seeds for becoming an entrepreneur years later. Like all good things in life, that seed started with a feeling .

A feeling of excitement and empowerment when people actually wanted what I had created with my own two hands. Better yet, they WANTED to pay me! Whether it was $20 or $200, every cent that I earned was because of my creativity, my ability to turn nothing into something, my skills at communicating value to others (e.g. clothing made from sheets ), and my focus on building something that was meaningful to me.

That feeling would be my motivation when I was older and decided to try my hand at being my own boss, but we have to take a few detours before we get there…

To Be or Not to Be (An Actress?)

Growing up, I always had a clear sense of purpose for who I wanted to be: a successful actress. I just knew that I was going to walk red carpets and make people cry because of my powerful performances. Yes – you read that right: wearing fancy gowns and making people cry were my life goals. #priorities

In all seriousness though, acting just made sense for me: I loved stories, I loved characters, and most of all, I loved attention. Shine that spotlight on me, puh-leaze!

Bolstered by the belief that acting was my true north, I did what any sane, naive, idealistic young girl would do: I packed my bags and hightailed it straight to Los Angeles. The City of Angels. The City of Stars. The City of I’d-prefer-death-by-melting-in-the-Arizona-heat-than-sit-in-any-more-traffic.

I majored in Theatre Arts at Loyola Marymount University, a lovely liberal arts college situated on a bluff in West L.A., offering a glimpse of the ocean on one side and the Hollywood sign on the other – or at least it did when the pollution cleared. I found my tribe in the colorful, flamboyant, and kooky Theatre Majors and immersed myself in the art of The The-ay-ter (say it like that and you sound smart) .

Acting and theatre became my life – I thought about it, read about it, saw it, performed it, and loved every second of it. I even traveled across the pond to foggy ol’ London town to study at an acting conservatory there, seeing 2-3 plays a week and coming to realize that my real place in the world of acting was on stage, not the screen.

Now, if you were worried about me giving up my red carpet dreams, don’t be, being on the stage still gave me the I-make-people-cry thing, so I was doing okay. What I discovered that was much more fulfilling in theatre vs. film was that it was about total transformation – using the voice, breath, and physicality. It required full embodiment of a character, not just an eyebrow raise or a carefully placed tear in a film close-up.

When It All Falls Down

Let’s jump forward 5 years, when I took my very last bow as an actress. I had just given the best performance of my life but I was done. I had come to realize that I had no desire to do that for a living, nor live the life of an aspiring actress in L.A..

If I was sitting with you in a dark lounge with a bottle (or two) of wine, I’d be happy to tell you the full story of how I came to this realization, but I’ll spare you the details and let you fill in the gaps as you may.

All you really need to know is that it involved an ornery British director, a play that probed the mysteries of existence, a grueling rehearsal period, too many Camel Crush cigarettes, and a fiery demon character that I played named Lilith. Look her up , she’s a hoot.

Now you’re probably wondering – “Really, one bad experience that led to your best performance and you just gave up that easily?! You had great things ahead of you!”

Well, first – thank you for your concern.

  And second, let me explain…

My director had a knack for going after me during rehearsal. He would constantly stop me mid-line, tell me I was doing it wrong, and make me repeat it until I got it “right.”

I would have never said it back then, but I was grateful for him at the same time that I hated him with a passion. He forced me to get out of my head and learn what real acting was. One night I remember in particular, when he got so fed up with me that he stopped and pointedly asked:

“Quinn, what do you think acting is?”

My all-girls-Catholic-high-school education meant that I presented a perfectly polite answer, something along the lines of acting as “embodiment,” with “storytelling” and “emotion” thrown in for extra credit.

  “Showing the truth about humanity,” I threw out there with increasing politeness which grew parallel with my anxiety.

After a good 10 minutes of back and forth, he finally yelled at me and said “It’s so simple and you’re missing it. Acting is being real. And you aren’t being real up there. You’re not reacting in the moment, you’re reacting in your head and performing that reaction. You’re just full of bullshit.”

But, he was right. He saw deep into my core and expose an element of who I was that felt like a fraud, a fake, a performer. I didn’t know how to be real or raw, in fact, that scared me more than anything else – on stage and off. Although I was able to tap into real moments on stage, this experience went way beyond acting for me.

It drew me deeper into myself, asking big questions about who I was, what I truly wanted to do, and how I wanted to live in the world.

Living the Sweet Life

For the next 2 years, I utterly failed at answering those questions in the slightest. My identity had been so tied up in acting and theatre, and I suddenly was thrust into the real world without that anchor and without much forethought of what else I could or wanted to do with my life.

So naturally, I got a job doing the next best thing to acting: marketing.

I figured it was pretty similar to theatre. After all, they both ask the same question: How do you tell a story authentically in order to move people? In theatre, you move them to tears or laughter, in marketing – you move them to take action.

I took an intern position with an all-female promotional staffing agency called Sweet Deal. It had initially started as a female casino dealing company (hence the name) and had expanded into staffing for events and experiential marketing programs for consumer products.

I did a little bit of everything. Graphic design, cold calling, managing events, admin work, and even dealing craps, poker, and blackjack. I had a lot of fun with it at first. We got to interview and ‘cast’ spokesmodels for different brands, attend crazy parties around Hollywood (yes, I’ve been to the Playboy Mansion…thrice) , and try all kinds of cool products.

I can honestly say that I learned all the fundamentals (and more) about marketing and sales in this job and I’m forever grateful because I wouldn’t have been able to start my own business without the experience.

When Sweet Goes Sour

I quickly became an integral part of the company. The problem was that I was always “on call.” The more my role grew, the more I was managing and the more moving parts there were.

I remember clients calling me at 1am, screaming at me that their spokesmodels were late and other things like “where is the vodka!?”

I remember setting up business meetings with prospective clients, only to find out they were sleazy men who just wanted to grab a drink with a young girl and try to lure her to his private SuperBowl suite across the country that weekend (all while his female assistant watched).

I remember not knowing how to have boundaries between my work life and my personal life. In fact, any semblance of a personal life disappeared as I poured myself into my role.  

My relationships suffered, my health suffered, my mind suffered, and ultimately, I landed in the hospital with a severe case of mono.

Now, if you jumped to conclusions that I must have been kissing a lot of boys to get mono that bad, then – my dear reader – you would be spot on.

But moreso than that – I was extremely stressed, constantly on edge, barely sleeping, and not taking care of myself in the least. So it wasn’t a surprise when the doctors told me only 3% of adults get mono as severe as I did, and that what I needed was REST.

Two Roads Diverged

REST?! Not me! I don’t need it! Instead, how about I take a full-time employee position at my company less than a month after getting out of the hospital? That sounds perfect!

After all, I had gotten so good at playing a part again. The play was my life and I was the leading lady. Except this time, I had no idea what my lines were. I sashayed my way through a fake performance, never knowing the deep scars I was cutting.

It’s weird how the most mundane of moments get seared into your brain forever. I will always remember the feeling of the bristly carpet under my bare feet, me sitting on the edge of my four-poster bed in the middle of my teal-painted bedroom. I was talking to my mom about my decision to become an employee, and although I don’t remember what words were said, I do vividly remember how I felt.

A visceral, physical feeling of NO, as if I had done an intense upper-body workout the day before and someone was pulling back on those sore, tired arms while I struggled to pull myself forward and away from the grasp.

I didn’t know at the time that my body could say no without me thinking it.

I didn’t know that this visceral wrestling match should have been a warning sign from the start. I didn’t know what I didn’t know I should know.

I just kept pushing without realizing how far gone I really was.

Looking back, I clearly see how a different path could have formed in that moment of dread. How I could have started painting the dots that would have connected me to where I am now just a little bit sooner, starting right there with that carpet kissing my soles.

But, just as we can’t connect the dots of our lives looking forward, I couldn’t see clearly where my path would go, so I soldiered on. After all, I hadn’t hit rock bottom yet. Maybe I was curious what I would find there.

Why is there a Rock at the Bottom?

Nearly a year later, I was in a car with my parents and a trunk full of my possessions, heading back to my hometown of Phoenix.

If rock bottom is supposed to be a good, long cry on the bathroom floor, praying for a voice from the heavens to tell you what to do – well, that ain’t my rock bottom.

My rock bottom was taking a hard fall off my bike and feeling no pain, no adrenaline rush, nothing except the warm drip of blood down my leg.

My rock bottom was the stress you might get when stumbling upon a wild lion with its teeth bared – except the lion was the buzz of my phone and my body was conditioned to fear it.

My rock bottom was watching the barren landscape between L.A. and Phoenix fly by as I left the life I knew for the life I wasn’t sure I wanted to arrive at.

My rock bottom was a minefield of black holes and implosions.

There’s a Light

If I were to throw a theme party for what happened next in my life, I would make everyone dress in white and pretend to be onions. And because that’s NOT a real-world party people would actually attend (or would they?) and a weird analogy to begin with, let me clarify: the theme of the next stage of my live was peeling away the layers of trauma, of numbness, of lethargy, of illness and of ambivalence.

I had no idea what I wanted to do with my life. I had left behind the career I thought I’d always have, I failed at the career I tried to have, and I was left with a shell of my former energetic, creative self.

I had been exposed to deeper questions about life and meaning through my last real acting role, but I had pushed away searching for the answers away for years.

The bad thing was: I was starting from scratch.

The good thing was: I was starting from scratch.

In my attempt to start over, I did two things that made all the difference.

First, I started a blog called Urban Soul Retrieval, designing it from scratch and teaching myself web design in the process. I wrote about my experience in depth, connected with like-minded strangers on the web, and made sense of the decisions that led me to despair. My blog showed me that I could shape my story and reclaim it as my own instead of letting it write me.

The second thing I did was lots and lots of YOGA.

I had practiced yoga and off for a few years in L.A., as one does when you live in L.A..

It was the one thing in my life that made me feel really good . After a nice long stretch, I could suddenly feel a lightness that I hadn’t been able to access in so long. With a glimmer of hope coming back into my life, I followed my curiosity and enrolled in a year-long yoga teacher training.

It became the most transformative experience of my life.

At Yoga Pura (it translates to yoga “home”), everything was an experiment. It was about posing a question – who am I? – and using our minds and bodies to find clarity. My buttons were pushed, my body was stretched, and my mind was completely transformed.

It wasn’t the slightest bit fluffy or woo-woo either, in case you were wondering.

I’ve experienced the gamut of yoga studios across the country – from New Age to hardcore physical to cultish – and this one was unique. The studio owner and my main teacher was an army veteran, goatee-wearing, motorcycle-riding, chihuahua-owning man. He was blunt, extremely logical and smart, sometimes harsh, and totally empowering.

He led us to explore big things – existence itself – and small things – how to align your foot in Warrior II (and why that might help you with the big things). Through the physical practice, I built back the strength I had lost from my illness and neglect. Through the mental practice, I started to feel less like I was outside of myself.

And through it all, I was forced to face my truth for maybe the first time ever. I became intimately familiar with the swirling madness of my mind – and learned to identify thoughts and beliefs that had shaped who I had become, both the good and the bad.  

We don’t often get the chance to sit and face our humanity head-on. To look at the dots that brought us to this moment we are in right now, and to draw the dots that lead us into the future we envision.

But, I’m forever grateful that I did face it – however gut-wrenching and hard it was – because what it led to was more than I could have asked for.

The Pen that Began it All

If you’ve made it this far, dear reader, you may be wondering where the entrepreneur part comes in? This is my entrepreneurial journey story after all! So, here we are at the very beginning…

During my year in yoga teacher training, I am at a coffee shop in North Phoenix and a man sitting at a nearby table is on the phone. He stands up looking for a pen to jot something down that the person on the other end is saying, so I gladly offer him mine. His call ends and he thanks me, returning my pen. We get to talking and he points at my computer and asks, “What are you working on today?” And I tell him “Just working on a graphic design for my blog.” He says “Oh, well perfect – I’m looking for a graphic designer! What’s your hourly rate?”

I threw out a number that I heard from someone once, and right there and then, he became my first client for a business I didn’t even have, but I sure as hell was going to figure out! The conversation was all-in-all maybe 5 minutes long, but it is the foundation of the business I have ran for 7 years now.

I didn’t have a plan to become an entrepreneur, but now that I am one, I know that it’s what I was always meant to be.

Fun fact: I met my husband a few years later the same way. This time, I was the one that needed a pen and he was the one to lend it to me. We’ve been together ever since, but that’s a story for another time…

We’re Back in Business

I continued to build a nice little roster of clients that kept me busy while finishing up my yoga program. I had always been a self-taught designer, so I continued to refine my skills and enrolled in a few online courses to learn the basics of two new design programs. By the time I graduated, I had enough work to go full-time with my business.

I moved into my own little studio apartment in Central Phoenix and felt a whole new me emerging – a creative, empowered freelancer who could pay my own bills through a business I had built! I felt the same rush when I signed a new client that I did when I sold my $20 beaded snake to the neighborhood boy or a handmade clothing piece from my high school website.

I started integrating my marketing experience into my design services, and soon after signed on a big retainer client. I became their Marketing Manager, leading their digital marketing program – creating content, managing social media, and developing strategies for big corporate clients. The CEO (and one of my favorite people) thought I would be a good speaker with my theatre background (and natural flair for the dramatic), so I began teaching content marketing workshops around the country.

I also continued to work with small business owners and entrepreneurs on their creative projects. From yoga teachers to artists, adventure coaches to creative, I took their ideas and brought them to life.

I observed what made entrepreneurs tick, what drove them to start their business, who they wanted to serve, and what impact they wanted to make in the world. And then I got to take all of that goodness from inside their heads and use my skillset to transform it into a platform – a brand, a website, a digital strategy – that would help them realize the deeper vision they held for themselves.

I noticed that the entrepreneurs who found the most success were the ones that were laser-focused on that deeper vision – on their purpose. They were more empowered, more assured of the value of their work, and more able to make an impact to those they wanted to serve.

I got a tingly magical feeling whenever I worked with entrepreneurs who were purpose-driven, because it was that much easier and fulfilling for me to help them bring their ideas to life. I knew I had latched onto something good…

The Big Leap

After 5 years with my biggest client, I made a big decision to move on.

I had become their Director of Marketing, was traveling to speak regularly and had built up a reputation as a content marketing expert. I had always been able to do everything as a contractor, so I could continue my creative work with entrepreneurs that I was so passionate about. But the amount of mental and physical energy it took had finally brought me place where I had a choice: go full-time and commit myself more fully or move on.

I chose to move on. I will forever be grateful for the experience because of the expertise I built in digital marketing and for the fact that I learned what it meant to bring ideas to life at a huge scale.

But, I had an itch to build something of my own, and for the first time, I had the confidence and know-how to create it for myself.

I wanted to write in my own voice about things I felt were important in today’s world.

To speak to women and work with entrepreneurs who want to build a business and a life they have always envisioned but for whatever reason have been held back.

I wanted to inspire people to uncover their purpose and bring it to life through their business.

To heal the parts of themselves they have ignored for so long.

To be aware of the traps that hide along their journey and know how to NOT fall into them  

To integrate their life and business and become fully embodied and EMPOWERED  

To create a platform for like-minded people across the world to share, connect, and learn from each other what it means to live and breathe their purpose daily.

What’s Next?

That brings me to this paragraph in this very first blog post on my new website. This site is the manifestation of a lifelong journey. It feels like an accomplishment in itself, yet I know that it’s also only the beginning of my journey, and hopefully yours alongside me.

If I’ve come to learn anything through writing and reclaiming my own narrative, it’s that living life with purpose is the key to empowerment. Our purpose is shaped by our experiences. It’s chiseled by pain. Informed by joy. And brought to life through intention.

Our business can be the channel to bring our purpose to life and make an impact on the world in a way it needs it most and the way we uniquely can.

So thank you for being here and reading my story. Together, let’s create a life of meaning and significance. On purpose.

Explore more blog posts

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I’m an oldie……………….and reading your story has empowered me to think, feel, and explore. I’m touched. I love you.

Cool story. Thanks for sharing. It’s always cool to read how people find their purpose and not be afraid to push themselves to work hard for what they love.

Thanks for reading! It was a winding path for sure, but I wouldn’t trade it 🙂

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Lessons Learned: Key Takeaways from My Entrepreneurial Journey

May 9, 2023

Embarking on the path of entrepreneurship can be an exhilarating, albeit challenging, adventure. Over the years, I've encountered numerous trials and triumphs, each contributing valuable lessons to my overall growth and development as a business owner. 

In this edition of The Fearless Business Blog , I'll be sharing some of the invaluable lessons I've learned throughout my entrepreneurial journey, delving into how they have shaped my mindset and contributed to my overall success. By understanding and applying these key takeaways, you too can navigate your own entrepreneurial endeavours with greater confidence and clarity.

Key Takeaways on My Entrepreneurial Journey

• Embrace failure as a learning opportunity : Understand that failures are an essential part of growth and can provide valuable lessons for future success.
• Build a strong support network : Surround yourself with like-minded individuals who can offer guidance, encouragement, and collaboration as you navigate your entrepreneurial journey.
• Prioritise personal well-being : To maintain peak performance and avoid burnout, it's crucial to find a healthy work-life balance and prioritise self-care.
• Deliver value to your customers : Focus on providing exceptional products and services that solve real problems for your clients and exceed their expectations.
• Stay adaptable and resilient: The entrepreneurial landscape is ever-changing, so it's essential to remain flexible and resilient in the face of challenges and evolving circumstances.
• Continuously learn and grow : Invest in your personal and professional development to stay at the forefront of your industry and maintain a competitive edge.

1. Embrace Failure as a Learning Opportunity

One of the most critical lessons I've learned is that failure is an essential part of the journey. When we experience setbacks or disappointments, it's vital to recognise them as opportunities to learn and grow. By embracing failure as a stepping stone towards improvement, you'll be better equipped to adapt, pivot, and ultimately achieve your desired outcomes. Furthermore, acknowledging that failure is inevitable allows you to approach it with curiosity and resilience, using each setback as a chance to refine your strategies and strengthen your resolve.

2. Build a Strong Support Network

No entrepreneur can succeed in isolation. Building a robust support network of mentors, peers, and like-minded individuals can be a game-changer in your entrepreneurial journey. These connections not only provide guidance and encouragement but also help you stay accountable and motivated. Make it a priority to join networking groups, attend industry events, and engage with fellow entrepreneurs through social media platforms. In addition, consider forming or joining a mastermind group, where you can regularly share ideas, resources, and support with like-minded individuals who are also on their entrepreneurial journey.

3. Prioritise Your Personal Wellbeing

It's easy to get caught up in the hustle and bustle of entrepreneurship, often neglecting our own mental and physical wellbeing . However, maintaining a healthy work-life balance is crucial for long-term success. Schedule time for self-care, exercise, and relaxation, ensuring that you are at your best when making important decisions and driving your business forward. Moreover, be mindful of burnout and the negative effects of chronic stress on your overall health. By prioritising your wellbeing, you'll not only foster greater personal satisfaction but also boost your productivity and effectiveness in your professional life.

4. Master Your Mindset

Developing a positive and resilient mindset is fundamental to overcoming obstacles and achieving success as an entrepreneur. Recognise your limiting beliefs and replace them with empowering thoughts that propel you towards your goals. By cultivating a mindset of abundance, confidence, and determination, you'll be better equipped to handle challenges and seize opportunities that come your way. Additionally, practice gratitude and focus on the positive aspects of your journey, as this will help you maintain an optimistic outlook and foster a greater sense of fulfilment.

5. Invest in Continuous Learning

In the fast-paced world of entrepreneurship, it's essential to stay ahead of the curve by continually updating your knowledge and skills. Dedicate time to learning about industry trends, mastering new tools, and refining your craft. By committing to lifelong learning, you'll ensure that you remain agile, innovative, and competitive in your chosen field. Furthermore, consider investing in professional development opportunities, such as workshops, courses, and certifications, to expand your expertise and enhance your credibility in the eyes of your clients and peers.

6. Focus on Providing Value

One of the most effective ways to stand out in a crowded market is by consistently delivering value to your customers. Focus on understanding your target audience's needs and pain points, and tailor your products or services to address these challenges. By establishing yourself as a trusted and reliable solution provider, you'll foster loyalty, drive repeat business, and ultimately grow your enterprise. Additionally, prioritise exceptional customer service and consistently exceed your clients' expectations. By nurturing strong relationships with your customers, you'll not only enhance your reputation but also generate valuable word-of-mouth referrals.

7. Cultivate Resilience and Adaptability

The entrepreneurial landscape is ever-evolving, requiring business owners to be adaptable and resilient in the face of change. Embrace change as an opportunity to grow and evolve, rather than a threat to your existing strategies. Stay informed about industry developments and market shifts, and be prepared to pivot when necessary. By demonstrating flexibility and resilience, you'll be better positioned to capitalise on new opportunities and weather any storm that comes your way.

8. Establish Clear Goals and Measure Progress

Setting clear, specific, and measurable goals is vital to tracking your progress and maintaining focus on your entrepreneurial journey. Break down your long-term objectives into smaller, actionable steps, and continually assess your progress to ensure you stay on track. Regularly reviewing and adjusting your goals will help you stay aligned with your vision and make informed decisions about the direction of your business. Moreover, celebrate your milestones and accomplishments along the way, as this will boost your motivation and remind you of the progress you've made.

9. Delegate and Outsource

As your business grows, it becomes increasingly challenging to manage all aspects of your operations single-handedly. Learn to delegate and outsource tasks, allowing you to focus on your core competencies and higher-value activities. By entrusting specific tasks to skilled team members or external professionals, you'll not only enhance efficiency but also free up time to strategise and drive your business forward.

10. Embrace the Power of Collaboration

Collaboration can be a powerful catalyst for growth and innovation in your entrepreneurial journey. Seek out partnerships and joint ventures that align with your values and objectives, enabling you to expand your reach, leverage complementary skills, and unlock new opportunities. By embracing collaboration and pooling resources with like-minded entrepreneurs, you'll be better positioned to scale your business and achieve long-term success.

FAQs on Lessons for Entrepreneurs

As you embark on your entrepreneurial journey, you'll likely encounter numerous challenges and opportunities for growth. To help you navigate this exciting and sometimes daunting path, we've compiled a list of frequently asked questions and their answers. In this FAQ section, we'll explore valuable insights and advice gleaned from years of experience, addressing topics such as learning from failure, building a support network, prioritising well-being, delivering customer value, and more. By understanding these key takeaways, you'll be better equipped to overcome obstacles and achieve success in your entrepreneurial endeavours.

How do I learn from failure and turn it into a valuable experience?

Embrace failure as an opportunity to gain valuable insights and grow both personally and professionally. Analyse what went wrong, identify areas for improvement, and apply these lessons to future endeavours. Developing a growth mindset will help you view failures as stepping stones towards success, rather than setbacks.

How can I build a strong support network?

Begin by connecting with like-minded entrepreneurs, mentors, and industry professionals through networking events, online forums, and social media platforms. Seek out individuals who share your values and can provide guidance, encouragement, and constructive feedback. Additionally, consider joining mastermind groups or enrolling in relevant courses to further expand your network and gain valuable insights.

How can I prioritise my well-being while running a business?

Develop a daily routine that incorporates self-care practices such as regular exercise, healthy eating, and sufficient sleep. Schedule downtime and set boundaries between your personal and professional life to prevent burnout. Remember that taking care of your physical and mental well-being is crucial for maintaining productivity and achieving long-term success.

Why is it essential to focus on delivering value to my customers?

By consistently providing value to your customers, you'll enhance customer satisfaction, loyalty, and trust in your brand. This focus on value can lead to repeat business, positive word-of-mouth referrals, and long-term success. Ensure that your products or services cater to your target audience's needs and continuously improve your offerings based on customer feedback.

How can I cultivate resilience and adaptability in my entrepreneurial journey?

Stay informed about industry developments, market shifts, and emerging trends to anticipate change and capitalise on new opportunities. Embrace change as a chance for growth, and be prepared to pivot your strategies or business model when necessary. By demonstrating flexibility and resilience, you'll be better positioned to navigate challenges and achieve long-term success.

What's the best way to delegate and outsource tasks in my business?

Begin by identifying tasks that can be delegated or outsourced, such as administrative duties, social media management, or content creation. Then, entrust these tasks to skilled team members or external professionals who specialise in the required areas. This approach allows you to focus on your core competencies and higher-value activities while ensuring your business runs efficiently.

How can I leverage the power of collaboration to grow my business?

Identify potential partners or collaborators who share your values and objectives, and explore opportunities for joint ventures, partnerships, or co-marketing initiatives. By pooling resources, skills, and knowledge with like-minded entrepreneurs, you can unlock new opportunities, expand your reach, and drive innovation in your business.

In conclusion, entrepreneurship is a journey filled with challenges, growth, and transformation. By learning from and applying these key takeaways, you can navigate your own path with greater confidence and resilience. Embrace failure as a learning opportunity, build a strong support network, prioritise your wellbeing, and continually invest in your personal and professional development. Stay focused on delivering value, embrace change, and leverage the power of collaboration to propel your business to new heights. Remember, your entrepreneurial journey is unique, and the lessons you learn along the way will ultimately shape your success and fulfilment.

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The entrepreneurial journey

Think - AT LONDON BUSINESS SCHOOL

Stuart Crainer examines the starting points of the entrepreneurial journey and some of the key stages along the way.

For any entrepreneur, the route from idea to established business is a long and winding one. Stuart Crainer examines the starting points of the journey and some of the key stages along the way with London Business School’s latest wave of founders.

This article is provided by the Deloitte Institute of Innovation and Entrepreneurship.

Points of departure

Esin Akan spent more than a decade working for some of the world’s best known fashion brands — Burberry, Jaeger, Anya Hindmarch and Duchamp. She worked in Paris, Milan, London and Istanbul. And then the real journey began. “I used to work for Burberry handling the global sourcing of leather handbags. While I was working for the company my friends and family always requested different products to the products we actually had. Later, I did some research and found that there is unmet demand for a different type of product for working professionals. I decided to pursue the opportunity.” Esin Akan’s eponymous company was created in December 2012, and launched in May 2013, aiming to offer customised luxury handbags to bag a share of the 200 billion euro global luxury goods market ( www.esinakan.com ).  

Every business starts with something. It might be an idea or the germ of an idea. It might be a thing, a world-changing product, a smart enhancement to something which already exists. It might be a dream, a desire to shake up the status quo, to change things.

Meet Shivani Parmar ( www.shivspix.com ), a habitual builder of brands, businesses and ideas. “I’ve always been into building things. I didn’t know there was a word for it. But when I was eight I was making greeting cards and selling them to neighbours. When I was in college I created a global health magazine, which ten years later is still running. I was the photographer for the US Olympic rowing team. It wasn’t a job that you applied for. I just went to the team and said I’d like to do this, and they liked my work enough to let me stick around. I’m doing what I’ve always been doing and I guess it’s called entrepreneurship.”

Her new venture is good news. Literally. “The idea is if you look around you’re constantly surrounded by bad news and actually there's a lot of amazing people doing remarkable things in the world and you just never hear about them. And so our goal is to share these stories and offer support to people doing these things, so whether it’s training to win an Olympic gold medal, win the Boat Race or whatever it may be, bringing some of these untold stories to the public.”

Other entrepreneurs smartly connect two circling dots. Neil Daly and Julian Hall are founders of Skin Analytics ( www.skin-analytics.com ). “Skin Analytics was born out of the idea that there are so many smartphones in the hands of people all around the world now and there’s a real opportunity for us to use the power of those smartphones and run some analytics on data that people can collect,” says Daly. “We thought about that for a while and realised that there’s a lot of health problems that just get diagnosed purely on a visual basis. So by using the smartphone’s camera and doing the analytics in the backend, we’re able to try and detect skin cancer earlier. So that’s how the idea came up.”

Skin Analytics uses cutting-edge image processing algorithms, developed in partnership with leading academics from the University of Cambridge. The algorithms allow it to detect and track changes in key properties of moles over long periods of time just using images taken at home with a digital camera or smartphone. Dots connected. For other entrepreneurs, the point of departure is that they have been in situations where things could have been better. Dissatisfied, they have set off to do something about it. Perhaps the best known examples of this phenomena are Phil Knight and Bill Bowerman, Nike’s founders. As distance runners they had suffered the pain and performance-limiting discomfort of poor quality running shoes.

Advice for travellers

Whether inspired by a compelling dream or mounting exasperation with the products currently available, before departing on the entrepreneurial journey, it is worth being reminded of the sometimes harsh rules of the road. There are a host of advisory notices for would-be travellers. “Most opportunities are not what they appear to be, as the business failure statistics demonstrate. Most of them have at least one fatal flaw that renders them vulnerable to all sorts of difficulties that can send a precarious, cash-starved new venture to the scrap heap in a heartbeat,” warns John Mullins of London Business School and author of The New Business Road Test and co-author of Getting to Plan B . “An abundance of research makes it clear that the vast majority of new ventures fail for opportunity-related reasons:

• Market reasons : perhaps the target market is too small or simply won’t buy
• Industry reasons : it’s too easy for competition to steal your emerging market
• Entrepreneurial team reasons : the team may lack what it takes to cope with the wide array of forces that conspire to bring fledgling entrepreneurial ventures to their knees.”

First steps

Businesses start with a bright idea, a glimpse of a gap in the market, a once-in-a-lifetime opportunity. And then what? Well, then you have to make it happen. But where? Perhaps ironically, sometimes claustrophobically and often hugely successfully, the entrepreneurial journey often begins by not going anywhere.

For some entrepreneurs, the answer is a cupboard under the stairs, or the spare bedroom. For others the answer is the garage. The garage at 367 Addison Avenue, Palo Alto, was the birthplace of Hewlett-Packard. Walt Disney’s Uncle Robert’s wooden garage in North Hollywood was the unostentatious base for Walt Disney when he arrived in California in 1923. He paid $1 a week for the garage which has now been moved en masse to a museum.

Many others have followed the route from idea to garage and beyond. Elsewhere, Henry Ford turned a coal shed into a garage to start his business. Joseph Cyril Bamford started up in business in 1945 in a lock-up garage in Uttoxeter. His first product was created from war surplus and was sold for £90. This laid the foundation for the JCB company which has been making the earth move ever since.

The garage stage on the entrepreneurial journey is a time for tinkering, tweaking and thinking. Few businesses make an instant leap from idea to actual business. At this point ideas and models are incubated, products and services are prototyped and tested, business plans are honed, potential customers are talked to, markets analysed, locations weighed up and much more. Preparation is everything.

For many entrepreneurs this can be a period of eye-opening realisation. The world is not breathlessly awaiting their arrival. It is getting along very well without them. What customers actually want is not quite the same as what you had in mind. Plan A becomes Plan B.

Shivani Parmar’s recent experience as the photographer of the US Olympic rowing team was a vital stage in her journey to beginning an entrepreneurial venture. Talking to potential customers she was surprised that people weren’t especially interested in having one-on-one contact and conversations with athletes. “People love the photos and videos, but what they really love is that the athletes are quite candid. It’s not something that a PR person has written.

“We started off thinking it would be interesting to people aspiring to achieve similar goals. But it’s turned out to be a full range. People who have just started out in certain sports say why talk to someone who’s at my stage when I could see what Olympic athletes are doing? That was a bit of a surprise for us.”

Incubation time

It is at this point on the entrepreneurial journey that the need for support and re-assurance, as well as sometimes crushingly honest feedback, is felt most. It is as if the explorer has set off for a far flung land and then realises that they haven’t thought about what they are taking or, sometimes, where they are going.

Incubation provides a hot house of ideas, shared experiences and vital feedback. NeuroLogic Medical Solutions (www.neurologicmed.com) is among the businesses incubated at London Business School’s Incubation Unit. “My background is in bio-medical engineering. I’ve been working with a couple of neurosurgeons in Calgary, Canada where I’m from since I was an undergraduate,” says NeuroLogic’s Justin Waghray. “We have been working on different ideas that could have potential. My goal was that by the time I graduated in 2010 I wanted to create a company that I could work full-time on. That was a bit ambitious but we didn’t really know what it took to get funding, to get the proper systems in place, to actually have a sustainable business.

“Being in an atmosphere like the incubator really gives you a chance to talk about shared experience. If you’re looking for somebody to hire for website design you can get an introduction from somebody who’s gone through three website designers and likes the third one. It is also useful to have senior people in place who have been through the process before and who know how to guide you.” Shivani Parmar’s fledgling business is also in the incubator. “Every business is trying to figure out many of the same things at the same time, and so if you can ask quickly, how do you do this, how do you do that, it makes things a lot faster,” she says. “And then of course there’s just the logistics of you have an office, you don’t have to worry about I need electricity or internet or all those details. You can just focus on building the business.”

Sounding boards

Part of incubation and the process by which any business makes the leap from idea to reality is feedback and robust interrogation of what it is the business will do, its business model and how it is differentiated from the competition. It is here that mentors can be crucial in a business’ development. The Deloitte Institute of Innovation and Entrepreneurship at London Business School presents annual Founder Awards to students who have started their entrepreneurial journey at the school. Among the 2012 winners were Esin Akan, NeuroLogic Medical Solutions, PlayEnable and Shivani Parmar. The winning start-ups — spanning social entrepreneurship, fashion, health and medicine, fitness and sport — receive a package of support which includes a year-long place in London Business School’s Incubator, a small cash injection and mentoring from Deloitte and London Business School faculty.

Paul Fletcher, a partner in the London practice of Deloitte, acts as a mentor — his recent mentees include the crowdfunding platform CrowdBank. “It’s refreshing for us to be exposed to entrepreneurs at all stages of growth. It always reminds us of what business is about and what being a business advisor is truly about. Actually, it’s why most of us got into the business in the first place: wanting to be a business advisor and to help people grow their businesses.” As a mentor to aspiring entrepreneurs, Paul Fletcher identifies three recurring issues:

• Focus : “Entrepreneurs take risks, see opportunities, and get moving on things. The stimulating part is they do all three of those. Sometimes the challenge is to really help them with their focus on what they need to achieve to break into the market or to define the problem they’re solving for other businesses or people.”
• Resources : “Entrepreneurs commonly underestimate the resources they will need — in terms of people, networks, relationships, as well as more obvious resources such as finance. They often tend to think that they can do a lot of it themselves and overestimate the speed at which they can accomplish things.”
• Results : “Results matter and so entrepreneurs always have to focus on results. They have got to plan ahead and plan for the near term on delivering the results they need, whether it’s partnering with someone, keeping a key employee or raising the cash they’ll need to get to the next milestone.”

Funding the journey

High on most entrepreneurial agendas is the need for funding. Pitches, business plans, websites and a profusion of other activities have one aim in mind: to attract money either from investors or customers.

Entrepreneurs have a unique relationship with money. For some it is the driving force — though most (publicly at least) say that their motivations are more wide-ranging and noble than mere money. The reality is that studies show that most entrepreneurs make less money in general than their corporate counterparts. For many, money is hard to come by, sometimes impossible. Dauntingly, it has been estimated that less than one per cent of those who submit business plans to business angels, venture capitalists or similar sources of funding will be successful in raising the money they seek.

Whether motivated by money or not, cash is the vital fuel for virtually all entrepreneurial journeys. Support from family and friends, and your own personal savings, are distinctly finite resources. Funding is where reality kicks in. Until investors are attracted or money invested, the business exists chiefly in the imaginations and hard drives of its creators. Funding is where an idea grows up. “Once you’ve got funding then you’re an entrepreneur. Before funding you’re just working on a project,” notes Justin Waghray.

The sheer range of funding options is daunting — angels, venture capitalists, banks and much more. This junction in the entrepreneurial road has numerous potential turnings. The rise of crowdfunding adds a new and bright option.

Alternative routes

Another potential route is proposed by John Mullins. “There seems to be an assumption that if you’re an entrepreneur and want to build a high potential business, what you should do is come up with a great idea, write a business plan, raise some venture capital and two weeks later you’ll be rich. That’s the default idea,” he observes. “But the vast majority of companies that grow to be large and successful never raised any venture capital. So why are we so focused on raising money and putting the investor at the centre of this entrepreneurial phenomenon? I think the person who ought to be at the centre of it is the customer, not the investor.” His latest work looks at businesses which have raised money via customers to develop.

Others go lean. “You hear a lot now about the lean start-up,” says Deloitte’s Paul Fletcher. “A lot of founders are essentially creating concept companies while either keeping their day job or managing to do that and some other activity at the same time. One of the real challenges gets to be commitment; at what point do you depart or leave the day job to join the lean start-up and make it an operating business?

“What’s interesting is that 20 years ago the lean concept idea didn’t exist and most people just said, ‘I’m building it, I'm committed, I’m in’. Now I think entrepreneurs hedge a little bit more to see if they can get traction first in a lean start-up and then there has to be a decision point when they need to commit.”

Lean and hungry is a pithy summary of the entrepreneurial traveller. They have to be. The journey from idea to successful business is always long and inevitably fraught with challenges. Only the truly adventurous need apply.

• Killing innovation in the pharmaceutical industry
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Werth Institute for Entrepreneurship and Innovation

What i learned on my journey to entrepreneurship.

By Jonathan Frenkel

It may sound cliché, but building a business really is a journey in which you take small steps every day down a road to reach your destination. For many years I was wandering, and while not all those who wander are lost (as I was still creating content and building my network), I was not sure if I was heading down the right path. In retrospect, when I did finally make decisions regarding my career path it was not opportunities that I sought out, but rather the people presenting them that approached me. I did, however, seize those opportunities and made the most of them. But there was always something incomplete that left me wondering if this was “it” ; did I really want to continue in whatever role I was in for the rest of my professional life?

It has been over a decade since my return to the tri-state area from Israel after completing my army service, and before that an undergrad degree from a reputable academic institution in Boston. I cannot say that New York is a great place for an entrepreneur, but it is a place where perfect people who get perfect grades look to level up to their next corporate position. However, there is an energy to the city, and there are opportunities for those who want to seize them. In reflection, I have always been an entrepreneurial type of personality, and some environments are conducive to that while others are not. I cannot say I will remain on the path of running a content marketing agency for the rest of my life, or that it is the summation of my work experience. But there are valuable lessons I have learned that I believe are relevant for those looking to start their own business, whether that be an agency, small business, or startup.

Every task can be broken down

Initially I feel as overwhelmed as anyone else but feeling this way is not going to get me the results I want when I start a project. The most important thing is to write all of it down so that you get it out of your head, and just focus ferociously on the task in front of you. “Focus like a Roman” as the saying goes...for example: if I were going to answer email, I would allocate 52 minutes to it and put on my noise-canceling headphones with focus music. Then I would lock my email so that no incoming mail comes in, and of course, all other notifications would be shut off, and I would complete as much as I could in that time frame.

I am a disciple of “winning the day”, and if you just concentrate on the day ahead, I believe you will be able to move your business forward. I can say that I would need some assistance with a 6-month plus plan, but some lifestyle entrepreneurs such as Tim Ferriss might claim I am missing out on the razor’s edge of opportunity by being too rigid. I would also add that all bets are off during this period as we really do not know where things are headed with the pandemic. That is why just looking at winning every day (completing 3-5 major tasks) is so important and focusing on optimizing the experience.

Consistency above all

This may sound like heresy, but I believe being consistent with content is more important than it initially being ‘good’. This is a hard pill for some to swallow, but you only get good by doing. And the reason most people fail is that they do not actually try. They wait for the perfect post, the perfect article, and they just sit on it. As Sheryl Sandberg famously stated, “shipped is better than done” , or going back to Voltaire, “perfect is the enemy of the good” . The uncomfortable truth is that you are not as good as you think you are. I certainly was not, and I had to produce a lot of content and take feedback to get to where I am today.

You can probably beat most of your competitors simply by showing up every day. Many people get intimidated knowing that their competitors are going to keep showing up and creating content, come hell or high water. That is why consistency, discipline and the resilience associated with these qualities are so important. I have seen this in my own work: I keep showing up, pushing hard, and producing more content while under lockdown. Meanwhile, I see others in my space spending time feeling sorry for themselves and complaining on Instagram, all while generating bad content.

Guard your focus time

I do not think I am a lazy person, but I do not have a lot of willpower, so that is why I set up systems to make sure I win. You only have so many hours of your day to move along what you want to work on. One email or text from a client can send you on a wild goose chase and before you know it, the day is over. For those gurus who just tell you to sit and do it, it is not that easy, and even for the most committed, you need a daily system. Personally, getting up early, not checking my phone (this is essential), and getting my 1 or 2 most important tasks done first thing in the morning kick-starts my day. That, planning the most important tasks I want to complete, and spending some time thinking and visualizing the night before. This is where the importance of breaking tasks down into their smallest bits are important so that you do not get overwhelmed. If you cannot focus, then you probably will not be able to accomplish that much.

Find a reliable way to make decisions

One of my pet peeves, and what seems to be the one reason many businesses fail is poor decision making. We are irrational creatures, and as countless studies show we make emotional decisions first, then look to justify those choices with “logic”. If you think you are immune to this type of behavior, you are mistaken. Do I think I am more emotional than other people? Perhaps, but my emotions certainly come on strong, and I have learned to create distance between my feelings and actions before deciding.

As the famous Viktor Frankl quote goes “between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.” The reality is that you are going to be assaulted by exceedingly difficult emotions when you launch your own business, especially when things go awry, and they will. That is why my daily workout regimen (with plenty of sleep and healthy eating), journaling my thoughts in the morning, and meditation to give my emotions space all help me make clear-headed decisions. I am not saying I always make the right decision, but I feel going into the decision that it is the right one given the information I have.

Persuasion is key, and it is not just about “sales”

What separates those entrepreneurs who can get an endeavor off the ground or raise venture money from others is that they can persuade. When investors state that they love passionate entrepreneurs, it is because they are taken by the entrepreneur’s persuasive energy. That does not mean you need to be a natural-born salesperson. I certainly was not, and I do not think you will be taken as seriously if you are too ‘salesy’, but you need to know how to persuade.

Here are where things get interesting. You can be a persuasive relationship developer (what I focused on when I started), a convincing public speaker, or a good writer. But you need to be good one-on-one, build trust, and be likable, which are things you can learn. Having a skill, product, and service is important but you need to learn how to persuade to have a business. For those who think sales is slimy, it does not need to be. You need to get that out of your lexicon and learn some form of persuasion. Sales ability, in my opinion, is the hardest and purest skill as the results can be measured, but it is a lifelong journey. Those are my humble views and what I have learned. And in 5 years’ time I will make more mistakes and learn different things, and who knows, maybe I will reverse some of these views. I chose this path, and while I was scared when I started, I wish I had embarked on this journey earlier in life. But it could be worse, I could have started this later in life, and not self-actualized now nor leaned into my truest self. This is my personal journey, and if you have any questions, I would be happy to offer my advice.

Jonathan “Yoni” Frenkel has been involved in the New York-Israeli tech community for many years, mentoring startups on marketing, hosting events connecting investors with startups, and publishing on the topics of tech and venture regularly. Professionally, he heads a content marketing agency, YKC Media , focused on engaging millennials, Gen Z, and tech professionals through written content and social. You can follow his thoughts on Linkedin here .

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

Partner Center

• 1.1 Entrepreneurship Today
• Introduction
• 1.2 Entrepreneurial Vision and Goals
• 1.3 The Entrepreneurial Mindset
• Review Questions
• Discussion Questions
• Case Questions
• Suggested Resources
• 2.1 Overview of the Entrepreneurial Journey
• 2.2 The Process of Becoming an Entrepreneur
• 2.3 Entrepreneurial Pathways
• 2.4 Frameworks to Inform Your Entrepreneurial Path
• 3.1 Ethical and Legal Issues in Entrepreneurship
• 3.2 Corporate Social Responsibility and Social Entrepreneurship
• 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
• 4.1 Tools for Creativity and Innovation
• 4.2 Creativity, Innovation, and Invention: How They Differ
• 4.3 Developing Ideas, Innovations, and Inventions
• 5.1 Entrepreneurial Opportunity
• 5.2 Researching Potential Business Opportunities
• 5.3 Competitive Analysis
• 6.1 Problem Solving to Find Entrepreneurial Solutions
• 6.2 Creative Problem-Solving Process
• 6.3 Design Thinking
• 6.4 Lean Processes
• 7.1 Clarifying Your Vision, Mission, and Goals
• 7.2 Sharing Your Entrepreneurial Story
• 7.3 Developing Pitches for Various Audiences and Goals
• 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
• 7.5 Reality Check: Contests and Competitions
• 8.1 Entrepreneurial Marketing and the Marketing Mix
• 8.2 Market Research, Market Opportunity Recognition, and Target Market
• 8.3 Marketing Techniques and Tools for Entrepreneurs
• 8.4 Entrepreneurial Branding
• 8.5 Marketing Strategy and the Marketing Plan
• 8.6 Sales and Customer Service
• 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
• 9.2 Special Funding Strategies
• 9.3 Accounting Basics for Entrepreneurs
• 9.4 Developing Startup Financial Statements and Projections
• 10.1 Launching the Imperfect Business: Lean Startup
• 10.2 Why Early Failure Can Lead to Success Later
• 10.3 The Challenging Truth about Business Ownership
• 10.4 Managing, Following, and Adjusting the Initial Plan
• 10.5 Growth: Signs, Pains, and Cautions
• 11.1 Avoiding the “Field of Dreams” Approach
• 11.2 Designing the Business Model
• 11.3 Conducting a Feasibility Analysis
• 11.4 The Business Plan
• 12.1 Building and Connecting to Networks
• 12.2 Building the Entrepreneurial Dream Team
• 12.3 Designing a Startup Operational Plan
• 13.1 Business Structures: Overview of Legal and Tax Considerations
• 13.2 Corporations
• 13.3 Partnerships and Joint Ventures
• 13.4 Limited Liability Companies
• 13.5 Sole Proprietorships
• 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
• 13.7 Mitigating and Managing Risks
• 14.1 Types of Resources
• 14.2 Using the PEST Framework to Assess Resource Needs
• 14.3 Managing Resources over the Venture Life Cycle
• 15.1 Launching Your Venture
• 15.2 Making Difficult Business Decisions in Response to Challenges
• 15.3 Seeking Help or Support
• 15.4 Now What? Serving as a Mentor, Consultant, or Champion
• 15.5 Reflections: Documenting the Journey
• A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

• Define entrepreneur and entrepreneurship
• Describe types of entrepreneurial careers and lifestyles
• Understand entrepreneurs as problem solvers
• Explain current factors driving the growth of entrepreneurship
• Compare differences in entrepreneurial opportunities around the globe

As we delve into the study of entrepreneurship, let’s define what we mean by the word entrepreneur . An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. A small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant, whereas an entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.

In a broader sense, what people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. 5 Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market. Where does a franchise fall in this discussion? Again, there is not complete agreement, with some claiming that a franchisee and entrepreneur cannot be the same, and others arguing that a franchise is, indeed, an entrepreneurial venture. According to an article in Forbes , “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before. And, no, the McDonald’s franchisee didn’t create McDonald’s. But he certainly created a McDonald’s where there never was one before. Franchisees are entrepreneurs.” 6 The point is that small business owners and franchisees can be considered entrepreneurs. For the purposes of this course, you will learn the key principles of entrepreneurship alongside the concepts, strategies, and tools needed to succeed as a small business owner or franchisee.

Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor. Entrepreneurs might take a variety of approaches to their entrepreneurial venture, such as those shown in Table 1.1 .

In this course, you will explore these myriad avenues toward entrepreneurship.

Are You Ready?

How do you define success.

What is your personal definition of success? How would you define success for your venture idea? Take time to consider these questions carefully.

• Write your answers to both questions as formal descriptions of your definition of success.
• After completing your definitions, meet with your family members or your personal support group (the important people whose support you need to achieve the defined success statement) to discuss your personal definition of success.
• After hearing their input, you might want to revise your personal success statements.

Follow through with this activity by talking to your startup team or other supporting people about your venture’s success definition. This activity may help guide you in decision-making throughout your life journey and the journey of starting your venture. It will also be helpful when you and your startup team create a vision statement for your venture.

The Entrepreneurial Lifestyle and Career

People often have thought of entrepreneurs as corporate rebels, nonconformists, or activists. Being an entrepreneur has become synonymous with being an innovator, a change agent, or a risk taker. Regardless of job titles or descriptive characteristics, entrepreneurship has a universal appeal for how people think and engage with the world.

Choosing the path of entrepreneurship requires a willingness to take on calculated risks. The difference between risk and calculated risk is due diligence , or conducting the necessary research and investigation to make informed decisions that minimize risk. Not everyone is comfortable letting go of a steady paycheck, especially when we know that there is no long-term guarantee that the paycheck will continue into the future. In one approach to minimizing personal financial risk, some startup entrepreneurs continue with their current employment while working on the side to develop their idea into a venture that eventually will generate an income. Until the venture requires near full-time work and generates income, maintaining an outside income works well for many entrepreneurial teams.

Consider the eyeglass startup Warby Parker ( Figure 1.2 ). Dave Gilboa and Neil Blumenthal , lead entrepreneurs for Warby Parker, were still working their normal jobs when they approached an angel investor with their idea. The angel investor asked a few questions and wasn’t impressed. This investor believed that Gilboa and Blumenthal should demonstrate their solid commitment to the venture by quitting their day jobs to dedicate more time and energy to Warby Parker. Instead of following that advice, Gilboa and Blumenthal kept their day jobs while they continued to work toward building their venture, and Warby Parker eventually became highly successful. There are many paths to becoming an entrepreneur, and many paths to creating a successful venture (see Entrepreneurial Journey and Pathways ). It is important to identify the path that works best in your life—and for the venture—and that supports your goals and your unique situation and visions.

Within the entrepreneurial world, the idea of a lifestyle venture has evolved to mean a business in which the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business. Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.

For a lifestyle venture, the entrepreneur is more likely to be a solo entrepreneur, someone who moves forward in starting a new venture without the support of a team or group of likeminded individuals who recognize the value or potential of an entrepreneurial idea that could potentially result in significant returns. A lifestyle venture is also more likely to be funded through family and friends, and more traditional methods such as a bank loan or a small business loan. This lifestyle includes greater freedom to decide areas of responsibilities, hours of contribution to the venture, and other decisions that support the desired lifestyle. An example of a startup lifestyle venture is The Wander Girls , a company that identified the unique concerns of women traveling alone. 7 The Wander Girls organizes trips and events for groups of women traveling in India. A team member organizes the trip, travels with the female tourists, and handles daily interactions and transactions.

Another example of a lifestyle venture is based on how an entrepreneur aligns values, interests, and passions to create a balance between enjoying life and earning enough money to support those passions. Roxanne Quimby had a passion for living off the grid, creating her own life in the woods of Maine, and not being restricted by the rules and regulations required when working as an employee. After becoming a parent, Quimby faced the challenges presented by her lifestyle choices and started making candles to earn enough money to support her family. Eventually, Quimby’s lifestyle candle-making business expanded into the highly successful Burt’s Bees Corporation , moving her lifestyle business into a career as the CEO of Burt’s Bees ( Figure 1.3 ). After selling Burt’s Bees to Clorox Co. , Quimby continued her passion for the north woods of Maine by donating land and money to create a wildlife sanctuary and preserve that land from development.

Quimby’s latest endeavors include creating a pasta company, My Pasta Art , focused on increasing employment opportunities for people in northern Maine, 8 and building the tourist industry to encourage people to enjoy the region’s beautiful habitat and scenery. Although she is highly successful from a financial perspective, money was never the motivation for her ventures. As you can see, there are many paths to finding your career in entrepreneurship, and multiple trigger points at which you might make the decision to become an entrepreneur.

What Can You Do?

How can you put your strengths to work.

Create a list of ten strengths that you currently possess. If you need help creating your list, ask your friends or family what they believe you are good at doing. Think about what achievements you have accomplished, what compliments you have received, and what people say about you. The answers to these questions will help you identify your strengths.

• Create a list of ideas that build off your strengths or are related to your strengths.
• Then analyze this list to create another list of possible businesses that you could start that relate to your strengths.

The Entrepreneur as a Problem Solver

What are some challenges you face in your life? Have you ever actively thought about how you could solve those problems? Or have you actively identified exactly what the problem is from an analytical perspective? We often have a tendency to jump quickly from noticing a problem to selecting a solution, with little understanding of whether we have even correctly identified the problem. Identifying the problem—and testing the potential, novelty, and feasibility of your solution—is an important part of resolving the problem. Often, when we start to explore the problem, we find that it has multiple causes. Among them are:

• The need for something to be better, faster, or easier
• The effects of changes in world on your industry, product, or service
• Market trends based on geography, demographics, or the psychology of the customers

You will learn more about identifying opportunities in Identifying Entrepreneurial Opportunity and Problem Solving and Need Recognition Techniques .

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture—perhaps combining the problem of feeling hungry between meals into a street kiosk or a vending machine with food choices or creating a new snack that is nutritious, satisfying, and portable. People need to eat, and they get hungry, but during a busy day with no open time or convenient food, people end up hungry. Rephrasing the problem, or need, from an opportunity viewpoint opens the search for a sustainable solution beyond the simple awareness of feeling hungry. We might solve this problem by opening a snack bar with offerings that contain essential vitamins and proteins, and is easy to transport with a long shelf life. Understanding the problem from the perspective of how to solve it for one person into how to solve it for multiple people rephrases the problem into an opportunity-identification perspective.

You might also have an interest in solving food-related problems on a larger scale. People trapped in a war-torn region may not be able to leave the safety of their shelters to find food, grow food, or barter for food, or they may not have the money to buy food. How could you reach your target market within a war-torn area? Red Cross emergency response vehicles traveled 2.5 million miles to deliver food, relief supplies, and support to communities affected by disasters during 2017. 9 That’s the equivalent of driving around the globe 103 times. Could your idea of creating a snack bar fit into a partnership with the Red Cross?

Although this might seem like a simple problem with a simple solution, persevering from the recognition of a problem to finding a realistic solution, then moving that solution forward into a successful venture, requires an entrepreneurial mindset. Every day, people become entrepreneurs as they identify and solve problems, or face new challenges or frustrations, and resolve them in creating products or services to address these issues.

Recognizing Problems

In your daily life, what problems do you encounter? What would make your life easier? How would you finish this sentence: “If only ________ existed, my life would be better or easier”? To spur your creativity, you might research global problems to find an area that interests you, that sparks your passion for living a fulfilling life. When identifying a problem, consider process-related problems as well as service-related problems.

For more ideas like Chloe Huang ’s, visit the UNESCO Global Action Programme on Education for Sustainable Development (https://en.unesco.org/gap) and review other submissions that may activate your own creativity in thinking about how you want to contribute your skills and knowledge to improve our world.

• What problem have you identified?
• What can you do to resolve that problem?

Factors Driving the Growth of Entrepreneurship

Do you know anyone who has lost their job? Or who has been rejected or mistreated at work? Or had their income reduced, or benefits removed? Research shows that 47 percent of all US employment is at risk through artificial intelligence and other technologies, although there will also be new opportunities for jobs that currently don’t exist. 10 These types of experiences and outlooks have provided the impetus for many people to start their own businesses. When we work for someone else, we are at the mercy of their decisions and actions, but we get paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make the decisions (not that making decisions is easy). But when we have our own business, we have greater control—in exchange, we also carry the risk for all decisions we make. This control over decision-making is one reason that some people find the world of entrepreneurship attractive.

Another contributing factor to the desire to become an entrepreneur is the excitement and fun of creating something new. Many entrepreneurs are excited at the idea of moving the concept through to the materialization of the idea.

A third factor that supports the growth in entrepreneurship is the combination of retirement and longer life expectancies. Many people enjoy working. For them, retirement consists of too much open time and not enough activities or the type of engagement with the outside world that fulfilled their needs during their working lives. Retirement also presents unique financial considerations, depending on an individual’s lifetime savings and planning. The combination of having available time and a desire for continued earnings encourages some older adults to explore their own entrepreneurial opportunities.

A fourth factor driving the growth of entrepreneurship is the expanding awareness and support of entrepreneurship as a viable career choice. In much of the twentieth century, families encouraged their children to find a stable career with a large corporation. During this era, there was a certain expectation of reciprocal loyalty between the employer and the employee based on some traditional employee-employer roles in that century. The general, informal agreement was that if employees came to work every day and fulfilled their responsibilities, they would have long-term employment with that corporation. But as competition increased and new business practices evolved, this unspoken guarantee no longer held true. The model of certainty of employment gradually disappeared. As people acquired a new perspective on their careers and income, they increasingly realized that we are all responsible for our own paths. Most studies suggest that people change their careers between three and seven times. 11 Note that this is not how often people change jobs, but how often they change their careers, moving from one industry to another, or moving from one type of work to a different type of work. The older model of stability through working hard for someone else has vanished. This awareness and acceptance have encouraged recent generations to consider creating their own futures through entrepreneurial ventures.

Just as individuals have become aware of the benefits of entrepreneurship, communities and organizations have also become aware of how entrepreneurial ventures add economic development and enhancements worth supporting, bolstering opportunities for those who decide on this path.

Entrepreneurship around the Globe

In the United States, entrepreneurial opportunities abound, relatively speaking. Between 1990 and 2014, the number of campus-based entrepreneurship education programs increased from 180 to over 2,000. 12 Comparing globally, the United States has the greatest number of entrepreneurial ventures, with Switzerland, Canada, Sweden, Denmark, and Australia following in order, according to Global Entrepreneurship Index , a global consulting firm ( Figure 1.4 ).

Why is the United States leading with the greatest number of entrepreneurial ventures? What does it take to become an entrepreneur? In addition to having an entrepreneurial mindset (see The Entrepreneurial Mindset ), entrepreneurs also need education and funding to support their new ventures.

You will learn more about funding in Entrepreneurial Finance and Accounting , but as an introduction, you should know there are three primary sources of outside funding: family and friends, angel investors, and venture capitalists. Some family members and friends are willing and able to invest money in helping the entrepreneurial team. An angel investor is someone who has available funds and an interest in supporting a new venture. They are often entrepreneurs who have successfully launched and harvested their own ventures, and who have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and a desire to receive a return on their investment in the venture. Angel investors often provide funding early in the life of a venture. As the venture grows, it typically requires more funding, at which time venture capitalists may invest in the venture. A venture capitalist (VC) is a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round, investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold, or harvested, at which time the investors will receive a return on their investment. Because they tend to be in larger groups, VCs typically have access to larger amounts of money and resources than individual angel investors. (You will also learn about other types of financing, such as bank loans and bootstrapping, in Entrepreneurial Finance and Accounting .)

In the United States, VCs contributed $72.3 billion in 2015 for 3,916 deals, or funding rounds. In China that same year, $49.2 billion were invested in 1,611 ventures. 13 European VC investment totaled $14.4 billion and 1,598 deals. Tracking these numbers over time shows steady increases in VC funding as entrepreneurial ventures have become more common ( Figure 1.5 ).

Other factors that can affect entrepreneurial opportunity include employment rates, government policies, and trade issues. For example, in the Middle Eastern kingdom of Saudi Arabia, a newer driver of entrepreneurship includes a high unemployment rate with a large percentage of the population in its prime earning years. In the past, employment was less of a concern because of dependency on state support from oil revenue. The population received monthly allotments to cover expenses from state-owned oil production. More recently, the population has become restless, with a desire to become productive and have greater control over their own resources. And the rulers recognize that oil production income is volatile and unsustainable. Today, with more future-oriented leaders, countries in the Middle East desire to encourage their citizens to consider starting their own businesses. 14 The example of entrepreneurship in the United States has spread around the globe, with other countries taking an interest in developing support systems to encourage their populations to become entrepreneurs.

As noted, the United States is a world leader in entrepreneurial innovation. Perhaps because the United States is, in large part, a nation of immigrants, with people arriving from all over the world, Americans have few prescribed traditions that encourage conformity. America’s longstanding traditions and reputation for individualism, ingenuity, and self-reliance have reinforced this mindset. However, the governments of other nations have discouraged their citizens from independent or innovative thinking. Some cultures emphasize political, cultural, and economic unity, and place a strong value on not being noticed, blending in, and following prescribed habits and traditions. Countries like Japan, France, Russia, China, and others continue to reflect these norms. Other countries have complex bureaucracies that prevent quick responses and place barriers to entrepreneurial activities. Parts of worldwide economic structures (banking, investments, and technology) are not accessible or even explicitly exclude some nations and the poor. Systems like this discourage people from coming forward with entrepreneurial ideas because the culture and bureaucracy prevent people from finding access to information necessary for the successful advancement of an idea. In contrast, other countries are noticing the benefits of encouraging their populations to become more open-minded and creative through new ventures.

Link to Learning

Transparency International is an organization that tracks corruption, which can be an inhibitor to entrepreneurship. The Transparency International website provides information to rank 180 countries in identifying the abuse of entrusted power for private gain. 15

Key characteristics that encourage entrepreneurship include support for freedom to create and innovate. What conditions encourage creativity and innovation? Acceptance of failure is a key characteristic for success as an entrepreneur. Many of the great inventions in the United States resulted after dozens of failures, as when Thomas Edison eventually developed a working light bulb. Edison identified a problem: Once the sun set, working hours were restricted, as were daily activities such as reading a book or washing dishes. Edison, along with many other inventors, recognized the need for an artificial light source. Consider how complex this idea was and how many failures must have occurred before creating a product that emitted light.

Another condition that encourages entrepreneurial behavior is the ability and opportunity to connect with other people to discuss ideas, problems, challenges, and solutions. This connection with other people, in an open environment that supports the exchange of ideas, is essential for encouraging creativity and innovation.

With the advent of the Internet, people around the planet are becoming increasingly aware of geopolitical and environmental situations across the globe. As more people observe these changes and situations, more people exchange ideas. These discussions can generate new opportunities for people to discover methods for solving problems. Any one of us could be living in one country but identifying a problem in another country. Given our interests and backgrounds, we could actively choose to develop a solution for that problem. What we need, as a general approach, is an efficient and transparent way to form companies and enable constructive competition, along with continued free and fair trade.

These are just some of the areas that many nations and organizations consider as they seek to encourage a transition away from group-prescribed thinking toward uniquely individual entrepreneurial ideas. Each of us encounters life from a different perspective. Although we all might recognize the restrictions presented by the sun setting every night, only a few people might question why we couldn’t change that situation by creating our own light. Similarly, someone in another country may observe our country (or vice versa) and ask why that country has a particular problem. Meanwhile, people living with that problem may have become so accustomed to it that they might not recognize the opportunity to seek solutions.

Increasing opportunities in entrepreneurial education are also driving growth. More colleges and universities are teaching entrepreneurial studies and opening entrepreneurial centers that encourage students from every discipline to become entrepreneurs. 16 , 17 As the employment and entrepreneurial landscape continue to evolve, some institutions have started offering courses to prepare students for work in the gig economy. 18 In fact, some of the best new entrepreneurial ideas come from groups of students in different majors who collaborate to create new, innovative business ideas that meet specific needs and challenges in today’s world. In some cases, students from different universities around the globe are connecting to come up with business ideas to solve global problems, such as the lack of clean drinking water and the need for medical vaccination programs. Technology and global travel have made such partnerships more common and very productive.

The world of entrepreneurship opens doors for each of us to look beyond our own self-created barriers and explore opportunities around the world. Consider the creation of Starbucks , borne from the realization of how pleasant it can be to sit at a European café and drink excellent coffee. Awareness of an idea that is commonplace in one country, but new to a different country, presents the possibility of introducing that idea to another nation. In the Starbucks example, was there a problem that needed to be solved? Not necessarily, but the founder, Howard Schultz , had a desire to bring a specific quality-of-life element from one country to another, a business idea with an entrepreneurial aspect. One of the entrepreneurial aspects of creating Starbucks was the idea of mass expansion of coffee shops. Prior to Starbucks, the idea of creating a high-quality coffee drink hadn’t been developed. Even more significant was the idea of expanding the business across the United States and then around the world.

Given the growth of coffee shops throughout the United States, we might not think that this idea is innovative, but before Starbucks, coffee typically was served at a diner, and it was served out of habit, rather than as the main attraction. With Starbucks, people changed their ideas about coffee and their coffee-drinking habits. Although businesses like Dunkin’ Donuts served coffee, their focus was on selling donuts, not coffee. As Starbucks grew through repositioning coffee as their main product, other companies like Dunkin’ Donuts and McDonalds realized the missed opportunity in not reinventing the coffee market with multiple choices of high-quality coffee. In fact, Dunkin’ Donuts has changed its name to just “ Dunkin ,” removing the emphasis on doughnuts. 19

Social and Environmental Issues and Opportunities

A social entrepreneur has an interest in solving a social, environmental, or economic problem. A social entrepreneur identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health (you will learn more about social entrepreneurship in The Ethical and Social Responsibilities of Entrepreneurs ). One such person is Angad Daryani , a young serial inventor. Daryani left school in the ninth grade to join the Media Lab at the Massachusetts Institute of Technology (MIT), where he worked on an industrial-scale air filter to clean pollutants and carcinogens out of our planet’s air. Daryani’s home country of India is the world’s third largest emitter of carbon dioxide, according to Global Carbon Atlas, behind China and the United States ( Figure 1.6 ). 20

Social Entrepreneurship

Consider a social issue that you might feel compelled to take on as a passion project. Some social issues include childhood hunger, access to clean water, access to education, or opioid abuse. Watch Johann Hari’s Ted Talk on addiction to learn more.

• Do you have any ideas for creating an entrepreneurial venture around the idea of building quality relationships and communities?
• How would you balance a passion project with an entrepreneurial purpose?

Not only is Daryani interested in solutions for air pollution, but his product will also provide financial gains and add to his personal credibility as a serial entrepreneur , or someone who starts and harvests multiple entrepreneurial ventures. Darvani describes himself as an inventor and social entrepreneur, combining his interest in improving lives through a variety of entrepreneurial ventures including products like Sharkits (a do-it-yourself-kit company that teaches children how to build technology), the SharkBot 3D Printer (an attractive, low-cost, and reliable 3D printer), and several other projects that combine technology and human needs. As each of these products advances to commercialization, the products and technology are becoming more applicable for other uses as well. For more examples of projects that Darvani is working on, take a look at his website (http://www.angadmakes.com), which includes videos and articles, and highlights the international recognition he has received for his innovative work.

Entrepreneur In Action

Angad daryani.

Research Angad Daryani and his technology to remove air pollution (https://www.cnn.com/2018/03/28/health/angad-daryani-tomorrows-hero/index.html).

• What other products could this technology or methodology be used for, besides the originally intended application of improving air quality?
• What critical decisions would you anticipate that Angad will face in creating and commercializing his product?
• How would you define success for Angad or this air-cleaning company?
• 5 Hamid Bouchikhi. “A Constructivist Framework for Understanding Entrepreneurship Performance.” Organization Studies . July 1, 1993. doi.org/10.1177/017084069301400405; William D. Bygrave and Charles W. Hofer. “Theorizing about Entrepreneurship.” Entrepreneurship Theory and Practice 16, no. 2 (1991): 13–22.; Michael A. Hitt, R. Duane Ireland, S. Michael Camp, and Donald L. Sexton. Strategic Entrepreneurship: Creating a New Mindset . (Hoboken, NJ: Wiley-Blackwell, 2002).; Jeffry A. Timmons. New Venture Creation: Entrepreneurship for the 21st Century . (Irwin Press, Burr Ridge, IL: Irwin Press, 1994).
• 6 Paul B. Brown. “Franchisees Are Entrepreneurs (Let the Debate Begin).” Forbes . September 19, 2012. https://www.forbes.com/sites/actiontrumpseverything/2012/09/19/franchisees-are-entrepreneurs-let-the-debate-begin/#55c9fb8f2bf3
• 7 The Wander Girls. n.d. http://thewandergirls.com/
• 8 Mary Pols. “Making Pasta’s the New Focus for Roxanne Quimby.” Portland Press Herald . August 13, 2017.
• 9 American Red Cross. “2017 in Review: Red Cross Delivers More Food, Relief Items, and Shelter Stays Than Last 4 Years Combined.” December 18, 2017. https://www.redcross.org/local/georgia/about-us/news-and-events/news/2017-in-Review-Red-Cross-Delivers-More-Food-Relief-Items-and-Shelter-Stays-than-Last-4-Years-Combined.html
• 10 Carl Benedikt Frey and Michael A. Osborne. “The Future of Employment: How Susceptible Are Jobs to Computerization?” Technological Forecasting and Social Change 114 (2013): 254–280. https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
• 11 Dawn Rosenberg McKay. “How Often Do People Change Careers?” The Balance . September 20, 2019. https://www.thebalancecareers.com/how-often-do-people-change-careers-3969407
• 12 Infographic.ly Team. “Infograpic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 13 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 14 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 15 Transparency International. n.d. www.transparency.org
• 16 National Survey of Entrepreneurship Education. n.d. www.nationalsurvey.org
• 17 “The Princeton Review & Entrepreneur Name the Top Undergraduate & Graduate Schools for Entrepreneurship Studies for 2020.” Cision PR Network. November 12, 2019. https://www.prnewswire.com/news-releases/the-princeton-review--entrepreneur-name-the-top-undergraduate--graduate-schools-for-entrepreneurship-studies-for-2020-300955876.html
• 18 Diane Mulcahy. “Universities Should Be Preparing Students for the Gig Economy.” Harvard Business Review . October 3, 2019. https://hbr.org/2019/10/universities-should-be-preparing-students-for-the-gig-economy
• 19 Kate Taylor. “Dunkin’ Donuts Is Officially Dropping the ‘Donuts’ from Its Name Despite Earlier Backlash.” Business Insider . September 25, 2018. https://www.businessinsider.com/dunkin-donuts-changes-name-no-donuts-2018-9
• 20 “Fossil Fuel Emissions.” Global Carbon Atlas. 2017. http://www.globalcarbonatlas.org/en/CO2-emissions

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• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
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What is entrepreneurship in your own words.

What is entrepreneurship in your own words? To me, entrepreneurship is the art of turning imagination into reality, the courage to chart unexplored territories, and the commitment to leave a lasting mark on the world. It's a journey of boundless creativity, relentless innovation, and unwavering...

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What is Entrepreneurship: Unveiling the Essence

What is entrepreneurship? This seemingly straightforward question encapsulates a world of innovation, risk-taking, and enterprise. Entrepreneurship is not merely a business concept; it's a mindset, a journey, and a force that drives economic growth and societal progress. In this essay, we delve into the multifaceted...

Social Entrepreneurship: Harnessing Innovation

Social entrepreneurship is a transformative approach that merges business principles with social consciousness to address pressing societal challenges. This unique form of entrepreneurship goes beyond profit-seeking and focuses on generating innovative solutions that create positive change in communities. In this essay, we explore the concept...

Evolution of Entrepreneurship: Economic Progress

Evolution of entrepreneurship is a fascinating journey that mirrors the changes in society, economy, and technology throughout history. From humble beginnings as small-scale trade to the modern era of startups, innovation hubs, and global business networks, entrepreneurship has continuously adapted to the dynamic landscape. This...

Importance of Entrepreneurship: Economic Growth and Societal Transformation

Importance of entrepreneurship transcends its role as a mere business activity; it stands as a driving force behind innovation, economic growth, and societal transformation. Entrepreneurship fosters the creation of new products, services, and industries, while also generating employment opportunities and catalyzing economic development. This essay...

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Entrepreneurship as a Career: Navigating the Path of Innovation

Entrepreneurship as a career is a compelling journey that offers individuals the opportunity to create their own path, shape their destiny, and contribute to the economy through innovation. While the road to entrepreneurship is laden with challenges and uncertainties, it is also marked by the...

Corporate Entrepreneurship: Fostering Innovation

Corporate entrepreneurship represents a strategic approach that empowers established organizations to embrace innovation, take calculated risks, and explore new opportunities. In an ever-evolving business landscape, the concept of corporate entrepreneurship has gained prominence as companies seek to maintain their competitive edge and adapt to changing...

Challenges Faced by Entrepreneurs: Innovation and Success

Challenges faced by entrepreneurs are a testament to the intricate journey of turning visionary ideas into tangible realities. While entrepreneurship is often associated with innovation and opportunity, it's also characterized by a multitude of hurdles and obstacles that test an entrepreneur's resilience and determination. In...

300 Words About Entrepreneurship: Navigating Innovation and Opportunity

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1. What is Entrepreneurship in Your Own Words

2. What is Entrepreneurship: Unveiling the Essence

3. Social Entrepreneurship: Harnessing Innovation

4. Evolution of Entrepreneurship: Economic Progress

5. Importance of Entrepreneurship: Economic Growth and Societal Transformation

6. Entrepreneurship as a Career: Navigating the Path of Innovation

7. Corporate Entrepreneurship: Fostering Innovation

8. Challenges Faced by Entrepreneurs: Innovation and Success

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1.1: Chapter 1 – Introduction to Entrepreneurship

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• Lee A. Swanson
• University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

• Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
• Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
• Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
• Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
• Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

• Does someone need to start a business from scratch to be called an entrepreneur?
• Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
• If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
• If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
• Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
• Is someone an entrepreneur because of what they do or because of how they think?
• Can someone be an entrepreneur without owning their own business?
• Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

• Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
• Activities – What activities does a person need to do to be considered an entrepreneur?
• Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
• Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
• Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

• “The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

• “Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

• “Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

• “Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

• “Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
• Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

• “Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

• To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

• The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
• The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
• The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
• The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
• The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

• Why do some persons but not others choose to become entrepreneurs?
• Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
• Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

• Need for achievement
• Internal locus of control (a belief by an individual that they are in control of their own destiny)
• Risk-taking propensity
• Behavioural traits
• Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

• Prospect Theory
• Cognitive Biases
• Signal Detection Theory
• Regulation Theory
• Entrepreneurial Alertness
• Risk Perception
• Counterfactual Thinking
• Processing Style
• Susceptibility to Cognitive Errors

Entrepreneurial Scripts

• “Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
• Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
• Cognitions lead to the acquisition of knowledge, and involve human information processing.
• Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
• The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
• the processes that transfer expertise, and
• the actual expertise itself.
• Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
• Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
• The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

• Idea Screening
• Planning and Financing
• Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

• This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
• This script ends when there are a sufficient number of ideas in the idea pool.
• overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
• implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

• This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
• This script ends when one idea is chosen from among those in the idea pool.
• Evaluate the political, economic, social, technological, environmental, and legal climates
• Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
• Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
• Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
• Complete financial projections and analyze them to evaluate financial attractiveness;
• Assess the founder fit with the ideas;
• Evaluate the core competencies of the organization relative to the idea;
• Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

• This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
• This script ends when sufficient business planning has been done and when adequate financing has been arranged.
• The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

• This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
• This script ends when the business is ready to start-up.
• The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
• Start-Up (also called launch)
• This script begins when the set-up script ends and when the business opens and begins making sales.
• This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
• The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

• This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
• This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
• The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

• Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
• Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
• Textbooks on entrepreneurship
• Books about entrepreneurship
• Biographies or autobiographies of entrepreneurs
• News periodicals like Canadian Business and Profit
• Trade periodicals like Entrepreneur and Family Business
• Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
• Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
• Speeches and presentations by practicing entrepreneurs

The Entrepreneurial Journey of Foods Future Global Essay

An entrepreneurial journey is a process of innovation, entrepreneurs’ autonomous and improvised actions. It is a combination of emergent and volitional procedures for transforming potential ideas into actual actions. Each businessperson has a unique way that brings them their desired success. It is not easy to execute plans due to their many challenges. Effective communication, selling skills, ability to learn, focus, and strategies are essential requirements that a trader should possess to attain their goals. A positive trading executive calls for an individual to be passionate, willing to improvise, resourceful, and determined to succeed.

Peggy Chan is an entrepreneur whose journey has been tough and progressive. Peggy is the chief director of Foods Future Global Company. Madam Chan believes that the climate crisis can be beaten by consuming plant-based foods. This ideology led to the opening of a Grassroots Pantry, a vegetarian restaurant, to help attain the goal of healthy eating habits. The store was opened in 2012 in Hong Kong to raise awareness and share the benefits of veggies (“Peggy Chan,” 2019). Peggy worked hard to ensure that the accomplishment of what had been started was achieved. The eatery won awards for setting new standards of healthful foodstuff due to the use of unprocessed and sustainable ingredients that made the dishes flavorful and inventive. This made Peggy, who was the chef emerge as the most authoritative voice on sourcing organic and maintainable diet systems.

A successful entrepreneur must bear the customer-oriented characteristic to enable them to satisfy the buyers’ needs. This includes analyzing the quality of their services and providing steps of improvement where possible. Peggy Chan minded the customers by designing foods that were beneficial to their health. Many of her customers who landed in her eatery joint were served delicious meals that would make them loyal and even market for new clients (“Peggy Chan,” 2019). The aim of running a business is to make profits since many purchasers translate into more revenue (Tang, 2020). This policy made Peggy earn an increased income, thus making her growth possible. Peggy’s restaurant developed and expanded in 2019 from Grassroots Pantry into Nectar, which was high-end dining that featured the use of locally sourced ingredients (“Peggy Chan,” 2019). This made them deliver seasonal tasting menus hence attracting more potential consumers.

In 2019, Peggy was able to launch Pollen Lab, a culinary exploration educational platform. According to the Food Future summit 2019, the entrepreneur developed learning programs for schools through this institution (“Peggy Chan,” 2019). Peggy introduced start-ups on practices that are sustainable and empowered the learners to take action regarding their eating lifestyles. The organization’s mission was to encourage professional chefs to rethink their operational decisions. This element involved how they sourced their ingredients and developed menus to manage waste and its effects on the ecosystems.

Humility and self-awareness are key values in succeeding in business. An entrepreneur should value other people’s opinions regardless of their social status. Researchers believe that no one can achieve anything worthwhile in this world without help. Listening to others and implementing their views can lead to a success of a project (Singh et al., 2021). Peggy had a humble personality with a soft-spoken nature. Madam Chan is a member of Global shapers Hong Kong and an ambassador to social start-up Green Monday and the World Economic Forum, among others (“Peggy Chan,” 2019). In 2019, Peggy was nominated for Basque Culinary World Prize due to the gastronomy impact of the chef’s creativity, leadership, knowledge, and entrepreneurialism that generated change in society.

Peggy’s efforts in the industry made her earn the title of Sustainability Champion during the International Women’s Day celebration. This happened at the T. Dining Awards, where they were invited to cook an exclusive dinner at the event in 2018 (“Peggy Chan,” 2019). Peggy’s ability to network has helped in reaching the set destination. Throughout Peggy’s journey, she has met new people who offered her the opportunity to grow in entrepreneurship. The business requires resources and knowledge of what customers need; hence, the exposure can result in learning the best goods and services in the industry.

Self-confidence made Peggy to be recognized as a leader by the international food community. The United Nations Development Program acknowledged Grassroots Pantry as a best-practice case study on responsible and sustainable sourcing management. Entrepreneurs are ready to invest no matter the risks because they are confident and they have the zeal to make something in existence better (Tang, 2020). Peggy’s influence and expertise in the food industry led to the invitation to join the mission-led group of chefs globally. This was aimed at promoting the cooks’ manifesto that tackles challenges of food systems that involve undernutrition, waste, soil degradation, and diet biodiversity. This quality allows an individual to feel better and makes it easy for them to overcome challenges and be persistent hence their overall success.

In October 2019, Peggy was one of the key speakers during a Global Wellness Summit. This high-level meeting brought leaders and visionaries together who had contributed to the fitness economy positively. A business-oriented person must possess the element of a vision. This allows them to energize and motivate others and keep them working toward the success of an organization (Singh et al., 2021). Peggy was a visioner, which is why they could accomplish their goals. In Chan’s entrepreneurial journey, prioritizing their tasks helped them stay focused and kept them from feeling overwhelmed, hence the achievement.

Entrepreneurs are driven by passion, and this helps them invest their time in what they love doing. They can arrange their timetable to find solutions that would help many people in society. This aspect may make them do more research about the products and services they sell. It may involve returning to school, reading more articles, attending business summits, and interacting with new individuals. Peggy is passionate about the work of providing healthy eating habits to the community. Madam Chan earned a degree in culinary arts from her educational experience. Peggy had a Bachelor of Business administration and hotel management, a qualification that made her thrive in the industry. The technique-driven approach in cooking plant-based foods with an added dose of mindfulness brought out textures and flavors in legumes and vegetables (Peggy, 2019 summit). The dishes and food philosophy subsequence have earned Peggy’s trustworthiness and zeal and converted many to adopt healthful consuming behaviors.

An entrepreneurial journey requires a person to research well about the idea that they are planning to venture into. The investigation should be done honestly and objectively to give a clear picture of the development. Personal goals should fuel an individual to become a successful entrepreneur. Some of the reasons that make one develop ideas include the desire to be their boss, create projects, and the opportunity to grow the business of their dream. Such makes them develop vision, passion, risk-taking, motivation, creativity, curiosity, and confidence (Singh et al., 2021). Peggy was goal-oriented in achieving a healthy society with a reduced climate crisis, and that is why she was determined to provide beneficial foods to her customers.

Loving what someone is doing makes them grow in their career. Peggy’s passion for cooking flavored foods made her stay healthy and allowed her to become an international leader. The entrepreneur was able to retain her loyal customers and attract more due to the creativity she had in her cooking skills. Sourcing the ingredients from the local markets helped in attaining her goals of climate crisis change because the locals could carry out farming activities that would provide renewable food systems.

Based on my analysis, entrepreneurship calls for a positive attitude and a spirit of persistence. Diverse motivations that make an individual work hard towards a certain project should have a financial reward potential. This aspect helps fund the business and allows it to grow by itself. Like Peggy, a person may be inspired by personal values and interests and social change awareness. Peggy was driven by the climate crisis that pushed her to think of ways of helping her community by providing healthy diets. The success of an enterprise is determined by the level of profit it makes, customer satisfaction, employee fulfillment, and company growth. Changing consumers’ lives can make one successful since it brings a rewarding moment to the vendor and motivates them to work harder to gratify their needs.

Peggy Chan . (2019). Foods-Future Global. Web.

Singh, S., Mittal, S., & Awasthi, A. (2021). Astitva: An unsustainable social entrepreneurship journey. South Asian Journal of Business and Management Cases , 10 (1), 121-136. Web.

Tang, J. J. (2020). Psychological capital and entrepreneurship sustainability. Frontiers in Psychology , 11 , 866. Web.

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On Entrepreneurship Journey: 3 Stories and 14 Lessons

(I wrote this essay before a talk I was recently invited to give before a small group of aspiring young green entrepreneurs at the Second In-person Mentoring Workshop of YUVA, organized by Bangladesh Youth Environmental Initiative (BYEI) . The talk was much shorter. What follows is a longer written version of that talk. Before we go on to the essay, I want you to consider that all stories are simplifications of realities. Reality often involves sophisticated nuances that stories can rarely contain.)

Story 01.  

Sheikh Akij Uddin was born in 1929 in Madhyadanga, Phultala, Khulna, East Bengal. His father Sheikh Mofijuddin was a local trader. Akij worked while in school and had to eventually discontinue his studies to help his father in the business. Then came the Bengal famine of 1943. During the famine, he left home for Kolkata. Having no relatives in Kolkata, he made the Sealdah Railway Station his shelter. He would look for work during the day and return to the station to sleep at night. After a while, he got a cleaning job at Zakariya Hotel. 

One day, on his way to work, he observed some street retailers purchasing fruits from the sellers on auction and then selling them to different parts of the city. He found the business interesting and eventually opened his store called Nilamwala Chhay Ana (Auctioneer Six Ana). While things were looking up, one day, he got arrested, and the court sentenced him to 3 days in jail and penalized Rs. five. 

After getting out of jail, he sold his goods and moved to Peshawar. After spending two years in Peshawar, he returned to Kolkata with some capital and started another small business. He would make about ten thousand rupees (some sources say 10 rupees) by selling the business and would eventually return to his hometown in Phultala. Upon returning, Akij married Sakina Khatun at the age of 19. During this period, he met Bidhu Bhushan,  a friend of his father, who was in the Beedi (hand-rolled cigarettes) business. With his help, Akij started his bidi production business in 1952. He also established a grocery shop on the side.

Over the next few years, both businesses would do well. By 1960-62, the Akij beedi factory grew to 250 workers. By 1972, Akij was well on his way to gathering substantial capital. Eventually, Akij Group would become one of the largest conglomerates in Bangladesh. [The group later exited their cigarette business]

One overlooked advantage of starting early is the extra time you get to make mistakes and learn. There are many takeaways from the story of Mr. Akij Uddin. One important insight is that Mr. Akij started early. When Mr. Akij got married he was only 19. By that time he lived in three different cities. Tried four to five different businesses. Failed in a few businesses. Spent several nights in jail and survived one famine. It is a resume that is hard to match. 

Today, we start our career after 25 and by the time we start learning real-world lessons, it is 30. When Akij Uddin was starting his beedi business, which would eventually turn into Akij Group, he already had ample real-life experiences to make good decisions and had developed enough resilience to suffer and endure challenges. 

Find ways to accelerate learning. The second takeaway is that he started two ventures at once, which contradicts my philosophy about what founders should do. My thesis is simple: when you try multiple things at once it creates distractions and increases your chance of failure. It is true. But it can also limit your opportunity to learn from real-life experiences. One way to compensate for this is through constant trial and error in your venture. Mr. Akij chose the world as a playground to experiment and learn. When his beedi business started to grow, he quickly expanded into new verticals. I’m certain some of those verticals didn’t work and he had to shut them down but trying so many things helped him to get closer to the truth of building business in Bangladesh. 

Seek tacit knowledge through repeated actions. The key to entrepreneurial success is learning. The only meaningful education is learning by doing. 

Experiment—fail/succeed—try again/double down—keep doing it. Most successful businessmen are almost always biased toward action, which is a dangerous superpower. Because the most important entrepreneurship skills are tacit knowledge and easier to learn with practical exposure. E ntrepreneurial success takes a long time because important skills take a long time to learn . 

Don’t expect things to be easy. Don’t get frustrated when you encounter your first obstacle. When you operate with the understanding that things will be challenging and will not happen easily, you are usually better prepared to handle setbacks. 

The fruit of our desire almost always lies on the other end of a dragged-out long and rough trail of action. However, our doggedness doesn’t make things any easier, it simply enables us to endure challenges to cross the chasm. 

Successful founders operate with little ego. They are rarely worried about how other people perceive them. They are not used to cheap admirations. In many ways, they live in a state for which modern educated people meditate to reach. This apparent lack of ego allows them to make better decisions. Don’t take things personally and take offense at things easily. One common aspect of company building is that people will reject you often. 

Expect and choose difficulty because life can be difficult and entrepreneurship certainly is. 

Story 02.  

Agri-tech startup iFarmer is now one of the most prominent and fascinating companies in Dhaka’s startup scene. However, it would be a mistake to consider the company followed a straight path to get where it is today. 

iFarmer originally started as a side project in 2018. The first business model was to create an Uber for Urban Farming. Six months into launch, the founders figured out that Uber for urban farming wouldn't work. There was simply not enough demand. 

They pivoted to a new model at the intersection of agriculture, finance, and agriculture supply chain. They bootstrapped and tested the new business model. Initially, nobody took them seriously. Agriculture was not a hot sector back then. Moreover, agriculture is a difficult market. Many urban investors and startup investors have a limited understanding of agriculture. Urban people are generally not excited about agriculture.

However, the founders persisted and the persistence almost always pays off. The new company found a product market fit. The growth has since been consistent. Many people who viewed the company with covert skepticism eventually became its champions. Starting with financing for farmers, it has since expanded into inputs, access to market, and relevant verticals within agriculture.

Today, iFarmer is a community of 100,000+ farmers across 35 districts and has facilitated close to 600 Crore BDT in farmers financing. 

Takeaways 

Don’t wait for a perfect and fully formed idea. Start wherever you are. When we try to start a business or come up with an idea, we usually want to start with a complete/fully formed idea. We want to think through an idea, see ahead, and understand how it will unfold over the years. We make five-year, ten-year plans. We design long-term strategies and plan expansion moves. We try to explain in great detail what will happen after what. Coming up with something supposedly half-baked or not thought through is often viewed negatively. Investors want to know our thoughts about the long term. Our partners want to know what we exactly want to achieve five years from now. 

This need to have a fully formed idea before we can start something makes it difficult to begin and discourages starting anything new. Consequently, we forego plans, give up on ideas, and remain stuck because nothing happens when we don’t begin. We assume if we start without knowing what will happen down the line, we will be in great uncertainty and danger. 

But this is not true. Take the example of iFarmer. Every idea goes through a life cycle and evolves that we often overlook when we are starting. The world of entrepreneurship is littered with examples where the founders originally started with one idea, found out that it wouldn’t work, and evolved into something entirely different. Be gentle with yourself and start. 

Have flexible determination. When we come up with an idea, we naturally feel attached to it. Consequently, we sometimes tend to ignore the signals and feedback from the market and operate with the pollyannaish idea that we’ll eventually make it. The tendency to ignore market feedback and doggedly keep moving ahead causes more startup failures than any other reason. Have flexible determination—a dodged willingness to pursue a goal until it is achieved but a willingness to change approach if something doesn’t work. 

Solve difficult problems and seek out difficulty because often our meanings lie on the other end of a difficult journey. Most people avoid boring and tedious things . Most people avoid difficult questions. Most people don’t want to do difficult and dirty work. If you do not work on an important problem, it's unlikely you'll do important work. It's perfectly obvious and there is less competition there. 

Seek Infinite Runway. Find ways to stay alive for a long time. The secret to entrepreneurial success is finding ways to keep trying until you become successful. Anything meaningful takes a long time to build. In the startup world, runway is a critical concept. It generally means the amount of time a business can remain solvent without raising any additional funds. Your most surefire path to success is your ability to continue operating. It means you need to find a way to get to an infinite runway. Live frugally, find ramen profitability, whatever, but make sure you stay in the game.  

Story 03.  

In 2013, Nabila Nowrin , Co-founder and CEO of Moar, was attending a two-month program in Brazil as part of her Master's program on Design and Design Thinking at the Illinois Institute of Technology. There she first came across the idea of coworking. She thought she could create a coworking space in Bangladesh and the idea of Moar was born. Until then, she never thought of starting her own coworking space business. When she shared her ideas, many people close to her discouraged her. She was in the middle of her graduate program. She didn’t have the required capital or the skill to start a coworking space. But she knew she wanted to do it and decided to pursue it to the end. While the initial setback did push back the execution of Moar by another two years, it didn’t kill the idea of Moar because she wanted to do it so badly. 

After she graduated from Illinois Tech, Nabila returned to Bangladesh and joined a tech startup, while also looking for ways to start Moar. Working in a startup further reinforced her conviction in the idea that coworking is going to be an important trend. In 2015, she convinced her co-founder Nahid to leave her full-time job, secured a space, and launched Moar.

After a few months into operation, Moar started to gain some slow attention. The Moar team also made extended attempts to bring networks and groups to Moar to host their events, and gatherings to take the word out. The active perseverance helped Moar survive the early difficult days while gradually accelerating traction. By early 2016, after a year of launch, Moar was flourishing. In 2017, Moar moved to its current Banani 11 location and did a grand launch, gaining mainstream attention. In 2019, Moar opened its branch in Dhanmondi. It opened a 3rd location in Gulshan Link Road in 2021. Today, Moar has more than 15,000 square feet of coworking space in operation, a tremendous feat given the size of the tech and startup ecosystem and the cultural awareness of coworking in Bangladesh. 

Takeaways  

Seek new experiences. Every encounter has the potential to change the trajectory of our lives. If you consider the story of Moar, it might not have happened without Nabila going to Brazil as part of her master’s project work. That’s such an extraordinary way to look at life and work. The lesson here is that our chance encounters can change our lives. That we should always seek opportunities beyond who we are now and be open to new experiences. Moar apparently is an outcome of a chance experience in Brazil that led to a life-changing decision.

Consider that starting something will take a long time. This is one of the lessons I draw out from the story of Moar that merely wanting something is not sufficient to manifest it and that starting something takes a long time, which is why many people never start anything or they start it and give up. We expect starting something to be easy. Building something can be hard, we can accept that. But why should starting something take a long time? A reasonable expectation. And our expectation frustrates our agency and we give up. 

However, people who eventually find a way to start and make their ideas happen understand this reality. They obsess over their ideas. They can’t think of an alternative where their idea will not exist because they gave up. They understand you don't come up with an idea one fine morning and go on to execute it the next day, week, or even month. Instead, you come up with an idea, you try to start something around it, you face obstacles, you decide to pause or give up, you try again, and then finally, you manage to get it off the ground.

You can start small and expand gradually. Grand starts are all good. But you don’t always have to feel down because you are not ready to start grandly. You can start small, calibrate, and expand gradually. Moar didn’t even start as a formal business. It started as a side project and part of another business. Once they found some traction, they decided to expand it. 

Commit to success and do the work. One challenge I face is that I sometimes don’t commit to succeed. I try things casually and accept failure too easily. I think part of the reason is because it is so much easier psychologically. While accepting failure and having a high tolerance for rejection is important, giving yourself a free pass to fail is not a good strategy either. I think we should work hard and try as hard as we can not to fail. If you fail after trying your best, that’s alright. Accept that failure and move on by all means. But never operate with a tacit acknowledgment that I’ll try but I’ll probably fail. Instead, go all in. Have a high tolerance for failure but try not to fail. We should work hard and try as hard as we can to not fail. 

1. The Wisdom of Bangladeshi Businessmen

2. How iFarmer was created and lessons in finding product-market fit

3. Don’t Accept Failure Too Easily

4. The Life Cycle of Every Startup Idea

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Home — Essay Samples — Life — My Aspirations — My Ambition to Be an Entrepreneur

My Ambition to Be an Entrepreneur

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Exploring Social Entrepreneurship: ‘My Generation Is Full of Activists and Humanitarians’

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Knowledge@Wharton High School first met Fiorella Riccobono in 2015 when she was a senior in high school. We featured her in a story about a business class project to promote fair trade practices among Haitian coffee farmers. Now Riccobono, who is 19, is a college student studying finance and interdisciplinary social science with concentrations in economics and social entrepreneurship. In this personal essay, Riccobono talks about how and why she is embracing her calling to become a bold and tenacious change maker.

I just completed my freshman year of college at Florida State University (FSU), and in many ways I am feeling transformed. When you first step foot onto your college campus, the feeling is incredible. You have a sense of personal freedom that you have never experienced. In college, you start to explore your major based on your passion and build the necessary classes and curriculum to earn your degree. Now imagine that the major you chose is an emerging field in the business world. Imagine that it is a new program at your school, and imagine just how much room for growth that opportunity means for you.

That chosen field for me is social entrepreneurship. I fell in love with social entrepreneurship a few years ago when Mrs. Zocco, my business teacher at Edward A. McCarthy High School in Florida, showed me a video of the most genuinely happy and grateful man I had ever seen. He was one of the farmers participating in a fair trade coop in Haiti that our class was helping to run, and his smile was amazing. He was thanking us because now, through fair trade – which in this case was helping coffee farmers in Haiti’s poorest region earn a just wage for their very hard work — his children had enough money to go to school. Since that moment, I have been driven to learn all I can about social entrepreneurship and how to make it my life’s work.

Leaving the World a Better Place

Many of us want to be extraordinary, to be change makers and to make positive and influential contributions to society. I have discovered that my generation is full of activists, humanitarians and philanthropists. No matter our passions — education, health, environment, economic development — many of us share a common goal: to leave this world a better place than how we found it. I’ve gathered inspiration from the stories of famous social-justice advocates around the world, like Muhammad Yunus, who created the concept of microfinancing, and Malala Yousafzai, who advocates for women’s education. Both Muhammad and Malala are recipients of the Nobel Peace Prize.

Social entrepreneurship is such an emerging concept that it is still not clearly defined. Most importantly, though, it is not charity. Although social entrepreneurs may need to rely on donations to launch their endeavors, they can’t create a business model based on donations, because charity is not sustainable. How can you build a business when you don’t know where your next dollar is coming from – or when?

In my experience, social entrepreneurs are individuals who draw on innovative business tactics to create solutions to societal issues. Social entrepreneurs combine government, nonprofit and traditional business practices in order to create a sustainable business model that is not only profitable, but also beneficial to the social sector. These innovators create large-scale, systemic and sustainable models by addressing a societal issue at its foundation – poverty, climate change, pollution, whatever it may be. Social entrepreneurs do not have an idea and then apply it. Instead, they go directly to the source of the issue and ask what is needed. Based on that answer, they build their business plans. Social entrepreneurs are often empathetic, bold, open-minded and tenacious.

So, that first day I stepped onto campus, I was more than ready to begin the next phase of my social entrepreneurship journey. The social entrepreneurship culture at Florida Sate University is growing rapidly. Early freshman year, I met Valarie Rodriguez, who wanted to start the Social Entrepreneurs and Innovators Club at FSU. I was the first person to join the team, and since then two of our board members have created social enterprises that are thriving within the Tallahassee community. Ramon started Unhoused Humanity, which uses crowd funding to help working homeless citizens make the down payment to get into a home. Often, the working poor do not have enough money saved up to make the hefty down payment needed for renting living space — typically first and last month rent and security and utility deposits. But they do generate enough income to pay their monthly rent once they are in. Unhoused Humanity helps the homeless get over that initial down-payment hurdle.

Another one of our members, Nikolas, has started Qultur. Qultur’s purpose is to use art to decrease crime in communities. Qultur creates and finds financing for events that bring together local artists, businesses and community members with the premise, “When we support and trust each other, we can live in harmony.”

Launching a social entrepreneurship club feels a bit like starting your own business. You have to find funding, promote your mission, explain the concept, and get people invested in your passion. I recruit local entrepreneurs to come speak at our events, plan those events, find funding and sponsors, and educate people on all aspects of social entrepreneurship.

I am getting hands-on social entrepreneurship experience in other ways, as well. The spring semester of my freshman year, I interned with a local fair trade coffee shop in Tallahassee. During that time, my team of interns created a micro social enterprise using the coffee shop’s food truck. We were trained as baristas and innovators and were responsible for creating a business model that would be profitable, while also maintaining a social mission.

We researched local areas and events and chose where to take our “fair trade” truck, what beverages we should make, and handled the actual food truck operations . We were the first group of interns to ever break even and create profit for this program. Our business model – like many other social enterprises — addressed a triple bottom line: people, planet and profits. The model had three key features: first, the coffee we brewed was purchased from small farmers who were paid a fair price through certified organic cooperatives. The coffee farms were bird-safe and shade-grown to ensure the organic coffee was environmentally sound. (Coffee farmers sometimes take strides to grow coffee in sunnier settings because it is faster; however, this often damages the biodiversity of the region.) And finally, the coffee shop placed all our profits in local and global humanitarian causes, truly addressing the triple bottom line.

Helping the Homeless

It is immensely inspiring to be part of a community where social justice is a priority. It is motivating to be surrounded by young individuals who are not only incentivized by profit, but by creating systemic change. I believe social entrepreneurship is the future of business and policy making. People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth. Young business minds no longer want to exploit our natural resources, rather build business models that protect our environment.

The best advice I can give to incoming freshmen at any school is to be empathetic, bold, open-minded and tenacious. You are about to be exposed to a world of information, opportunity and incredible curiosity. I am as passionate as ever about my social entrepreneurship future. This fall, with the help of my club members, I will be starting a research project at a local homeless shelter. My plan is to speak personally with members of the homeless community in Tallahassee in order to better understand their backgrounds, prior education, work experience and willingness to rejoin the workforce. I want to use this quantitative data to possibly identify a pattern in homelessness. By pinpointing the need, I can create meaningful solutions.

My ultimate goal is to launch a program that rehabilitates the homeless community and reengages homeless people as active, contributing members of society. My heart tells me that many of them want to improve their circumstances, but need the proper channels for lasting change. I’m not sure how this will all play out, but I have little doubt that we are laying the foundation for something truly extraordinary.

Related Links

• RedEye Mobile Cafe
• NY Times: The Rise of the Social Entrepreneur
• K@W Video: Muhammad Yunus: Lifting People Worldwide Out of Poverty
• FSU Social Entrepreneurship
• Unhoused Humanity

Conversation Starters

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction?

Using the “Related KWHS Articles” and “Related Links” tabs, find out more about Malala Yousafzai and Muhammad Yunus. How have they made an impact on the world? Can you think of any other social-justice champions whose missions inspire you?

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not?

200 comments on “ Exploring Social Entrepreneurship: ‘My Generation Is Full of Activists and Humanitarians’ ”

Fiorella Riccobono stressed that social entrepreneurship is not charity. She wanted the readers to understand the difference between social entrepreneurship and social services, which I believe readers should give certain importance. As a reader, I feel that I have understood the relation between social entrepreneurship and charity. This distinction plays a role in opening the minds of the readers in defining other facets of social entrepreneurship.

I agree, because many people don’t know the difference between social entrepreneurship and social service. In the social entrepreneurship, you gain money and it is very different than a charity

Social entrepreneurship is where you start companies and develop a fund for some type of environmental issue. Fiorella Riccobono does gain money, but it is for a cause. Fiorella Riccobono donates money to the homeless community because they want to improve their circumstances. I agree as well, that many people don’t know the difference between social service and social entrepreneurship. Unhoused Humanity helps the homeless get over that initial down-payment hurdle. When you are in Social entrepreneurship, you are exposed to a new world of information and technology.

Social entrepreneurship and charity overlap in many fields (helping the homeless, for example); however, charity fosters a feeling of dependence in its recipients. Knowing this, many are scared away from the field. If social entrepreneurs are looking to make a difference, they must set themselves apart from well-established foundations and philanthropy.

1. Fiorella Riccobono stresses that social entrepreneurship is not charity. She is correct. Social Entrepreneurs run a business. While they are more empathetic because their helping the social sector by solving global and humanitarian issues, they ask what is needed and then base their business plan around that. They make a profit while contributing to society. 2. Muhammad Yunus won the Nobel prize for founding the Grameen bank which aided a lot of people with financial structure. Malala Yousafzai fought for women’s education in Pakistan. 3. I agree that social entrepreneurship is the future of business because it builds a good reputation, which is important for an enterprise, while simultaneously making a profit.

1. Fiorella believes that donations are essential, however it can’t create business models because charities are not sustainable. A sustainable business is not only profitable, it has to be beneficial. They want to solve issues and make the business better. Businesses want to fix social issues as well as enviornment issues.

2. Yuman won the noble peace prize and helped people with finances, Malala wanted education for women in Pakistan

3. I agree with social entrepreneuership because it builds a businesses reputation

1. Fiorella Riccobono believes that it is not charity because she is trying to point out to the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you can’t control the influx of money. She means that social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

2. Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book of her injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. Also, he won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah. She broke barriers by being one of the first black female millionaires in the United States. She also established an empire.

3. I believe that entrepreneurship offers a hopeful way to guide society. This helps people who have less money and in third world countries.

1) Fiorella Riccobonno stresses that it is not charity because she is trying to point out to the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you cant control the influx of money. She means that social entrepreneurship is different than charity because social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

2) Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book of her injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. He also won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah Winfrey. She broke barriers by being very successful in her field of work, and her work in helping those less fortunate.

3) I believe that social entrepreneurship offers a hopeful way to help rehabilitate the community of people that are less than well off when it comes to their financial situation. Social entrepreneurship is a great way to give back to the less fortunate.

Fiorella Riccobono stresses that social entrepreneurship is not charity because because charity is not sustainable it cant support. she means that how can you build a buisness not knowing when your next pay is. she makes this important distinction so that she can inform the reader so that she gives a guideline. Malala Yousafzai is a pakastani actavist that emphasizes on women empowerment and how a group of people can make a change.

Fiorella Riccobono stresses that social entrepreneurship is not charity because although entrepreneurs may rely on donations they cant really create a business model based on it. She makes this important distinction because people may think that entrepreneurship is based on charity and donations when they are basically innovative business tactics to create solutions to social issues.

I Believe Riccobono stresses that social entrepreneurship isn’t charity so much because of how she wants to impact the world. If Social entrepreneurship was a charity, the problem would only at best get monetarily fixed. However, Social entrepreneurship targets to change the actual problem rather then just throw money at it.

I agree with Fiorella’s statement that social entrepreneurship is the future. Based on the information in this article it appears as though the goal of social entrepreneurship is to help fix the world’s problems. However, instead of simply creating a solution social entrepreneurship also finds ways tranform the issue into an opportunity for economic growth.

Social Entrepreneurship is not a charity because the business still makes money. They do help the community, but making money is a priority. This is an important distinction because she needs to stress the fact that the business still needs to make money. Fiorella does not want people to think that the are a charity that donates all their money.

When Fiorella Riccobono stresses that social entrepreneurship is not charity she means that its also a business and she makes money off it. This is an important distinction because she needs to stress the fact that its a business and she still needs to make money at same time as helping.

The way in which Fiorella explained how social entrepreneurship is not a charity is very educated and clear to understand. It is easy to agree with her statement on social entrepreneurship not being a charity even though it, in some cases, acts like one. For example when a business receives money from investor, it is similar to a charity receiving money from people to support the business. She makes a very good point in saying that a business cannot operate not knowing where they will get their next dollar. Another good point she makes that not everybody would think of is that if a business is running on donations, and donations alone, the business would not be able to create a business model since charity is not sustainable.

I do agree with her thinking, thanks to our generation of young people getting more interested in social matters and being more open minded. Nowadays, people is more intereste in social, environmental, and economical matters, therefore, making them more eager to get involved with our society . Social entrepreneurs will help in developing abetter society for our people

When Fiorella states that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for some who do not necessarily know the exact difference between the two.

Malala Yousafzai is a true hero, a legend, who will be remembered forever. She is a courageous leader who fights for women to be able to get an education. On October 9, 2012 she was shot by the Taliban and left in critical condition. She pushed through and from this tragic event that happened to her, she made her voice heard. Her story is touching and she now has her own foundation that advocates for womens’ rights worldwide. Muhammad Yunus is a social entrepreneur from Bangladesh. He is known for founding the Grameen Bank and developing the concepts of microcredit and microfinance. His objective was to put an end to poverty by giving out loans that were suitable to the people and teaching them some financial principles to help themselves. Not only did these two icons earn a Nobel Peace Prize Award, but they will also have an everlasting legacy for their keen, creative, and unique minds. Some other social-justice champions that I admire are Eleanor Roosevelt and Oprah Winfrey.

Fiorella Riccobono explains that social entrepreneurship is not charity. She goes on to clarify that social entrepreneurship is, in essence, using traditional business practices to create a sustainable business model that is not only profitable, but also beneficial to the social sector. Fiorella makes sure to note that charity is not sustainable and that a business model cannot run on donations alone.

Social entrepreneurship is definitely the future of business and policy making because it is a business enterprise not only focused in profitable gains and societal claims. Its significance is reflected on the demand of customers for business to have grater social objectives.

Fiorella says that social entrepreneurship is not charity because it can’t create a business based on donations. Social entrepreneurship creates solutions to societal issues. This is an important distinct because social entrepreneurship should be it’s own business/its own work. It is not a charity where anyone can help, social entrepreneurship helps other businesses to thrive.

Malala Yousafzai and Muhammad Yunus are both huge figure in the world for what they are and what they accomplished. The impact that they had on the world is different from one to another but both helped the humankind to be better. Another social-justice champion that had a mission that inspire me is Nelson Mandela, for what he forgive and what he accomplished.

3. I do believe social entrepreneurship is the future. It allows to have a business that is self sustainable and driven to help the community/planet without having this motivation for self gain. More and more people will start to realize that if we help the planet as a whole, then we will all benefit from it. Not only does it feel great to know that you’re helping people but also you get the satisfaction of helping the whole entire planet.

Personally, I believe that there is a quote that fits this article.

“If you give a man a fish, you feed him for a day. If you teach a man to fish, you give him an occupation to feed him for his lifetime.”

Charity can be given to someone and yes, it can help them, however it does not provide something long lasting. Giving people jobs, and a way for them to work in just conditions is how you can truly help people. A sustainable company that can support the people, support the environment, and still make a profit for more investment is a company that can help people. That is how you can truly help and make a impact. That’s the difference between social entrepreneurship and charity. One is sustainable and can sustain others.

Malala Yousafzai is Pakistani activguist who publicy campaigned for girls to go to school and won a Nobel YouthPeace Prize. Due to her popularity and exposure, the Taliban were after her. On October 9, 2012, a Taliban masked gunman boarded her school bus, and asked for her by name. The gunman shot her in the head, neck and shoulders. Malala survived the attack and is now a world famous activist for peace and girls in school.

Muhammad Yunus is a Bangladeshi entrepreneur that was awarded the Nobel Peace Prize for founding the Grameen Bank and creating microcredit and microfinance. He is working hard to help advocate a world without poverty.

According to “I believe social entrepreneurship is the future of business and policy making.” as Fiorella said, I agree that social entrepenueurships is the future of bussines annd policy making since entrepeneurs are going up and being more involved in the future policies as well as business

As far as social entrepreneurship being the future of business and policy making, yes, I agree with Fiorella. She has definitely made some interesting and realistic points. She believes that, given our generation and what that all have made a living out of, we all want to leave the world a better place than how we found it. Social entrepreneurship is saving poor regions with solutions such as fair trade and I agree that if you work hard to make that a part of your life work that it can make a difference.

Yes I do agree that, “social is the future of business and policy,” because not only does the entrepreneur make a profit, he or she also supports and helps local, small businesses which in turn helps all the people in a community. Social entrepreneurs need to be smart and innovative to find ways to make money, but still support the community. This benefits the social entrepreneur and the people they are helping. This can build innovative skills and social skills making are world communicate and making our world be together.

I agree with Fiorella when she says “I believe social entrepreneurship is the future of business and policy making.” because we are moving towards a more socially and environmentally cautious world. More and more companies are starting to deal with environmental issues. I t is likely that most future companies or enterprises will be helping raise money to help solve global problems from the start

Fiorella Riccobono stresses that social entrepreneurship is not charity because charity is not sustainable and relies on donations from people. Social entrepreneurship is when individuals use a variety of tactics and strategies to tackle societal problems. She makes this important decision because although they overlap in some areas, social entrepreneurs need to find ways to make their business profitable.

1. Fiorella Riccobono stresses that social entrepreneurship is not charity because in a social entrepreneurship, making money is part of the goal. It does help the community. However, unlike a charity, social entrepreneurship can be sustainable. They don’t base their business plan off of the donations they received but they use innovative ideas and plans. I believe she addressed the difference between the two to clarify that they are separate concepts and emphasize the difference between them.

Throughout the article, Fiorella Riccobono emphasizes on the idea that social entrepreneurship is not charity. Fiorella realizes many young people are willing to help but prevent them self from doing so due to the dependent nature of charity. Through using social entrepreneurship, one is not dependent on others to create a sustainable and reliable network to help those in need. This entices future business students who want to help while still utilizing the skills they have learned.

When Forella says “I believe social entrepreneurship is the future of business and policy making,” I agree with this statement because nowadays the world of business is becoming based off of networking and social elements. It is becoming more common that people want to go out and work on social projects and participate in the community. As this becomes more popular it will begin to become a business. It takes knowledge to turn social work into a business. However if done right, it can make the world a better place.

Social entrepreneurship and charity are two different businesses models. As Fiorella Riccobono says, charity is not a viable business plan that can make money. Social entrepreneurship triple bottom line is people, planet, profits. They want to help the world while making a positive change in the world while making a profit.

I agree with Fiorella’s statement that “social entrepreneurship is the future of business and policy making” because it gives companies the opportunity to give back to their community while making a profit. The upcoming generation of business owners want to leave the world better than they found it, and social entrepreneurship is the perfect opportunity to make a difference. I believe this is extremely beneficial to society and its members as it will also help shape the future generations to become successful leaders through international connections and job opportunities.

Fiorella, in the article, stated that social entrepreneurship is not charity. By stating this she means that charities will help gain money for a cause, but as a social entrepreneur, you have the opportunity to take your knowledge and make money and business. In the article, Fiorella states that “People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth. ” If more people are able to gain that knowledge and share it, many people would be able to help more people at a constant rate. Charity is for one cause while social entrepreneurship can be for many.

Fiorella believes that social entrepreneurship is the future to business and policy, and I agree. Although, I would also argue that it is fundamental to today’s business and policy. This is so important because social entrepreneurship in other words is networking. These skills are important to meet others in the business world and expand upon your knowledge. If you have a wide range of connections you will have more opportunities to get jobs, knowledge in every field of business, and create a supportive business network in your working environment. After all you are not working next to computer all day, but next to people that are similar to you!

Fiorella makes the distinction between social entrepreneurship and charity. This is an important distinction because money in a charity flows in one direction. Conversely, money in a social enterprise flows both ways. Social enterprises cannot be charities because they are businesses, and need money to operate. Compared to traditional businesses, though, social enterprises are conscientious about the environmental and social impacts of their actions.

I agree with Fiorella when she claims that social entrepreneurship is the the future success of business and policy making. It doesn’t only help people who already have good conditions of life but it also financially helps those in need and who can’t afford much money. Entrepreneurs can make a lot of profits and invest their money on themselves and the community on where they which can benefit everyone.

The reason Riccobonno made the distinction between social entrepreneurship and charity is because some people don’t understand that social entrepreneurship is in fact a business and relies on more than just donations. In any business it is important to know where and when your money is coming from. Without the knowledge of when you will have money you can not make financial investments or take risks. If your business is not sustainable and it goes bankrupt it will not be able to help anyone.

Fiorella Riccobono stresses that social entrepreneurship is not charity because you cannot created a business based off of donations. Social entrepreneurship makes solutions to social issues.

I agree with Fiorella that social entrepreneurship because it will help many people.And to help the environment and the community.

Fiorella Riccobono stresses that social entrepreneurship is not charity. She focuses about this topic because she wants the reader and society to have the understanding of the difference between entrepreneurship and charity. An entrepreneurship may help and change many people, with different causes or problems, at different situation. A charity is help for a certain person or situation. She wants to make a change not throw money at it and have the problem fixed momentarily.

1. Fiorella Riccobono believes that social entrepreneurship is about making the world a better place. Charity is a completely different subject. Though, they do share a common goal. Malala Yousafzai held a campaign for girls to get an education at school. Muhammad Yunus won the Nobel Peace Prize for social entrepreneurship. They are an inspiration to society. I believe in Fiorella’s point of view. Social entrepreneurship is the future of business. It well help us grow and develop as a person. As well as create opportunities for many in creating a difference.

What Fiorella Riccobono stresses about social entrepreneurship not being charity is that it doesn’t have the ability to launch a business solely based from donations. This is not able to support a fully working business. The charity people give is meant to last a bit, it does not have the ability to make a business work for a long period of time. She makes this important distinction so readers can see the difference between a business that can support itself vs a business that runs on charity.

I agree that social entrepreneurship is the future of business. I believe this because we need to look out for others. There are many people in this world that are self centered and don’t think about others. We need to make sure we take care of others and make sure no one is left behind.

Business entrepreneurship is not charity basically because social entrepreneurs may need to rely on donations to launch their endeavors and making money is part of the goal.

When Fiorella Riccobono states that social entrepreneurship is not charity, she means to create the idea that social entrepreneurship is stable and a dependable new business worth taking part in. She makes this distinction because she wants it to be clear that although it shares a similar idea with charity, it is not only about helping the people but also the planet and business world of the future.

There definitely is a big difference between social entrepreneurship and charity. What Fiorella Riccobono means when she makes this distinction is to not think of social entrepreneurship as the same because of the many differences it has with charity. For example, charity can be looked at as a way to help one specific problem only one time. What she tries to make out of social entrepreneurship is that it helps more than one cause, it is more of a broad way of helping. Also it can shape a better lifestyle for people while charity can only help in one specific way. Giving someone money is not as big of a deal as giving a person a job to consistently earn money. Fiorella makes the distinction so readers know the way that she helps people, by setting a better road for the rest of their lives.

Social entrepreneurship is the future of the business and policy making because it is a way for entrepreneurs to not only make a profit but helps out the community and support their new ideas. And it is a smart way for people to come together as a community and do many great things together.

Fiorella Riccobonno stresses that it is not charity because she wants the reader to be aware that a charity isn’t sustainable because you don’t know where your next dollar comes from, in contrast with social entrepreneurship that is the process to earn profits while helping other people.

[3.] When considering Ms. Riccobono’s statement, “I believe social entrepreneurship is the future of business and policy making.”, I am reminded of the importance of working with non-profit, government, and traditional business, when working towards startling a successful and innovative business. I agree that social entrepreneurship is an important aspect thats importance will become increasingly apparent as time goes on. Using the policies and beliefs that fall under this category, I believe these thing will change the future of business management and development.

Fiorella Riccobono emphasizes a difference between social entrepreneurship and charity. She highlights that in a social entrepreneurship, the owner cannot solely depend on donations in order to maintain the business plan and model to a profitable amount. She makes this distinction because all social entrepreneurships create profit, whereas charities, specifically non-profit organizations, do not.

Ms. Riccobono had her opinion about the meaning of Social Entrepreneurship, in which she thought that it is not charity at all. She stated that making money is the desired outcome, while as compared to charity it is also stable and/or sustainable. She wanted to clarify the actual difference between the two, explaining it through the expression of her own opinion.

-Fiorella Riccobono believes that it is not charity because, she is trying to tell the reader that social entrepreneurship is not a charity, as a charity is not sustainable, because you can’t control the influx of money. She means that social entrepreneurship can last over a long period, and has to be sustainable in order to help the most people possible.

-Malala and Muhammad inspire the world. Malala inspires women to be educated, even in countries where women are not educated. She wrote a book about the injury that she had injury, when she was shot by an Islamic group. Muhammad inspires young leaders globally. Also, he won a Nobel Peace Prize for his work on social entrepreneurship. Another social justice champion that I admire is Oprah. She broke barriers by being one of the first black female millionaires in the United States. She also established an empire.

-I do believe social entrepreneurship is the future. It allows to have a business that is self sustainable and driven to help the community/planet without having this motivation for self gain.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? She wants the distinction to be clear that social justice in businesses for employees isn’t a charity, and that it’s an obligation for workers to be treated/paid fairly. She strives to make a community where social justice is a priority. Using the “Related KWHS Articles” and “Related Links” tabs, find out more about Malala Yousafzai and Muhammad Yunus. How have they made an impact on the world? Can you think of any other social-justice champions whose missions inspire you? Malala aimed for the education of all women in the world, even in countries where they aren’t educated. Muhammed inspired young entrepreneurs around the world. Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not? I agree, social justice calls for fairness in business with helping the homeless, being able to assist those in need, and policy wise making work better/ more efficient for employees/

I agree with Florella in believing that social entrepreneurship is the future. Social entrepreneurship is a useful tool to help the community while still making money in the proccess. Being a social entrepreneur allows said entrepreneur to help the people with less money while being able to maintain profit in the proccess.

Fiorella stresses a good point about social entrepreneurship because the businesses that are focused on being run like this are also making an enormous impact on different societal issues while benefiting as a business as well. That being said, theses businesses are definitely not like charities. She makes the distinction between the two because i’m sure the first thing many people think of when they hear about “social entrepreneurship” is charity. Social entrepreneurship is definitely going to take over in the future because it is a great way for businesses to thrive while also having a positive impact on society and the world.

Fiorella Riccobonno stresses the fact that social entrepreneurship is not charity because she wants the reader to understand the difference between social service and social entrepreneurship. Social entrepreneurs are also businessmen and run a business that also helps others.

Social Entrepreneurship is not a charity. It is not a charity because the business still makes money. They do help the community, but making money is the main/top reason. This is an important because she needs to continue stressing the fact that the business still needs to make money. Fiorella helped the people because she paid them more than what they were getting paid.

When Fiorella Riccobono stresses that social entrepreneurship is not charity, she means that the business cannot rely on donations. It would obviously help the business if donations come to them, but the business model cannot be built by just donations. Charity is not sustainable, which means that a certain business can’t survive on donations. Social entrepreneurships are meant to solve societal issues and that is what she is trying to do.

I believe social entrepreneurship is the future of business and policy making because the world is becoming more and more social. Whether it is through social media or just talking to people, people get ideas from other people who get ideas from other people. Nowadays so many people believe they want to be an entrepreneur and its possible because there are so many places to start a business.

Fiorella Riccobono stresses about social entrepreneurship not being charity and that it is not going to be able to launch a business solely based from donations. This is not able to support a fully working business. The charity people give is meant to last a bit, but it does not have the ability to make a business work or last for a long period of time. She makes this important distinction so readers can see the difference between a business that can support itself vs a business that runs on charity.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? She means that she believes a business is not sustainable by donations. On the other hand, charities are 100% sustained by donations. A business is very costly and it cannot be held by a thread or sustained by chance or luck. Starting a business, one wants to know that his or her business has an opportunity of thriving and growing. When one finds out someone is donating, the donation most of the time arrives that same day. In businesses, one has to know where the next dollar is coming from ahead of time. If a business is failing a backup plan needs to be formed, it cannot just sit around and hope for a miraculous donation.

I agree that social entrepreneurship is the future of business because it is a great way to give back to the people that are struggling financially, and it builds a good reputation which is very important for a business.

When Fiorella stresses that social entrepreneurship is not charity, she means that charity is not sustainable, because the influx of money isn’t not controllable, and a social entrepreneurship has to be sustainable so most involved benefit. I agree with Fiorella that social entrepreneurship is the future of business, and where relationships are built while making profit.

Fiorella stresses the difference between social entrepreneurship and charity. A business model can’t be made in a charity, due to charities not being sustainable. Both of these help the community in many ways but you can make money also in social entrepreneurship as it is sustainable.

Fiorella says,”I believe social entrepreneurship is the future of business and policy making” I agree with this statement because I believe that people now a days are trying there best to make this world a better place so being a social entrepreneur is not only helping yourself but also helping your community.

I really find this idea of “social entrepreneurship” to be very defining because this allows people with somewhat experience with the business world to get to experience real life. Many people don’t think business is that hard but this thought of having social entrepreneurship I feel will actually make the image of the business world easier to understand. Social Entrepreneurship is the future and is actually happening already, the reason is because being able to interact with customers and consumers will allow the buyers to have more confidence in the product. Interactions also allows the business to have good credit and good credit to a company means that they are worth more and are recognized as a company that has good stuff. Another reason why social entrepreneurship is the future is because it is easier to start than that of an actually big name company, so I predict that there will be more social entrepreneurs than companies trying to sell small products (that is the job of a social entrepreneur).

Fiorela Riccobono stresses that social entrepreneurship because it is still a business even though it helps people in need. People know the charities are basically just giving money to people and that is not what social entrepreneurship is about. Social entrepreneurship is a business so it still makes a profit but it also helps people. These businesses are all about making a profit while still maintaining a social message. They follow business plans and make a sustainable business while still making an impact with the social sector of the world.

Fiorella Riccobono states that social entrepreneurship it’s not charity. Social entrepreneurs run a business from which they want to take profit while they are contributing to society. She states that they practically show emapthy and use society to make money, which in a way, making money or not, at the end they are still helping people.

Fiorella Riccobono stresses that social entrepreneurship is not charity. She wants to show that social entrepreneurship isn’t charity because it isn’t to get things for people in need. Social entrepreneurship is to develop, fund and implement solutions to social, cultural, or environmental issues. She makes this important distinction because social entrepreneurship uses techniques and has ideas behind funding solutions to social culture, while charity is to do for the good of the people in need. Also social entrepreneurship looks to find solutions for issues, when charity just helps a certain cause.

I believe strongly in the idea of Social Entrepreneurship and the benefits it can bring to many people. I think that is great for college campuses to have social entrepreneur ship clubs so that college students can be exposed to all of the problems that the world has, I love how the article stresses how its important to be open minded and expose your self to new experiences because the world changes every day and it is key for young people to know that because they are the ones who have the most power to change things for the better

Fiorella strongly stresses that social entrepreneurship is not charity. This means that it is still business, that means that it is for profit. I think this is a good thing because the best way to support social programs is by money from companies that still have profit. Fiorella also must believe this because she is sure to emphasize the fact that social enterprises are making money and not bankrupting themselves for their programs or relying heavily on inconsistent and unreliable donations like a charity.

Riccobono emphasizes that charity is different from social entrepreneurship by expressing that charity works with donations and social entrepreneurship handles profits. She makes this distinction to help realize that everyone can win; farmers receive just payment for their goods and vendors of these goods can make a profit. This has definitely made an impact on the world by allowing almost any person attain a fair an income at little to no expense. I don’t completely agree with Fiorella’s belief because today many giant corporations, such as Monsanto, benefit greatly at others’ expense and won’t easily change. Yes, it is a great concept and should be adapted all over but it doesn’t seem like something that will truly happen.

What Fiorella Riccobono means by social entrepreneurship not being a charity is that they are totally different concepts. She makes this important distinction because a charity depends on people donating money for their cause. While social entrepreneurship do accept donations, they don’t rely on it. They use a business model to plan it out like a business.

3: I don’t necessarily disagree or agree with the statement that social entrepreneurship is the future of business and policy making, because there are many other business fields that can have a larger effect on society, for example, the economy keeps the world turning by trading goods to other nations and providing everyone with the funds they earn. The economy also provides storage units known to most as banks, to store any earned money that was not to be spent, this being the opposite of in-wallet or in-pocket money.

But, social entrepreneurship is a very crucial business, and as time goes by, this will get more important. In addition, social entrepreneurship is interconnected with the economics, because with social advantages, one might have a vast connection, thus leading to a higher chance of getting advertised, hired, or partnered with another company.

Firoella Riccobono stresses that social entrepreneurship is not a charity. Social entrepreneurship is a business that is profitable and is indeed not a charity because then it wouldn’t be sustainable. Instead it is comprised of individuals who want to make the world a better place.These individuals try to make the world a better place by using business tactics to try to create solutions to some of the societal issues that we face today, like poverty, climate change, and pollution. So, not only is it not a charity, it is profitable and at the same time it helps make the world a better place.

1.Fiorella Riccobono stresses that social entrepreneurship is not charity even though they receive donations, they can’t create a business model, charity is not sustainable. 2.Malala Yousafzai fights for gender equality, and Muhammad Yunus help the poor and poverty worldwide. This inspires me to leave my mark on the world and change the world for the better. 3.I agree when Fiorella said ” I believe social entrepreneurship is the future of business and policy making.” Because this will help the poor and raise charity.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with Fiorella because it will help give back to those who do not have the resources that they need. It will not only make provide good reputation to the business, but it will give you such a good feeling to know you are being involved in the community and helping others.

Fiorella Riccobono stresses that social entrepreneurship is not charity, because it’s not possible to create a business model based on donations, because charity is not sustainable. Malala inspires the education of all women in the world, even in countries where they are not educated. Muhammed inspires young leaders globally, and he has also won a Nobel Peace Prize. I agree that entrepreneurship is the future of business and policy making, because it gives hope to those who need help.

What Fiorella means when she says that entrepreneurship is not a charity is that in the business you have to know when your money is coming not just to wait around for a donation, which is what charity does. I do agree with Fiorella when she says “I believe social entrepreneurship is the future of business and policy making” because it helps keep the community going to a better place.

She means that you still make profit off of social entrepreneurship, as it is what is desired because charity is not sustainable. She makes this important distinction to show that social entrepreneurship is not charity and needs to have a constant influx of cash to help as much people as you can. I do agree because it is a good way to help people who are less fortunate with their situations.

Fiorella Riccobono affirms that all related with social entrepreneurship is not charity, by that you can extract that corporations or business don’t live related with donations or charity. Business must grown from experience, hard working and good ideas and not from donations. Donations can surely help, but a business concept doesn’t not relate to that.

Malala and Muhammad had a big participation with the world. While Malala made the education available for womens she wrote a book that affected the globally society. Muhammad inspired young leaders over the world. He won a Nobel Peace Prize for his social entrepreneurship, which had successful results. I agree with her when saying that the social entrepreneurship is the future of business, because the social entrepreneurship allows a business that self-survive to help the good causes without having this motivation for self gain.

What Fiorella Riccobono means when she says that social entrepreneurship is not a charity is that it does not involve raising money for a cause. Charities also do not have enough money to sustain them for a long period of time without donations. Social entrepreneurship aims to solve problems while still having the ability to make profit, although they do accept donations. It is a business that at the same time makes a huge impact on society.

When Fiorella says that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for some who do not necessarily know the exact difference between the two.

When Fiorella Riccobono stresses that social entrepreneurship is not charity, she means that social entrepreneurship is not focused on raising or donating money. Social entrepreneurship is a business that benefits when money is used. Of course you are going to need to raise money from somewhere, but the purpose of social entrepreneurship is to run a business not to collect money. Clearly, Fiorella makes this important distinction because she wants to show the readers that social entrepreneurship and charity are two separate things.

Fiorella Riccobono stresses that social entrepreneurship is not charity. When Fiorella said this, she meant that a social entrepreneurship does not just base solely on donations. Of course, donations can help, but a social entrepreneurship thrives from people working hard to help others. In addition, a charity, unlike a social entrepreneurship, is not sustainable She shows that it is more about creating a work place than a place just collecting money.

When Fiorella Riccobono says it is not charity she means that these companies are not run on donations and not ran by volunteers in their free time. She is saying these companies are real businesses that have to compete in the real world. They too have the goal of making money however, they also make businesses that help a society as well as protect the environment. She mentions this because often times they have no idea where there next check is coming from and when. This is a important distinction because these are people who are interfering with their career or salary to make the world a better place and not doing it on extra time.

Riccobono emphasizes that social entrepreneurship isn’t charity. The difference between a charity and social entrepreneurship is that in a charity, funds received are dependent on the contributions of donors. Profit generated from social entrepreneurship are directly correlated with the economic aspects that entrepreneurs find themselves confronted by, such as competition as well as supply and demand. Because of this, the defining aspect at the core of social entrepreneurship is that success is defined by the financial decisions that entrepreneurs choose to make within the current state of the market in which the entrepreneur operates. Au contraire, running a charity would rely on sporadic donations that prove to be a less reliable source of money than the profits and economic stimulus caused by small businesses and lower-class workers.

Fiorella Riccobono stresses that social entrepreneurship is not charity because even though some social entrepreneurs do rely on some charity to start their business, social entrepreneurship aims to solve problems and create a sustainable business that doesn’t rely on others to make profit.

1.I believe that Fiorella Riccobono had the need to express that social entrepreneurship is not charity, rather that relies on donations because she felt the need for the individuals that read the article to understand that this project is so innovative and new that the majority of the people don’t really know about it. Charity is defined as an organization that wants to help and raise money for those in need. Instead, what Fiorella Riccobono is doing relies on donations because although she is helping the needed and businesses, she needs resources and wants to improve the ideas she has for individuals to take on their business as soon as she sets them up for success with her unique innovated plan. This makes an important distinction because it may not always be for free that Riccobono may be doing her job, rather to create a change with an imaginative job that helps improve the world.

3. When Fiorella says, “ I believe social entrepreneurship is the future of business and policy making.” I somewhat agree with what she said. Due to the fact, that her job might be one of the ones that may help a large amount of people as it has economic and balanced strategies to make a business start or grow exponentially. However, I don’t coincide with it being the essential future of business rather social entrepreneurship taking on a branch. As it will only help an specific business that are in certain conditions. In addition, it may be a good and productive job, but not the overall future.

Fiorella Riccobono stresses that social entrepreneurship isn’t charity to emphasize that it isn’t an organization that runs on donations. Social entrepreneurs create real businesses that make a profit. Although their objective is to improve issues in society and assist people, their goal at the end of the day is also to earn a profit. I think Fiorella makes that important distinction to show that although social entrepreneurs are there to help people in need, they also create thriving business. It shows that there’s a lot more to social entrepreneurship than most people are aware about and how it’s different from any other non-profit organization.

Malala was shot by a takin when she was 14 years old, since then she fought for the rights of young women to study and gender equality. She became the youngest nominee for the Nobel Peace Prize and won it in 2013. Muhammad Yunnus created the Grammen Bank, it researched to study how to design a credit delivery system to provide banking services to the rural poor, he won the Nobel Peace Prize in 2006. Another social-justice champion is Martin Luther King Jr, he is best know for his role in the advancement of civil rights using nonviolent civil disobedience based on his Christian beliefs. On October 24, 1964, King received the Nobel Peace Prize for combating racial inequality through nonviolence.

Malala Yousafzai is a Pakistani women’s right and children’s activist, who is also the youngest-ever Nobel Prize laureate. Muhammad Yunus is a Bangladeshi social entrepreneur ans economist, who was awarded the Nobel Peace Prize for founding the Grameen Bank, in which he developed a micro loans and credit system that helped poor Bangladeshis ‘borrow’ small amount of money. Paulette Meyers mission inspired me because she founded and chaired the Women’s Initiative for Self Employment in San Francisco, for 15 years, which helped to train and finance low-income women to start their own businesses.

Fiorella Riccobono is saying that social entrepreneurship is not a charity because they are very different. For instance, charity needs people to donate money to succeed while social entrepreneurship does not rely on donations even though they do accept money to help their concept. Instead, they use innovative business tactics to create solutions to social issues.

Fiorella says “I believe social entrepreneurship is the future of business and policy making.” I believe this statement is very accurate to the future of the business landscape as large corporations are increasingly searching for ways to give back and help out society. Social entrepreneurship also opens up new possibility to those who enjoy philanthropic work while still utilizing their business skills. Through creating self-sustaining businesses that help out society, more individuals will be open to the idea of entering a field which help people as it eliminates the feeling of charity and volunteer work.

Fiorella Riccobono stresses that social enterpreneurship is not charity because although enterpreneurs may rely on donations they can’t really create a business model based on it. She makes this important distinction because people may think thet enterpreneurship is based on charity and donations when they really are basically innovactive business tactics to create solutions to social issues.

Fiorella Riccobono stresses that social entrepreneurship is not charity because charity is giving to those in need with nothing in return, which is similar to social entrepreneurship in the helping side but social entrepreneurs are looking for a profit and the thing that differ them from most of the entrepreneurs is that besides a profit they are looking to help, they are trying to make an impact in their community for the good. Making an impact is clearly really important to her and that’s why she distinct what social entrepreneurship to encourage people to also make an impact and show them they can make a profit out of something that will benefit the social sector.

Social entrepreneurship IS the future of business and policy making. The world is full of hunger, poverty, pollution, etc. What would be more successful than making a profit while helping to make this dirty filthy world a better place?

I agree with Fiorella Riccobono’s statement that social Entrepreneurship is the future of business and policy making. Based on the information her article is giving us, the goal of social entrepreneurship is to help fix the world’s issues or problems. To her, instead of a simple solution, social entrepreneurship can also finds ways to transform the conflict into an opportunity for economic growth.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not? I don’t think it is the future, yes it is helpful to the world and is good and helps people in need, but this can not be the future of business. If a business wants to be successful in the world they can’t be nice, they can’t just go around helping. A business needs to make a profit, needs to be able to pay all its employees, and all its assets. If a business ever hopes of progressing in this world it has to be heartless, or it will be taken advantage of. It cant have a soft spot it it will be open and it will be used. I understand why she would say this but that is in a dream world, but the business world is far from a dream. It is ruthless and has no heart, its all about the money.

Hi Sebastian. Fiorella, the writer of this essay, read your comment and wanted to respond. Here are her thoughts:

Although I do agree that a business needs to make a profit, I disagree with you on the point that the only value a company can generate is revenue. That is an outdated perception of the value modern day corporations and financial institutions are trying to generate. Social entrepreneurship does not exist to be charitable, it exists to create systemic social impact at the core of it’s day- to- day operations, while simultaneously generating profit.

The modern business structure is steering away from a profit-driven model, to a strategy that systemically addresses the triple bottom line. This is not a dream world perception, but rather the new trend and business models of all corporations are trying to adapt in order to stay competitive. But, you do not have to take my word for it, let’s use a modern-day example of investment banking. The young individuals who are entering the banking industry are increasingly making investment decisions that focus on sustainable growth. In order to learn more about impact investing, a form of social entrepreneurship, I have attached an article recently published by Morgan Stanley:

https://www.morganstanley.com/ideas/sustainable-socially-responsible-investing-millennials-drive-growth?cid=sm_smsp_LINKEDIN_MorganStanley_20170831

This generation is demanding socially minded products and companies are responding to this in order to stay competitive and relevant.

When Fiorella says that social entrepreneurship is the future of business and policy making I could not agree more. Many people in this generation are empowered to make a change in there society and around the globe. Social entrepreneurship is a great way for both a way to make a lot of money , and help the change that you want in the world. Also, social entrepreneurship is a great way to gain customers, because people that believe in your platform will want to buy your product and goods. Social entrepreneurship is a great way to not only help yourself succeed but also a great way to help other succeed and get through there struggles.

2- Muhammad Yunnus founded the Grammen Bank and pioneered the concepts of microcredit and microfinance. He gave loans to entrepreneurs too poor to qualify for traditional bank loans. by this Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development.

Malala Yousafzai is an activist for female education. She is known for human rights advocacy, especially education of women in her native Swat Valley in Khyber Pakhtunkhwa. Yousafzai opened a school in the Bekaa Valley, Lebanon, near the Syrian border, for Syrian refugees. The school offers education and training to gils aged 14 to 18 years.

A social enterprise is not a charity because is organization that applies commercial strategies to maximize improvements in human and environmental well-being. They basically combine business with social concerns; they ensure that the society can have access to opportunities to grow in the business environment and be able to sustain themselves.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What Fiorella means by this is that entrepreneurship is not runned by money or even sustained by money like a charity is. Although she says that here and there money will be involved but really and truly its not based on donations at all. Her making it a important distinction lets everyone know that its a innovative business.

Fiorella states that social entrepreneurship isn’t a charity. She emphasizes that is not a business that simply runs on donations, which is similar to a charity. Social entrepreneurs create certain businesses to make profit. These businesses do not rely on others to make profit. An important distinction made is that charities are run totally on donations. Real businesses simply can not last on just donations. Social entrepreneurs have actual businesses that make money that is used for social, cultural, or environmental issues. The important distinction is that charities are run on donations while social entrepreneurs create businesses that make money.

When Fiorella says that social entrepreneurship is not charity she means that social entrepreneurship is its own thing. She recognizes it as being something that can help many people in need, in many different places, for many different causes. As opposed to charity which is something that helps one cause, or raises money for something in specific. She makes this important distinction because she also realizes that the topic could be confusing for someone who does not necessarily know the exact difference between the two.

Freshman need to join college already thinking of a way to change the world. By being innovative in the beginning, it opens your mind to greater things in the future. By joining entrepreneurship clubs, you can discover a whole new world of chances to help homeless people and poor communities. These people are in the need of a shelter and income, and if you somehow can manage to help those communities, they may even increase their business, earning well deserved money, and help other communities too.

I agree with Fiorella that, social entrepreneurship is the future of business and policy making because, to start a business people have to have technics and know how to talk face to face with other company CEO’s or to talk to banks so they know they will get a profit off you if they lend you their money. Those are the reasons why people have to be socially ready.

I agree when Fiorella says that she believes social entrepreneurship is the future of business and policy making. In a growing age where successful businesses are known for their high rates of pollution, many advocate for business techniques that are more environmentally friendly. Not only does social entrepreneurship promote profit while keeping detrimental environment effects to a minimum, but it also reaches out to the community to aid and improve the lives of those in need. Business thrives off high profit and the ideals behind social entrepreneurship (such as eco-friendly techniques and public aiding) are essential to good policy making and an excellent community of people. Thus, future business and policy making would greatly benefit from this.

Fiorella Riccobon stressed about social entrepreneurship not being a charity so much since the idea of a social entrepreneurship does not want to be labeled as a charity, because their approach to the problem can be very different. Charity solely depends on donations and uses the money the get to first have their business then give back. This distinction is very important since what social entrepreneurship wants to do is give back and make sure their purpose is directly served and is not based off on only donations.

Fiorella stresses about social entrepreneurship not being charity because it is not an organization that runs in donations, social entrepreneurs create real business that make a profit although there goal is to improve the issues in society and help people but at the end of the day there goal is to make a profit out of there business, I think that fiorella makes that important distinction, to show that social entrepreneurship is there to help people in need, and create a working business that are able to create profit at the end of the day.

I think what Fiorella meant by social entrepreneurship not being charity was that people actually have to put a lot of work in to their business and not just rely on donations. She states, ” charity is not sustainable.” Which means that entrepreneurs should not run a business if they do not know who is giving them money; especially off of donations.

Fiorella Riccobono stresses that social entrepreneurship is not charity. Social entrepreneurship is not charity because you cannot create and run a business in which you, the entrepreneur, do not know when or where the donations to your business are coming from. Social entrepreneurship is also not charity since it is a business, and the entrepreneur and his or her business earns a profit while helping others. Fiorella makes this important distinction so that people do not think that a social entrepreneur’s business is a charity to the homeless, it is a business that earns a profit while helping the community and the homeless.

Social entrepreneurship is indeed not a charity. While a charity is reliant on donations, a social entrepreneurship cannot create a stable business model without having a stable source of income. Instead, a social entrepreneurship finds an underlying problem such as pollution or poverty and then creates a business model that does not only solve the underlying problem, but also makes the business model profitable. Fiorella Riccobono stresses the distinction between a charity and a social entrepreneurship in order to highlight the fact that a charity only helps people, whether it be through financial or material means; while a social entrepreneurship continuously helps people by creating a profitable business model that not only solves a social issues, but also creates a profit. The distinction between a charity and a social entrepreneurship can be seen in the analogy where, “If you give a man a fish he will be fed for one day, if you teach that man how to fish and he’ll never be hungry.” A charity can be seen as simply giving a man a fish, while a social entrepreneurship can be seen as teaching a man how to fish.

Fiorella is right/wrong when she claims that entrepreneurship is not charity even though some business do help our community. Most of the business have a goal of making money and benefiting themselves, that’s the main goal of most entrepreneurship, they are sometimes too ambitious and don’t care about society. On the other hand some do care about our society and help our community by investing on something using their profits that will benefit not only them but everyone else in the community. She makes that important distinction because charity relies on donations and money support for those in need, she is trying encourage more people and other business that thrive in order to be more charity and help those in need.

When Fiorella Riccobono stresses that social entrepreneurship is not charity she means that you can’t create a business model based on donations, because charity is not sustainable. She says this to make it clear that it is not a charity.

Fiorella Riccobono stresses that social entrepreneurs is not charity and I agree. She means that social entrepreneurs create a business and make profits. They can’t create a business on donations. Social entrepreneurs create solutions to societal issues. She makes this important distinction because she wants people to understand that social entrepreneurs is not about donations, it’s about assisting and helping ours and your community.

I do not agree with Fiorella when she says, “I believe social entrepreneurship is the future of business and policy making.” Although social entrepreneurship will continue to grow and thrive in western businesses, saying it will be the future of all business is impossible. In places like the United States and other similar countries people generally have more money than those in third world countries, so when people start businesses they are more likely to have enough money to use sustained practices to create there products.we have also seen a shift in what consumers want. More and more consumers are looking for ways to make themselves feel like they are helping society in what they buy, so shifting to social enterprise might actually benefit your business more. Although this is true for first world countries in most other second and third world countries this business method would not work. In these countries people make a much smaller income than they would in first world countries so when consumers are looking for products to buy they will most likely pick a cheaper product that does not give back to society rather than spending more money for the same product with the difference this one will give back to society. These business also have less start up money making it harder for them to produce products in a sustainable manner. For reasons like this social enterprises will grown in first world countries or rich people but is no a viable option for people of lesser income. this is why I do not believe social enterprises will be the future business of the world but rather of the first world.

Fiorella Riccobono stresses that social entrepreneurship is not charity even though it has some analogous needs and events. For example, social entrepreneurship may need to rely on donations to launch their endeavors. However, like charity is not sustainable, it is futile to create a business model. It is crucial to express that social entrepreneurs try to solve societal issues by combining government, nonprofit, and traditional business practices.

Social Entrepreneurship is an emerging concept and, as any concept that is new, some people don’t really know what it means. Although it relies sometimes on donations, a business can’t sustain itself just by charity. Social Entrepreneurs main purpose is to help needed business to succeed and creating innovative plans in order to do that.

I believe that social entrepreneurship is the future of business and policy making due to a great deal of social entrepreneurs looking toward the future and building business models that favor our environment. These innovative minds see harsh problems like global poverty and world hunger as a new slate for growth in areas like economy or cultural growth. In the end, the positive minds of social entrepreneurs will be those of the future in business and policy making.

Fiorellla Riccobono is constantly stressing that social entrepreneurship is not similar than charity, because both overlap in many things. But what people don’t realize is that compared to charity social entrepreneurship is a business looking to make profit. Malala Yousafzai is a Pakistani activist for female education and the youngest to ever to receive a Nobel Prize, also survived a shot to the head once and is now a bounty. Muhammad Yunus is a Bangladeshi social entrepreneur who was awarded the Noble Peace Price for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. I agree seeing the benefit of social entrepreneurship just as many others.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” Do you agree? Why or why not?

I disagree with her. I found social entrepreneurship a very respectable cause and i loved the idea, but i don’t think it is the future of business because since now there weren’t social entrepreneurship, so entrepreneurs can create their company without that help.

I agreed with what Fiorella Said about the future or entrepreneurship. I think that these newer generations are more biologically aware of what is going on with our planet and communities, specially with the current science they have more knowledge and a better understanding of the problems on this world. So judging by the way these generations are more aware and having more knowledge they would lean more towards businesses that can help the world and our communities.

“Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction?”

She means that its not a charity because a charity is not sustainable. She make the important distinction because a lot of people confuse it for a charity. She wants to make sure that they know the definition of social entrepreneurship is.

Fiorella is making points that social entrepreneurship can make a difference in people’s lives. Social entrepreneurship can help build of jobs and businesses. It also is helping other people that aren’t working in those businesses and improving their community around them. She wants to make a difference in this world I think that this is the key to change the future and what is soon gonna be the next generation of entrepreneurs.

When Fiorella said “I believe social entrepreneurship is the future of business and policy making.” I agree because social entrepreneurship is very important in the business world. People have to be able to communicate with people face to face. In todays millennials everyone uses phones and in the future could have a hard time communicating with people face to face. So I think that social entrepreneurship will be very important in the future.

Fiorella stresses that using social entrepreneurship isn’t just a charity and it is a way to make money. Even though it isn’t charity way of working it can contribute to the advancement of others or addressing problems injustice in the world. The social side promotes it to which the business can grow off the help of others it needs a source of revenue like any other business to thrive. Though the company’s can take in donations to work and run this helps things and what they need and to do at the same time promoting problems.

I agree with Fiorella. Social entrepreneurship is the future of business and policy making. As time goes on, more and more people are becoming aware of the state of our world and the people who live in it. Social entrepreneurship finds the source of a problem, and not only fixes it, but helps to make the world a better place in the process. I believe that this generation, as well as generations in the future, will want to help our world and people in need. More people are wanting to leave the world in a better state than we found it, and some people are already trying.

Fiorella Riccobono is saying that the Social Entrepreneurship is not a charity at all. The whole Social Entrepreneurship point is to help fix the worlds problems but making money is still a priority for the Social Entrepreneurship.This idea still finds ways to transform the issues for an economic growth. So Fiorella basically wants us to know that they’re not a charity that donates all their money.

Yes I do agree with Fiorella, social entrepreneurship is the future of business and policy making and the idea of it, is a great idea to help young entrepreneurs that are lost in the world of business, this would be a very good and helpful tool for them, and we can’t escape from that, because the technology is growing every second of our lives so i wouldn’t be a surprise if technology take over the world of business, many companies are successful and they did it without that help, but now it can be a very good addition for young kids with great ideas this can help them start and i believe they can be very successful with their projects and new businesses

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? she means its not charity because it cant create a business model, based on donations, because charity is not sustainable, because charity is mot sustainable. you cant build a business when you don’t know where your next dollar is coming from or when.

I agree with what Fiorella thinks about social entrepreneurship. The program is related to charity but is not the same thing as she had stated in the article. This program has a potential strong base for jobs in the future. The course deals with societal problems by matching them with economy issues as well as financial issues like a business. This sets it as a powerful candidate for future employments and jobs in my opinion as it has an extravagant amount of potential.

I agree and believe social entrepreneurship is the future of business and policy making because one of its main purposes is to make the environment and future businesses successful and better.

I agree with Fiorella because it’s true that in the future we need to socially communicate with different people. Some people are working and are not getting paid enough for the work that they are doing. It’s good that she and other people are making a change to this problem in the world. With the homeless Fiorella and other people are trying to make a difference helping the people that are in a finacial crisis or are in need of help

I agree with Fiorella. I find that social entrepreneurship does a good balance between profit and helping the community. They are not dependent on outside source like charities and are not focused on massive profit like the big enterprises. I believe that more of those kind of business will start to appear and be successful on the near future.

Fiorella Riccobono stresses that social entrepreneurship is not charity. What does she mean by this? Why does she make this important distinction? Fiorella means that social entrepreneurship is forced to donate and charity is your choice to donate money to charity.

Social entrepreneurs can only do so much to help people out. Being a social entrepreneur cannot be anything like a charity because you need to guide yourself and get yourself out there. Like she said, we all want to leave the world a better place than it was before yourself, so yes you can help out but if you just keep helping someone, they are constantly going to keep asking for help. Give a man a fish and he can eat that day but teach a man to fish and he can now provide for himself. She makes this important because people need to understand it, too many people guide others around and can help them for that time but not later on in life. It’s similar to the first 18 to 20 years in your life, your parents provide for you with food and a roof over your head but they cannot support you forever.

I agree with Fiorella. No person, for their entire lifetime, is going to want to be bossed around by someone. Everyone eventually wants to become their own boss and be the founder or CEO of their own company. Everyone can do it, and there are many opportunities down the road, whether you’re getting right out of college (or even high school) or you’re in your later years and have some money to work with and want to make a change in today’s society.

As Fiorella Riccobono said, Social Entrepreneurship is not a charity. It is easy to think that, however it is important to recognize the difference between the two. A Social entrepreneurship is financial and business organization that combines aspects of a running business while helping social problems in the world advance.

I agree with Fiorella because Fiorella wants to make a charity to help homeless people and I think that’s great because she understand that Homeless people needs help and I like to help people that needs help.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with her because as people grow up they are starting to realize the real world and businesses and businesses techniques are changing

The student explained what social entrepreneurship is. She explained that it is not a charity and that it is made to last. In social entrepreneurship you have to think how to make the idea work so the idea doesn’t fall apart and you give money for specific things which will help the idea to develop.

Fiorela has stressed that social enterprise is not at all a charity, it makes money. She means that it is not a charity because then it doesn’t sustain itself well at all. It cannot create a good business model with donations, or nothing at all. She wants people to know that they are not a charity that donated all their profit away.

Fiorella Riccobono is correct because social entrepreneurs is a business. In social entrepeneurs people is more empathetic because of their helping the social sector by solving global and humanitarian issues, they ask what is the problem and then base on that they plan their business around that. They make a money while helping the society.

Social entrepreneurship is truly the future in my opinion because of business and policy making, it is a business enterprise not only with a focus in profitable gains and societal claims. Its meaning is reflected on the demand of clients for business to have grater social goals or targets.

When Riccobono thinks “social entrepreneurship is the future of business and policy making”, I support her opinion. For me, I think as young adults develop, they establish beliefs on how they can have a positive impact on the Earth. Of course, one of these ways is by social entrepreneurship. With young innovative minds, they can think of things they can create. These people need passion and commitment. They also need to develop skills that persuade other passionate and committed people to join their cause. Social entrepreneurship is about helping the world, and an increasing number of people are constantly trying to do that. As a result, global issues, like poverty, will decrease.

A social entrepreneurship is not a charity because all of the proceeds do not go to other organizations. A part of the revenue goes towards organizations but some goes towards the business to keep it running. A social enterprise is sort of a hybrid between profit business and non-profit charity. What she means to say is that the social enterprise’s goal is not to just give away money but instead to create money for its own needs while giving money to organizations that need it. She has to make this difference clear because many people know about charities and often do not want to donate, but since this is a charity/business in disguise it generates money while also providing a service and good.

Yes I agree that social entrepreneurship is the future of business and policy making. I believe that social entrepreneurship can do a lot of good in the world and benefit people both the ones being helped and the ones helping. It will open many doors for many people that need help.

1.Fiorella Riccobono stresses that social entrepreneurship is not charity because it makes profit and it is not a situation where someone receives money once, and slips back into trouble. When profit is made, the organization is clearly no longer a charity and social entrepreneurship helps people get back on track. This is an important distinction because it helps people realize that unlike a charity, this organization makes profit and helps people at the same time.

2. Malala Yousafzai has made an impact on the world by advocating for young girls to go to school, and Muhammad Yunus has made an impact on the world by providing small loans to the poorest people in the world. The most inspirational social justice hero to me, is Mahatma Gandhi because he liberated an entire country from England in peace and in friendship.

3.I do not believe social entrepreneurship is the future of business and policy making, because there are certain businesses that this won’t work with (Ex: car companies) and there are many people in the corporate world that will not support this type of organization.

Fiorella Riccobono stresses that social entrepreneurship is not charity because while both aims to aid those in need, social entrepreneurship makes a profit. Charities may give money to those in need, but unless these people are able to regain an income, they will return to their original conditions. It is impossible for charities to keep on giving money to support these people for the rest of their lives since charities relies on donations and the people working in charities also needs an income to support themselves and their own families. Social entrepreneurship tries to address the root of the problem and create a solution. As Fiorella Riccobono has mentioned, instead of giving small coffee farmers money, they bought their coffee for a fair price and sold it at their trucks. This not only helps the farmer, but also helps the people running the business to keep going and continue making contributions to the world.

I do agree that social entrepreneurship will be the future of business and policy making. Social entrepreneurship helps develop, fund, and implement solutions to many different social and environmental issues around us. With different aims and sizes of this concept, it can apply to almost any organization or job. So it can pretty much help out others who work in different industries.

1. Fiorella Riccobono is stressed that entrepreneurship is not charity because they are both different from each other, entrepreneurship helps us make the world a better place by making ideas. Charity is people helping others by giving them money to be successful in life.

2. I agree that entrepreneurship can be helpful in our future because of how helpful it can be for the country and for us living a better and healthy life style. It can also impact others and convince them too work for entrepreneurship to help our grow even bigger then it was suppose to be.

Fiorella Riccobono stress es that social entrepreneurship is not a charity, because charities are not sustainable and can not control the influx of money, in the contrary, social entrepreneurship is a business that is expected to make a profit and relies on more than just donations. Although social entrepreneurship is not a charity, it was also invented in order to help people, businesses and helping make the world a better place. Social entrepreneurship is the future to business and policy making and it is supposed to make enough money to keep the business going, with profits included, and help other businesses that may need financial help.

I think it was very wise for Fiorella Riccobono explain to us that social entrepreneurship is not charity because it makes us understand that you can do the right thing and still get revenue from your work. I think that now I understand way more about social entrepreneurship and I think is a great thing. I feel that It helps the community to improve in many ways. I’m glad she wrote this, I think she may have changed the point of view of a lot of people about entrepreneurship that thought it was like a charity.

Firoella Riccobono explains that social entrepreneurship is not charity because since its just emerging as an idea, she thinks that charity is not sustainable enough to do the job. You can’t build your business on not knowing when or how much money you are gonna receive from charity. They combine government, non-profit, and traditional business in order to create a sustainable business. These innovators create large sustainable models by addressing an issue in the world like poverty, pollution etc.

Fiorella says, “I believe social entrepreneurship is the future of business and policy making.” I agree with her statements beacuse I think that future and presents Entrepreneurs are thinking in ways to make the world a better place. This impacts lots of people by the fact that they are attracted to make the world a safer and healthier place for everyone, especially for the people in need, like the homeless. While lots of people are getting involved in business, the majority will want to start their own social Entrepreneurship campaing which gives a high income and helps the world to be a better place.

I agree with Fiorella because the next generation of Entrepreneurs are trying to find new ways to make the world a better place. This has a huge affect on people today, For example the more unfortunate people.Now a days everyone want their own business where they can do something for money. But Fiorella addressed social entrepreneurship is like a charity where you get a profit from. This is another way we are trying to develop something new to make the world a better enviroment to live in.

I forgot to add that either most or all charities don’t profit, and that this is why she talks about the topic this way.

Fiorella Riccobono stresses that social entrepreneurship is not charity because for the business to thrive and grow it must have a stable amount of money behind it. The business can use help from donations but it cannot purely be charity. If it were to rely only on donations, it would not be sustainable over a longer period of time. Social entrepreneurship is for the benefit of important causes like the homeless. Having financial support ensures they can do their job.

When Fiorella Riccobono stressed that social entrepreneurship is not charity, she meant that social entrepreneurship although helping people, helps the person who made it generate income, while charity is straight up giving people or organizations money or aide without getting profit. This is an important difference because charities rely on donations and volunteers more than anything, and you never know how much you’ll get over relying on others. In a social entrepreneurship, you are responsible and you make money.

1. Fiorella Riccobono explains that social entrepreneurship and charities are different from one another: A charity is a nonprofit action that is made to see some sort of change in the world, for the better. However, it is made quite clear that social entrepreneurship is a business. Even though it receives donations, it is a business that generates some sort of profit; but, nevertheless, a business with a goal in mind, one that is to make the world better than how we found it. It’s important to make the distinction because a social entrepreneurship is better able to maintain itself without having to purely rely on external sources and donations.

When Fiorella states that social entrepreneurship is not charity work, I attatched that to the fact that it is strictly enterprises for a social change. The business owners in the social enterprise industry understand that they are not being given money for a cause nor are they raising awareness. Social enterprises are not charities because charities are given donations by others. Social enterprises on the other hand can be funded, but can not be donated to. This is a important distinction to make so that other do not get confused and make mistakes when they are starting their own businesses. It is crucial to make this distinction for the sucess of other businesses to come.

When Fiorella says that social entrepreneurship is not charity, she means that if you want to start a business, you have to have stable money behind it to produce it. Social entrepreneurship is a business that makes profit. In charities, you only get money for volunteers, not knowing if you will make lots of profit. Fiorella expresses this because she wants people to know that in entrepreneurship, you have to work or your business and get profit, not getting money from charities.

When Fiorella state that social entrepreneurship is not a charity, she is referring to the fact that charity relies only on founds specific for one cause, which may not be sustainable for a long enough time. Mean while social entrepreneurship, focusses on founding multiple things like homeless, and is not exclusive to one major cause, but is open to a variety of major causes.

What Fiorella means when she says that social entrepreneurship is not charity is that charity is when you raise money or objects for a cause or for a specific person or place. It for people and places that are less fortunate and cant afford a lot fo things. A social entrepreneurship is when you are making a profit out of something. You also focus on many different thing, not just one cause.

i agree because a lot of people don’t know the difference of social entrepreneurship and charity the difference is that in entrepreneurship you gain money in charity you donate money which means you’re losing money.

I agree with Fiorella’s statement on how social entrepreneurship is the future of business and policy, I agree with it because it is changing the way by how people see things. For example, the article states, “People are no longer seeing global poverty as a call for charity, but as a place of economic and cultural growth.” New students will exposed to social entrepreneurship and soon enough, there will be plenty of individuals who will use innovative business tactics to create solutions.

Yes, I agree with what Fiorella states. It is the future of business and policy making because you need to “promote your mission” and find funding for it, all while getting other people involved in whatever you may be promoting. These are essential paarts of growing your business.

I do agree that social entrepreneurship is the future of business and policy making. Many people in the world have the desire to make it a better place for everyone; however, they don’t know how or where to start. With social entrepreneurship, the goal is help and contribute while still making a profit. By doing this, both sides have the ability to grow and prosper. The best part is that you are making the world a better place.

I agree that social entrepreneurship is the future of business and policy making because companies would have a steady flow of income to them instead of a charity which will have money coming in for one specific cause. Social entrepreneurship will be successful considering how many young minds we have for the future, bringing it to a new level and presenting fresh new ideas into the social entrepreneurship world, changing it completely, allowing success. This is the successful future we have.

I believe that it is stressed that social entrepreneurship is not charity because the organization does not only depend on donations to succeed, they have had a stable amount of money behind them in order to strive as the organization they are. Unlike charities, social entrepreneurship make a profit. This is important and stressed because social entrepreneurship’s need to work for their money and sell instead of relaying on donations and charity events to become a better organization. Social entrepreneurship’s are businesses; they do not depend on donations and they also make a profit. The business also can not be continued if they are not making money on their own.

When Fiorella states that social entrepreneurship is not charity, she means that when you volunteer for charity, you only give. There is no economic balance if you always give, and don’t get anything back. We need to do charity when there is crisis. If not, the economic balance would go down. What Firorella states, makes a lot sense because social entrepreneurship has a economic balance circle that goes around and you make profit in one way or another, but charity does not have a profit if you only give.

When Fiorella states that social entrepreneurship is not a charity, she means that social entrepreneurship is a force used to help people. She states that charity is not a sustainable money flow for a business. Social entrepreneurship, however, is something that people use to (not exclusive to) helping the homeless, sustaining the planet’s resources, and finding ways to make profits for a business. She makes this important distinction because she wants to differentiate between between charity and the work that her and social entrepreneurs do. Charity is an unsustainable source of business, and that is not the goal for social entrepreneurs; social entrepreneurs work to aid people in growing a sustainable economic system.

When Fiorella Ribccobono says that a social enterprise is not charity, she believes that an entrepreneurship that seeks to gain a profit, fails to create a sustainable charity. Therefore, a social enterprise uses specific causes to aid in its operations. For example, rather than giving coffee farmers a percentage of the profits, the coffee food truck buys its coffee beans from farmers who use sustainable methods of farming. This allows the farmers to get a profit and be able to live off their work rather than relying on charity. This distinction helps Fiorella argue the benefits of being a social enterprise for the business and the cause, rather than the charity that does not allow the cause, in this case the farmer, to grow at all. Charity promotes a stagnant, one-way economy that has no advances of any kind. Although charity is important in a crisis or catastrophe, a social enterprise is beneficial in aiding the economic growth of two bodies of work.

when Fiorella says that social entrepreneurship is not charity, she means that if you want to start a business, you have to make stable money behind it to produce it. Social entrepreneurship is a business that makes profit. In charities, you only get money for volunteers, not knowing if you will make lots of profit. Fiorella expresses this because she wants people to know that in entrepreneurship, you have to work or your business and get profit, not getting money from charities.

In the article, the author, Fiorella Riccobon, stresses that social entrepreneurship is not a charity. She uses two important distinctions to explain this. The first is that it’s a more stable business format. Charities rely on donations for their income and funds. Social entrepreneurship sells goods and uses the profit to help others. The second is the way they help. Social entrepreneurship teaches people to support themselves by getting fair wages like the Haitian coffee farmers. Charities give money or food which only helps people when they are there.

It is important, social entrepreneurship is more than just a charity. Even if the businesses your talking about or involved in a nonprofit business, it will sustain its self better than a charity. All charities come to a soon end. you must have a bullishness plan when it comes to whatever your collecting profit for. Charity does not have a foundation like a businesses does. An innovative business will help you make a better profit.

Fiorella is stating the social entrepreneurship is not like charity. Shes saying the for charity it doesn’t last for a long time, entrepreneurship is not on one major thing. Malala has won the Nobel prize inspiring woman and helping the communit

Giancarlo amazing statement

I believe that when Fiorella mentions social entrepreneurship isn’t charity that she is referring to the fact that charity is something that is done for the sake of a devastating event or in other words a single reason but on the opposing side of things , she is saying that social entrepreneurship is for a diversity of necessities including for example as one of the subtitles in the article says “helping the homeless.”

The details given by Fiorella in the article on what a social entrepreneurship does and its functions is truly brilliant. The new level that these social entrepreneurship are achieving is remarkable as they create a business that benefits small businesses, helping in the community, and produce a profit. It’s a truly beneficial business for all aspects included.

As far as the article goes, Fiorella did a really good job distinguishing between charity and social entrepreneurship. Before reading this article, they were both the same thing in my mind. She makes this distinction for exactly this reason, so people are more educated about social entrepreneurship and her business. The way I see it, social entrepreneurship is an equilibrium between charity and the economy. Charity isn’t a sustainable lifestyle, but a social enterprise is. In my opinion, a social enterprise uses the efficiency of the United States economy to benefit the person in charge of the business and others.

When Fiorella said that social entrepreneurship is not a charity, she is stating that charity relies on other founds for only one cause. When you start a business, you need some money to put behind it to support the business. Charity relies on other people to give money. With a business, there is an economic flow of money. Even though donations are involved in a business, its gains some sort of profit. You cannot build your business not knowing where or when your money is coming from. Charity doesn’t generate profit, this is why she said it that way.

I agree with Fiorella, that social entrepreneurship is not charity. What she means by that is charity is when you give to a cause if there is something horrible occurs, such as hurricane Harvey, you would give money to charity to give the people of Houston. But in this case, social entrepreneurship is when you teach someone how to do stuff like make their own food by people teaching them how to farm or raise cattle so they won’t need to be so dependent for others to give them money.

Fiorella stresses that social entrepreneurship is not charity. Even though social entrepreneurs and charity both rely on donations and are similar, social entrepreneurs can’t create a business of it because charity is not sustainable. She wants readers to understand the difference between social entrepreneurship and social services because most people think they are similar.

When Fiorella Riccobono says that social entrepreneurship is not a charity she means that charity is just giving away without gaining any profit out of it. A social entrepreneurship is different because social entrepreneurship makes a profit; it helps a community in some ways but it also benefits the entrepreneur in other ways. There’s a saying that Ms. Zocco said “Give a Man a Fish, and You Feed Him for a Day. Teach a Man To Fish, and You Feed Him for a Lifetime.” This saying explains much about what social entrepreneurship. An example of a social entrepreneurship is, you put a business in a poor town, you teach all the poor people in that town how to do the job and hire them. You pay them a wage that is going to allow them to live comfortably and they are good. An example of a charity is going to a poor town and just give them money. That will only help them for some time. She makes this important distinction because social entrepreneurship is much better than charities. It helps the people, it makes them work, and it helps the entrepreneur make a profit. Charity helps society but it doesn’t improve society as much as social entrepreneurship. This is important to know because the more people make social entrepreneurship, the less poverty will be in the world.

When Fiorella states that social entrepreneurship is not charity, she is referring to the fact that charity relies only on founds and specific for one cause.

It’s not the same because , although social entrepreneurs may need donations to launch their endeavors, they are not going to be able to create a business based on donations. Charity is not continuous. Just imagine building a business when you don’t know where your next dollar is coming from or when, you can’t. This is actually important because social entrepreneurs are individuals who draw on innovative business strategies to create solutions to societal issues. So, this is what I think.

Fiorella stresses that social entrepreneurship isn’t a charity because it isn’t. In order to start a business and have it flourish you need more than just donations to do that. Even though the two have their similarities (meaning they both rely on donations), they are different. You can’t just base your business on a “maybe”, because there’s no 100% that there will be more donations. That’s worry-some for your clients and yourself. Entrepreneurs may use the donations to start off but later own they’re going to have to make better decisions so they gain money instead of receiving it form anonymous or known doners.

When Fiorella Riccobono stresses that social entrepreneurship is not a charity, she’s referring to the fact that a charity is when people give without getting anything out of it. Rather, she wants people to understand that in social entrepreneurship, the entrepreneurs are helping with societal issues but they are building a business not a charity.

When Fiorella said that social entrepreneurship is not charity, charity rely on donations for only one cause but charity isn’t sustainable. All charities will help for some time and come to a soon end. But social entrepreneurship is an equilibrium between charity and economy because makes people work and help the entrepreneur make profit and improve de community. Malala Yousafzi and Muhammad Yunus are positive and influential contributions to de society. Malala advocates for women education and Muhammad created the concept of microfinancing. I agree when Fiorella says, “I believe social entreneurship is the future of business and policy making.” Because the more people who make social entreneurship with innovative business tactics the more solutions to social issues.

When Fiorella Riccobono stresses that social entrepreneurship is not donated, she means that social entrepreneurship is not focused on raising money. Social entrepreneurship is a business that benefits when money is used. Of course you are going to need to donated money from somewhere, but the purpose of social entrepreneurship is to run a business not to collect money. Clearly, Fiorella makes this important distinction because she wants to show the readers that social entrepreneurship and donating are two separate things.

Florella says “I believe social entrepreneurship is the future of business and policy making”, which I have to totally disagree on. I’m surprised that no one has talked about Corporate Social Responsibility (CSR), which is mandatory in many countries, as a % of the net profits made by the firm. Why are firms doing this? Well, if they make a difference (e.g. build a school for a rural place in a country), they gain good publicity. As consumers are getting richer now, they may choose to buy a good or service from a firm with good reputation. By enacting CSR, firms have a better brand image as they are seen to be kind, caring, and giving back to the community. Is this the truth? No. Firms are doing this for more profits and revenue. They can gain more demand and consumer loyalty by CSR.

Now back to social entrepreneurship. This is different from CSR as CSR can be donating money to a major firm. Right now, businesses focus on whether their acts are moral and ethical, as they may be creating lots of external costs e.g. pollution which decreases health of the labour force. Most businesses are for profit – only non-profits will focus on social entrepreneurship. Trust me, it isn’t highly profitable.

I have a social enterprise myself, from the club I created. I’ll talk about the club and distinguish between social entrepreneurship and donating / charities. They are different, but are similar in some respects. Both need money to operate. How do charities get money? They ask people to donate, which is usually tax deductible if they are a 501c3. How do social entrepreneurs get money? They have to get it themselves, which is a very proactive process. Most people get investors. However, I’m only 15, so I gain money by starting a business and profiting. I use those profits to operate my social enterprise.

Florella continues with “Social entrepreneurs do not have an idea and then apply it. Instead, they go directly to the source of the issue and ask what is needed. Based on that answer, they build their business plans. Social entrepreneurs are often empathetic, bold, open-minded and tenacious”. I totally agree on this, but as I am a student, I’m working with a 501c3, and together we are developing a model on how to alleviate poverty and hunger in a part of rural China. We’re working on small ‘life packages’, containing different proportions of food, sanitation, clothing, etc. and we’re finalising the model. Our solution is very meaningful and may bring a whole village out of the absolute poverty line. However, similar to a charity, we need funds to operate and purchase the food packages. I am the social entrepreneur, while the 501c3 is the charity. The charity of course has more funds as they are tax deductible, and a trusted organisation. On the other hand, I have less funds because I’m gathering it myself, but together we make a good group to help fight against the 1st and 2nd UN SDGs!

Finally, I’d like to comment on Malala, a true inspiration. There is a club at my school based off Malala’s vision, providing more education for girls. Although we live in a rich district in the metropolis Shanghai, there are rural places in China (places which need food packages) where girls don’t go to school. Malala’s story has made the whole world realise how inequality still exists, and keeps reminding us to fight against it. I’m so happy that service learning has just been approved at our school as a mandatory academic subject :).

Also, commenting a little more on Malala – her life has a “conveyor belt” image, as she was brought up in an elitist family who trained her to be the voice for many women. Her success would not have been possible without her father. Of course, she was very determined herself as she was stronger than before after being shot and fortunately surviving. Malala wasn’t a social entrepreneur, but more like a political ambassador / representative. Her Noble Peace Prize win raised more awareness of the issue of inequality, to empower women for education.

In the mere chance anyone stumbles by my post nearly 1.5 years ago, I’d like to make a correction after learning much more about impact investing and creating a business with impact. My previous viewpoints still remain the same (well, CSR is mutually beneficial for both the firm’s publicity and those who are supported by the received money/projects – it’s a win win!). However, social enterprises can be for profit. There are many impact investing firms, mostly venture capitals that invest in businesses that will both generate profits and a positive societal impact. Hence, social enterprises can definitely be profitable.

Also, update to the social enterprise I founded. Co-organised event with Rise Against Hunger where 220000 meals were packaged and distributed in Oct 2018!

Great. This article is excellent. I have read many articles with this topic, but I have not liked. I think I have the same opinion with you. ATTITUDE QUOTES

As stressed by Fiorella Riccobono, Social entrepreneurship is different than charity. I feel the same here as charity is merely done for compassion towards humankind and measured by the donations acquired, social entrepreneurship is done for social change and welfare.

When Fiorella says, “I believe social entrepreneurship is the future of business and policy-making”, I completely agree. The concept of innovative thinking is lacking in this world and by social entrepreneurship, such skills are highlighted.

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7 Inspirational Essays on Entrepreneurship-Meaning & Importance

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Entrepreneurship is the process, skill, ability to create opportunities, solve problems and contribute into the society. It takes a lot to be an entrepreneur. The following Essay on Entrepreneurship talks about its very concept, meaning & importance in our Lives.

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E ssay on Entrepreneurship | Definition, Concept, Importance of Entrepreneurship for a Country

Entrepreneurship is simply the process of designing, launching, and running a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things.

Entrepreneurship is not easy. It involves taking risks, making sacrifices, and working hard. But it can be immensely rewarding, both personally and professionally. There are many reasons why people become entrepreneurs. Some want to be their own boss, some want to make a lot of money, and others just enjoy the challenge and excitement of starting something new. Whatever your reasons, there are certain qualities that all successful entrepreneurs share. These include creativity, initiative, risk-taking, determination, and perseverance.

Benefits of Being an Entrepreneur

There are many benefits to being an entrepreneur, including:

1. Freedom and control. As an entrepreneur, you are your own boss and you make your own decisions. This can be a very rewarding experience, both personally and professionally.

2. Opportunity for Growth . As an entrepreneur, you have the opportunity to grow your business and make it as successful as you want it to be. There are no limits to what you can achieve.

3. Pride and Satisfaction. Seeing your business grow and succeed can give you a great sense of pride and satisfaction. Knowing that you built something from scratch and made it successful is an incredible feeling.

4. Financial Rewards. Of course, one of the biggest benefits of being an entrepreneur is the potential for financial rewards. If your business is successful, you can make a lot of money.

These are just a few of the many benefits that come with being an entrepreneur. If you have the drive and determination to succeed, entrepreneurship can be a very rewarding experience.

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Qualities of a Successful Entrepreneur

Creativity. Successful entrepreneurs are creative problem-solvers. They think outside the box and come up with innovative solutions to problems. Initiative. Successful entrepreneurs take initiative. They don’t wait for someone else to tell them what to do; they take the initiative to make things happen.

Risk-taking. Successful entrepreneurs are willing to take risks. They know that there is always the potential for failure, but they are willing to take risks anyway. Determination. Successful entrepreneurs are determined to succeed. They never give up, even when things get tough.

Persistence. Successful entrepreneurs are persistent. They keep going, even when others would have given up. These are just a few of the qualities that successful entrepreneurs share. If you want to be a successful entrepreneur, you need to have these qualities in abundance.

Entrepreneurship is not for a faint heart. It takes a lot of hard work, dedication, and determination. But if you have what it takes to be an entrepreneur, the rewards can be great. So if you’re looking for a challenge, and you’re willing to take some risks, entrepreneurship might be for you.

Therefore, Entrepreneurship is an art of creating something new, whether a new business or enterprise. It can be done by anyone, regardless of their level of experience or education. Many people think that entrepreneurship is all about starting new businesses, but that’s only one aspect of it. You can also be an entrepreneur within an existing organization, by coming up with new ideas and ways of doing things. So if you’re ready to take the plunge into entrepreneurship, go for it! There’s no better time than now.

Reflective Essay on Entrepreneurship:

As I sit down to write this reflective essay on entrepreneurship, I can’t help but think about my own journey as an entrepreneur. It has been a rollercoaster ride full of highs and lows, successes and failures, but most importantly, a learning experience like no other.

Being an entrepreneur is not for the faint of heart. It takes guts, determination, resilience, and a whole lot of hard work. You have to be willing to take risks, think outside the box, and constantly adapt and pivot as the business landscape changes.

But why do people become entrepreneurs? Some might say it’s for the freedom and flexibility that comes with being your own boss. Others might say it’s for the potential financial rewards. While these are certainly perks of entrepreneurship, I believe that the true driving force behind becoming an entrepreneur is passion.

Passion is what fuels entrepreneurs to pursue their dreams and turn them into reality. It’s that fire in your belly that keeps you going even when faced with challenges and setbacks. Without passion, it’s difficult to sustain the motivation and drive needed to build a successful business.

But being passionate about your business is just one aspect of entrepreneurship. You also need to have a solid idea, a sound business plan, and the ability to execute on your vision. These are all skills that can be learned and developed over time.

One of the biggest lessons I’ve learned as an entrepreneur is the importance of surrounding yourself with the right people. This includes mentors, advisors, and a strong team. As the saying goes, “you are only as strong as your weakest link.” Having a support system of knowledgeable and experienced individuals can make all the difference in the success of your business.

Another important aspect of entrepreneurship is embracing failure. No one likes to fail, but it’s inevitable in the world of entrepreneurship. What sets successful entrepreneurs apart is their ability to learn from their failures and use them as stepping stones towards success. Failure is not a setback, but rather an opportunity for growth and improvement.

As I reflect on my own journey as an entrepreneur, I am grateful for the experiences and lessons learned along the way. It has been a challenging yet rewarding path, and I wouldn’t change it for anything. Entrepreneurship is not just about building a business, it’s also about personal growth and development.

In conclusion, being an entrepreneur is not just about making money or being your own boss. It’s about pursuing your passion, taking risks, learning from failures, and constantly growing and evolving. It’s a journey that requires dedication, perseverance, and a willingness to learn. But with hard work and determination, the rewards can be endless. So for anyone considering entrepreneurship, my advice is to follow your passion, surround yourself with the right people, and never be afraid of failure because in the end, it’s all part of the journey towards success

Essay on Entrepreneurship in India:

Entrepreneurship in India has been on the rise for the past few decades, with more and more individuals taking the leap to start their own businesses. This trend can be attributed to a combination of factors such as a thriving economy, government policies that support entrepreneurship, and a growing culture of innovation.

One of the main reasons for the growth in entrepreneurship is India’s rapidly growing economy. Over the years, India has emerged as one of the fastest-growing major economies in the world. This economic growth has created a favorable environment for entrepreneurs to launch their ventures and tap into new markets. With a large and diverse population, there is a high demand for goods and services, providing ample opportunities for entrepreneurs to succeed.

Moreover, the Indian government has taken several initiatives to promote and support entrepreneurship in the country. The introduction of policies like Startup India, Standup India and Make in India has provided a conducive environment for new businesses to thrive. These policies have made it easier for entrepreneurs to start their ventures by simplifying procedures, providing financial aid, and offering tax incentives.

In addition, there is a growing culture of innovation in India that is driving the entrepreneurial spirit. Indians have always been known for their creativity and resourcefulness, and this is now being channeled towards entrepreneurship. With advancements in technology, access to information, and a growing network of mentors and investors, aspiring entrepreneurs are able to turn their ideas into successful businesses.

However, while the entrepreneurship landscape in India is promising, there are still challenges that need to be addressed. One major challenge is the lack of access to funding for startups. Despite the government’s efforts, raising capital remains a significant barrier for many entrepreneurs, especially those from underprivileged backgrounds.

Another challenge is the competitive market in India. With a large number of existing businesses and new ones emerging every day, it can be difficult for entrepreneurs to stand out and make their mark. This requires a high level of resilience and adaptability, which are essential qualities for any successful entrepreneur.

>>>> Read Also:  ” Paragraph on Internet & Its Importance “

In conclusion, entrepreneurship in India is a dynamic and ever-evolving landscape. With a strong economy, supportive government policies, and an innovative culture, the potential for growth and success is immense. However, it also requires determination, perseverance, and the ability to navigate challenges. As more and more individuals take the path of entrepreneurship, India is poised to become a hotbed for innovation and economic growth in the years to come.

Benefits of Entrepreneurship Essay:

Entrepreneurship is a hot topic these days, with more and more people opting to start their own businesses instead of working for someone else. And there’s no denying the numerous benefits that come with being an entrepreneur.

Firstly, entrepreneurship allows individuals to pursue their passions and interests. Unlike traditional jobs where you are limited to certain roles and responsibilities, as an entrepreneur, you have the freedom to create and innovate in any field you choose. This not only leads to personal satisfaction but also contributes to the growth of industries and economies.

Secondly, entrepreneurship offers a sense of autonomy and control over one’s own life. Being your own boss means having the freedom to make decisions, set your own schedule, and work towards achieving your goals without external constraints. This can result in a more fulfilling and balanced work-life balance.

Another benefit of entrepreneurship is the potential for financial gain. While starting a business may involve some initial investment, the long-term rewards can be significant. As an entrepreneur, you have the opportunity to build a successful and profitable business that can provide financial stability for yourself and your family.

Moreover, entrepreneurship encourages creativity and problem-solving skills. As an entrepreneur, you are constantly faced with challenges and obstacles that require innovative solutions. This not only helps in personal growth but also contributes to the overall advancement of society.

Lastly, entrepreneurship creates job opportunities for others. As your business grows, you will need to hire employees to assist with various tasks. This not only provides employment opportunities for others but also gives them a sense of purpose and the chance to learn new skills.

In conclusion, entrepreneurship has numerous benefits that go beyond just financial gain. It allows individuals to pursue their passions, have control over their lives, foster creativity, and contribute to society’s growth.

Successful Entrepreneur Essay:

Being a successful entrepreneur is not an easy feat. It requires hard work, dedication, and a unique set of skills. In this essay, we will explore the qualities and traits that make a successful entrepreneur.

Firstly, a successful entrepreneur is someone who has a strong vision and passion for their business. They have a clear understanding of what they want to achieve and are willing to put in the effort and take risks to make it happen. They are not afraid of failure and are persistent in pursuing their goals.

Secondly, an entrepreneur must possess excellent leadership skills. They need to be able to motivate and inspire their team, delegate tasks effectively, and have a clear vision that everyone can work towards. A successful entrepreneur also knows how to handle challenges and adapt to changes in the market.

Furthermore, successful entrepreneurs have excellent communication and networking skills. They know how to build relationships with clients, investors, and other professionals that can help their business grow. They are also great at pitching their ideas and selling their products or services.

In addition to these qualities, a successful entrepreneur is always willing to learn and evolve. They keep up with industry trends and are constantly seeking ways to improve their business. They also know when to seek advice and guidance from mentors or other successful entrepreneurs.

In conclusion, being a successful entrepreneur requires a combination of skills, dedication, and passion. It is not an easy journey, but with the right mindset and determination, anyone can achieve success in the world of entrepreneurship. So if you have a business idea and dream of being your own boss, don’t be afraid to take the leap and become an entrepreneur.

My Favorite Entrepreneur Essay:

As someone who is passionate about entrepreneurship and the power of innovation, there are many successful entrepreneurs that I admire. However, there is one entrepreneur in particular who has always stood out to me as my favorite – Elon Musk.

Elon Musk is a visionary entrepreneur and has been at the forefront of cutting-edge technologies such as electric cars, space exploration, and renewable energy. He is the founder of multiple successful companies including SpaceX, Tesla, Neuralink, and The Boring Company. His relentless drive to push boundaries and revolutionize industries has inspired me in my own entrepreneurial journey.

One of the reasons Elon Musk is my favorite entrepreneur is because he doesn’t just focus on making profits, but also prioritizes creating a positive impact on society. He has a grand vision for a sustainable future and is actively working towards it through his companies. For instance, Tesla’s mission to accelerate the world’s transition to sustainable energy has played a significant role in promoting clean energy solutions.

Another aspect that I admire about Elon Musk is his fearlessness when it comes to taking risks. From investing all his money into SpaceX despite multiple failed launches, to constantly pushing the limits of technology with each new project, he has shown that great success comes with great risk-taking.

Moreover, Elon Musk’s leadership style is also something I look up to. He leads by example and isn’t afraid to get his hands dirty in the day-to-day operations of his companies. He also prioritizes hiring talented individuals and fostering a culture of innovation and collaboration.

In conclusion, Elon Musk’s passion, drive, and fearlessness have made him my favorite entrepreneur. He continues to inspire me to think big and use entrepreneurship as a tool for positive change in the world.

What Make a Good Entrepreneur Essay:

Being an entrepreneur is not an easy task. It requires a combination of skills, traits, and personal characteristics to be successful in this field. In this essay, we will discuss what makes a good entrepreneur and the key factors that contribute to their success.

Firstly, a good entrepreneur must have strong leadership abilities. They should be able to inspire and motivate others towards achieving a common goal. This not only applies to their employees but also to their clients and stakeholders. A good leader knows how to communicate effectively, delegate tasks, and make difficult decisions when necessary.

Secondly, a successful entrepreneur should possess resilience and perseverance. Starting and running a business comes with its fair share of challenges and setbacks. However, a good entrepreneur does not let these obstacles deter them from pursuing their goals. They are determined to overcome any obstacles and learn from their failures.

Next, a good entrepreneur must have a strong passion for what they do. Starting a business requires hard work, dedication, and long hours of commitment. Without passion, an entrepreneur is likely to burn out or give up when faced with challenges. Passion drives them to keep moving forward, even when things get tough.

Moreover, a good entrepreneur must be creative and innovative. In today’s fast-paced world, businesses need to constantly adapt and evolve to stay ahead of the competition. A successful entrepreneur is not afraid to take risks and think outside the box in order to come up with unique solutions or products that meet the needs of their target market.

In conclusion, being a successful entrepreneur requires a combination of skills, determination, and passion. It’s not just about having a great idea, but also about having the drive and ability to turn that idea into a successful business venture. By possessing strong leadership abilities, resilience, passion, and creativity, one can increase their chances of becoming a successful entrepreneur

Speech about Entrepreneurship:

Dear aspiring entrepreneurs,

I am here today to talk to you about entrepreneurship – the art of pursuing your dreams, taking risks and creating something truly remarkable. Now, before I start, let me ask you a question – have you ever thought about starting your own business? Have you ever felt the desire to break free from the 9-5 grind and be your own boss? If your answer is yes, then my friends, you are already on the right path.

Entrepreneurship is not just about making money or being successful. It’s a way of life – a mindset that sets you apart from the crowd. It’s about having the courage to follow your passion and turn it into a reality. It’s about taking control of your own destiny and not being limited by someone else’s expectations.

Now, I know what you’re thinking – entrepreneurship is risky, it’s difficult, it requires a lot of hard work and dedication. And yes, all of that is true. But let me tell you something – nothing worthwhile in life comes easy. If you want to achieve greatness, you have to be willing to push yourself out of your comfort zone, to face challenges head on and to embrace failure as a learning experience.

But the beauty of entrepreneurship is that it’s not just about success or failure – it’s about the journey. It’s about waking up every day with a sense of purpose and passion, knowing that you are working towards something meaningful and fulfilling. It’s about creating something that you can be proud of and leaving a legacy for generations to come.

So my dear friends, don’t let fear or doubts hold you back from chasing your dreams. Don’t let the naysayers discourage you or the setbacks demotivate you. Remember, every successful entrepreneur started with an idea and a dream – and they never gave up on it. So believe in yourself, trust in your abilities and take that leap of faith. Because in the end, it’s not about reaching the destination, it’s about enjoying every step of the journey.

As I wrap up my speech, I urge you to think about what truly excites you, what drives you and what makes you come alive. And then go out there and make it happen. Because the world needs more dreamers who are crazy enough to believe that they can change it for the better. And I have no doubt in my mind that each and every one of you has the potential to do just that.

What is entrepreneurship in your own words essay?

Entrepreneurship is the pursuit of creating, developing, and managing innovative and often risky ventures with the aim of achieving success, typically in the realm of business. It involves identifying opportunities, taking calculated risks, and mobilizing resources to bring new ideas or products to the market.

Who is an entrepreneur (100 words)?

An entrepreneur is a visionary and proactive individual who initiates and organizes a business or venture, assuming significant financial and personal risks in the pursuit of innovation and success. Entrepreneurs are often characterized by their creativity, resilience, and ability to identify opportunities in the market.

They play a pivotal role in driving economic growth, creating jobs, and fostering technological advancements. Entrepreneurs come from diverse backgrounds, but they share the common trait of a willingness to take calculated risks and a relentless drive to turn their ideas into reality.

What are 3 reasons why entrepreneurship is so important?

Entrepreneurship is crucial for economic growth, job creation, and innovation. It promotes:

a. Economic Growth: Entrepreneurs stimulate economic development by creating new businesses and markets, leading to increased production and consumption.

b. Job Creation: New businesses founded by entrepreneurs generate employment opportunities, reducing unemployment rates and enhancing social well-being.

c. Innovation: Entrepreneurs drive innovation by introducing new products, services, and processes that can lead to technological advancements and improved quality of life.

What is entrepreneurship and its importance?

Entrepreneurship is the process of identifying and exploiting opportunities to create and manage new ventures, typically in the business context. Its importance lies in its ability to drive economic growth, create jobs, foster innovation, and adapt to changing market conditions, ultimately contributing to a dynamic and prosperous society

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Empowering women entrepreneurs in Africa: Sumaiyah’s journey of growth and resilience

Sumaiyah Omar, a young lawyer from Nairobi, used the knowledge gained from the Entrepreneurship and Financial Literacy Training Programme, to grow her law firm and establish her tech consulting firm, Ideate Tech Policy Africa.

March 7, 2024

Sumaiyah Omar Presented with her certificate of completion during the In Person Entrepreneurship Training held by UNDP, UNITAR and IGAD, Credits: Mopix Productions/UNDP

The promise of the African Continental Free Trade Agreement (AfCFTA) symbolizes the continent’s increasing growth and integration, ushering in new opportunities for women to thrive in business and position them in the driving seat of Africa’s economic transformation. 

Yet, there are real challenges that could potentially jeopardize their ability to fully contribute to this new vision. The unequal burden of care work, precarity, low wages and scant opportunities to lead businesses contribute to a dangerous cycle of poverty and inequality. For example, women's participation in the labor market is 11% lower than that of men in Africa, while women earn 30% less than men in sub-Saharan Africa . In addition, women entrepreneurs face significant challenges in business, with women comprising a majority (58%) of Africa's informal sector workers, but only representing  20% of formal business owners. They often must navigate limited access to seed capital, lack adequate training opportunities, and face discrimination in the workplace.

In response to these challenges, UNDP and the United Nations Institute for Training and Research (UNITAR) launched the Entrepreneurship and Financial Literacy Training Programme in 2022 to help women entrepreneurs develop the skills to scale their businesses. The curriculum, which covers topics such as financial management, sustainability, marketing and cultivating an entrepreneurial mindset, seeks to equip women entrepreneurs with the foundational tools to strengthen their enterprises and invest in their communities. 

Sumaiyah Omar, a young lawyer from Nairobi, used the knowledge gained from the programme to grow her law firm and establish a tech consulting firm, Ideate Tech Policy Africa (ITPA). Aligning with this year’s International Women’s Day call to action —  Invest in Women — Sumaiyah's story illustrates the impact of investing in women entrepreneurs.

Her journey, as many entrepreneurs face, initially came with challenges. “I had finished my bar exam and didn’t see many women who started their law firms in Kenya – especially those who are Muslim and Kenyan-Somali women like me...so I really relied on learning as I go. My formal training is as a lawyer, but I didn’t have the skills to actually run a business. My biggest incentive was to learn financial planning, plan around risks around financing, but also learn and interact directly with other entrepreneurs."

Sumaiyah’s early entrepreneurial journey was not immune to the impact of COVID-19, with her law firm launching from home at first, "during those months, I was able to raise enough money to get an office space and furnish it."

Participating in the entrepreneurship training programme was a turning point in Sumaiyah's journey. In addition to her law firm, she was also keen to put her newly acquired knowledge into action for her second business, Ideate Tech Policy Africa, launched in early 2023. “The financial management course was really helpful, but I really enjoyed the ‘Building a Sustainable Enterprise’ course. The unit on establishing a non-profit spoke to me as I am trying to open a non-profit wing for my tech consulting business that will impact the community.”

The value of networking and building relationships was also a fundamental part of Sumaiyah’s learning journey in the programme. “I really liked the ability to chat with other participants online, and later meeting them physically in February. We got to share our entrepreneurship journeys one-on-one and build networks. It was great to meet women entrepreneurs from my country and from other countries.”

Women should also be allowed to make mistakes and fail in their entrepreneurial journey if we want them to eventually be successful.

Sumaiyah envisions an Africa of equal opportunity and support for women entrepreneurs. “In the entrepreneurial realm, women's mistakes, which are an inherent part of the journey, are often met with less room for recovery compared to men. Men are often granted the freedom to experiment with seed capital, even if their ventures don't pan out as planned. Women should also be allowed to make mistakes and fail in their entrepreneurial journey if we want them to eventually be successful.”

With support from the Government of Canada, UNDP's regional initiative on gender equality and women's empowerment champions individuals like Sumaiyah, by providing African women with the essential resources to improve their livelihoods and drive meaningful change across the continent.

The initial cohort was launched in partnership with the Intergovernmental Authority on Development (IGAD) and the Government of Canada, bringing together 25 entrepreneurs from Eritrea, Kenya, Somalia, Sudan, South Sudan and Uganda. The online programme has currently expanded to its second cohort, with 5,000 participants from the Economic Community of Central African States (ECCAS), the Southern African Development Community (SADC), and the Economic Community of West African States (ECOWAS).

For more information, contact

Michelle Mendi Muita, Regional Communications Specialist, UNDP Regional Service Centre for Africa Addis Ababa, Ethiopia [email protected]  

Housam Silim, Gender and Communications Analyst UNDP Regional Service Centre for Africa Addis Ababa, Ethiopia [email protected]  

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With Iconic Clients Like Magic Johnson and Hulk Hogan, This Super Agent's Career Exceeded His Wildest Dreams. But Behind All of the Success He Was Caught in a Personal Nightmare. On this episode of "The Jeff Fenster Show," Darren Prince shares his remarkable recovery journey, reminding us all of the importance of inner growth, resilience, and making a positive impact on others.

By Jeff Fenster • Mar 11, 2024

Opinions expressed by Entrepreneur contributors are their own.

From his early days as a young entrepreneur to representing some of the biggest names in sports and entertainment, Darren Prince 's story is one of triumph over adversity.

Darren Prince's path to growing Prince Marketing Group into a powerhouse agency with a roster including Magic Johnson, Hulk Hogan and Chevy Chase was not without its challenges. Behind the glitz and glamor of the sports agent world, he battled his own demons, struggling with drug addiction that led him down a dangerous path. However, a near-fatal overdose became a turning point in his life. It was a wake-up call that made him realize the need for change and embark on a journey of recovery.

Related: How Giving Your Time and Resources to Others Can Unlock Opportunity and Wealth

Throughout his recovery, Darren Prince discovered the power of seeking support . He surrounded himself with a strong support system, including mentors, therapists, and fellow recovering addicts. This support was instrumental in his healing process.

Getting his life back made Darren want to dedicate himself to helping others who are struggling with addiction. His willingness to share his story with vulnerability has inspired countless individuals facing their own battles and helped many shatter the stigma surrounding addiction and mental health.

Related: Gary Vaynerchuk on the Power of Authenticity and Accountability

Despite his past success in the sports agent industry, Darren realized that material possessions alone did not bring true fulfillment. Instead, he shifted his focus toward helping others and making a positive difference in their lives. His story underscores the importance of making a real impact through authentic connections, acts of kindness, and leaving a lasting legacy.

His transformation from a sports agent to a health advocate is a testament to the power of resilience, vulnerability, and helping others. We hope his story inspires and empowers others to overcome their challenges and create positive change in the world.

About The Jeff Fenster Show

Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.

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Founder, Everbowl

Jeff Fenster is an award winning entrepreneur, best selling author, podcast host and expert in relationship capital.

His entrepreneurial success is vast - ranging from a quick serve restaurant chain, payroll and HR company, digital marketing agency and a construction company. But no matter what venture Jeff pursues, he lives by the principle of putting people first.

He was named a  Empact100 Showcase Top 100 Entrepreneur  in 2013,  2019's Top 40 Executive Under 40  by the San Diego Business Journal, and a  Top Entrepreneur to Watch for 2020  by Thrive Global.

Jeff’s acclaimed podcast, The Jeff Fenster Show, features successful entrepreneurs, celebrities and athletes sharing their insights and stories of success. Today, Jeff speaks around the country on entrepreneurial mindset, authentic networking and vertical integration.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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A Grainy Photo and a Dilemma: How U.K. Papers Are Covering Princess Catherine

In a country where the health struggles of even public figures are generally viewed as out of bounds, journalists are trying to balance the right to privacy with a thirst for royal stories.

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By Mark Landler

Reporting from London

After a week of often hysterical speculation about her well-being, there were suddenly two plausible pieces of evidence that Catherine, Princess of Wales, was on the mend : a photo of her in a car driven by her mother and a confirmation by the British Army that she would attend a military ceremony in June.

But as with almost everything surrounding the health of Prince William’s 42-year-old wife in recent weeks, any sense of certainty quickly melted away.

A palace official said on Tuesday that the army had jumped the gun in announcing Catherine’s participation in Trooping the Color, an annual ritual that celebrates the birthday of the sovereign. And while British newspapers reported the existence of paparazzi shots, purportedly of Catherine, that were posted on social media on Monday, none of them published the images.

At the end of another hothouse news cycle, consumers of royal news were back where they started: in the dark about the princess, who had abdominal surgery in January and has not been seen during her lengthy convalescence.

The only certainty in the saga of Catherine is the appearance of her freewheeling, unfiltered uncle, Gary Goldsmith , on a British reality-TV show, “Celebrity Big Brother,” which aired on Monday evening. At any other time, Mr. Goldsmith’s appearance might have been an embarrassment for Catherine, who has tried to cultivate a dignified, disciplined image as a senior member of the royal family.

In the vacuum of news about her, however, experts say Mr. Goldsmith’s reality-TV antics may provide a welcome distraction for Britain’s tabloid papers. Their editors have struggled to balance their zeal for covering the royals — an almost boundless enthusiasm, in the case of a future queen once known as Kate Middleton — with a recognition that even most public figures in Britain are generally entitled to privacy in matters of health.

“The media is, unusually, lagging behind,” said Sarah Sands, a former senior editor at the BBC and former editor of The Sunday Telegraph. “They are left scratching their heads. Did they love her too much and pile too much pressure on her? Is the new role of the media to provide reassurance?

“Coming to the aid of the tabloids is the friendly pantomime figure of Kate’s wicked uncle, Gary Goldsmith,” Ms. Sands continued. Mr. Goldsmith, she said, “is likely to be the only inside commentary we are going to get for the next few weeks.”

If that’s true, it could spare the papers and broadcasters from having to make decisions like the one they faced on Monday, when the American celebrity gossip site TMZ posted what it claimed were the first images of Catherine since before she was hospitalized. The long-lens photos, which are grainy and show a woman in sunglasses who resembles Catherine, were taken near Windsor Castle, according to the site.

The Daily Mail said the pictures were not published in Britain because Kensington Palace, where William and Catherine have their offices, “appealed for her to be able to recuperate in private.” But The Mail went on to speculate that they were taken on Monday morning shortly after Catherine dropped off her children at school, helped by her mother, Carole Middleton.

Chris Ship, the royal editor of ITV News, referred to the images on social media but said, “We are not running them out of respect for her privacy whilst she recovers from her operation on the time scale we were given.”

Kensington Palace has said Catherine will not go back to her royal duties until after Easter. Last week, caught up in a swirl of conjecture and conspiracy theories after William abruptly pulled out of a function, it reiterated that statement and said it would provide only “significant updates.” The princess, an official said, was still doing well.

On Tuesday, the palace refused to comment on the photos, saying it did not want to give TMZ publicity. British newspapers have treated paparazzi photos gingerly since the death of Princess Diana, William’s mother, in a car crash in Paris in 1997, after a high-speed pursuit by photographers.

“The memory for the British press is still sharp,” said Ms. Sands, who was deputy editor of The Daily Telegraph at the time of Diana’s death. “It was full of dry-mouth remorse. Rules on privacy and duty of care changed profoundly.”

British courts have ruled that the right to privacy extends to members of the royal family, and the Editors’ Code of Practice , under which much of the British press operates, protects all individuals against unjustified intrusion into matters of physical and mental health.

Some critics were less generous about the media’s motives, particularly given that the images are easily accessible to anyone with a few swipes on an iPhone.

“What’s fascinating is how the nonsense on social media about Kate gives the papers a chance to write about something that there’s nothing to write about, while being judgmental about what’s out there on the web,” said Peter Hunt, a former royal correspondent for the BBC.

This is the second time in four months that the British media has declined to publish details about the royal family even after they had circulated on social media. In November, papers did not print the names of Catherine and King Charles III after they were identified, in the Dutch edition of a new book, as family members who had allegedly asked about the skin color of the unborn child of Prince Harry and his wife, Meghan.

The floodgates broke only after Piers Morgan, a prominent TV host, disclosed the names on his program. Buckingham Palace said at the time it would contemplate legal action, but it did not act.

The mixed messages over Catherine’s attendance at Trooping the Color may end up being a simple case of bureaucratic bungling. The army said on its website that Catherine, in her capacity as colonel of the Irish guards, would review soldiers who are to parade in the ceremony on June 8.

But a Kensington Palace official said it was the palace’s job to confirm the schedule of the princess, and it has not yet done so. It has also not commented on the decision of Mr. Goldsmith, who is Carole Middleton’s younger brother, to join the cast of “Celebrity Big Brother.”

Mr. Goldsmith, 58, a former technology entrepreneur, pleaded guilty in 2017 to assaulting his wife, Julie-Ann Goldsmith.

In a promotional video for the show, a gleeful Mr. Goldsmith said: “Winding people up is probably my favorite hobby. Every part of me is just riddled with mischief and danger.”

Then he added, “I’m an absolute nightmare to live with. There’s a reason why I’ve had four wives.”

Mark Landler is the London bureau chief of The Times, covering the United Kingdom, as well as American foreign policy in Europe, Asia and the Middle East. He has been a journalist for more than three decades. More about Mark Landler

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Ashley Graham, Emma Grede talk mentoring aspiring entrepreneurs in “Side Hustlers” series

PRESSR: QDB kicks off Factory One’s digital transformation journey

Doha, Qatar: In line with its efforts to support the digital transformation of Qatar’s entrepreneurship ecosystem, and in conjunction with the world’s largest Tech event, the Web Summit Qatar 2024, Qatar Development Bank has announced a new partnership with the leading telecom company Ooredoo to leverage Factory One, QDB’s model factory, to empower private companies and Qatari entrepreneurs in their digital transformation journey.

QDB will initiate the digital transformation of Factory One, the first-of-its-kind industrial capability center in Qatar and the region, to provide services and capacity building programs to empower SMEs to digitize their operations.  Under the initiative, QDB and Ooredoo will join efforts to launch the “Digital Factory One” as well as several technology-driven programs and joint activities.

Commenting on the partnership, Dr. Hamad Mejegheer, QDB’s Executive Director ​ of Advisory & Incub​ation, said the bank plays a pioneering role in supporting the digital transformation of Qatar’s entrepreneurship ecosystem by providing all the necessary support to enable the fourth industrial revolution and to empower Qatari entrepreneurs in their digital transformation journey.

“To deliver on our mission, we must work responsibly with partners capable of accelerating efforts to achieve our goals, in accordance with Qatar National Strategy 2030,” Dr. Mejegheer said.

Thani Ali Al-Malki, Ooredoo’s Chief Business Officer, said Ooredoo was pleased to sign an MoU with QDB, with the aim of fast tracking the digital transformation of Qatar’s entrepreneurship ecosystem. “Embracing digital transformation is at the very heart of what we do at Ooredoo. Through our partnership with QDB on the Digital Factory One project, we're not just talking about the future; we're building it, offering tangible solutions that drive the digitalisation of the manufacturing sector in Qatar and beyond. By providing cutting-edge solutions, we are actively empowering economic diversification and helping to create the jobs, businesses, and industries of tomorrow.”

QDB’s Factory One serves as an integrated training center for companies seeking to develop their businesses and adopt best global manufacturing practices to ensure sustainable and streamlined operations. It was developed and financed by Qatar Development Bank in strategic partnership with the Ministry of Commerce and Industry as the first-of-its-kind industrial capability center in Qatar.

About Qatar Development Bank (QDB)

Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for the private sector.

QDB has achieved significant milestones in recent years, playing a chief role in growing Qatar’s private sector. QDB has also played an integral role in stimulating national economic and social development, through funding a variety of local projects and providing support to the private sector through a range of innovative services. By adopting this strategy, QDB has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry to new international markets.

QDB’s strategy is entirely in line with the Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in key economic sectors, with the aim of building a diversified, sustainable economy.

QDB aims to promote entrepreneurship spirit within the private sector in Qatar through providing the necessary services that shall ease the growth, development, and diversification of this sector. In doing so, QDB offers access to information, incubation, and capabilities to SMEs, in addition to access to capital through direct and indirect financial services, investment and access to local markets, and access to international markets for Qatari exporters though export insurance and funding services.

About Ooredoo

Ooredoo is Qatar’s leading communications company, delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential.

© Press Release 2024

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