What is Entrepreneurialism?

Entrepreneurialism is a state of mind or the condition of being a problem solver.

I thought that was Entrepreneurship

Nope! Here is the difference.

Entrepreneurship vs Entrepreneurialism

Entrepreneurship is the process of turning a problem into a new business venture, in the form of either a service or a product.

See the difference?

I know it might sound confusing, but it’s not.

Entrepreneurialism (as I mentioned earlier) refers to the mindset and philosophy of an entrepreneur – someone who takes on the risk and responsibility of starting and running a business.

It all comes down to being resourceful, inventive, and persistent in your pursuit of a goal.

The Mind State of Entrepreneurship

A definition of an “Entrepreneur” (according to Oxford) is as follows:

“a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so”

As you can see, RISK is emphasized in that definition.

That’s cause it’s one of those unique traits of a Serial Entrepreneur.

Hmm … Interesting

What makes them different?

What makes Entrepreneurs different?

Yeah?

I do cover that in the blog post I mentioned above.

But since you asked, here are the core differences:

Traits of a Serial Entrepreneur

Entrepreneurs are typically driven by a desire to create something new and to build something of their own.

They are willing to take risks and work hard to achieve their goals.

You know what else?

What

They are also comfortable with uncertainty and change.

James Dyson, the founder of a company that makes innovative vacuum cleaners, was unhappy with the performance of his vacuum cleaner …

So he decided to design his own. He spent five freaking years and over 5,000 prototypes before he finally developed a vacuum cleaner that he was satisfied with.

So yeah, they’re kinda weird like that. 😁

9-5 workers, on the other hand …

Are typically more interested in stability and security. They value a steady paycheck and benefits.

And they may be less willing to take risks or work outside of their comfort zone.

Entrepreneurs

Are always looking for ways to improve their business and expand their reach.
Are not afraid to fail and learn from their mistakes.
Are comfortable working long hours and making sacrifices to achieve their goals.
Are willing to invest their own time and money into their business.

9-5 Workers

Are more focused on completing their assigned tasks and meeting deadlines.
Are less likely to take risks or step outside of their comfort zone.
Are more likely to prioritize stability and security over growth and opportunity.

Sara Blakely, who founded Spanx, a company that sells shapewear and other apparel for women, faced many rejections and challenges when she started her business.

She first discovered her product when she cut the feet off her pantyhose and created a makeshift undergarment.

Blakely realized that there was a market for her makeshift undergarment, and she began working on developing a prototype. She maxed out her credit cards and used her savings to create her first product, which she called “Spanx.”

Blakely took her prototype to department stores in New York City, hoping to get it picked up by a buyer. She was rejected by 20 different stores before she finally found a buyer at Bloomingdale’s. Spanx launched in 2000, and it quickly became a success.

Spanx is now a multi-billion dollar company that sells its products in over 50 countries. Blakely is still the CEO of Spanx, and she is one of the most successful entrepreneurs in the world.

The New Entrepreneurialism

In the month of July/2023 alone, 469,557 new business applications were recorded in the US! (According to Census.gov).

🤯 That is just too much!

Clearly, more and more people want to switch up their game plans and maybe try out their unique business ideas.

After speaking with hundreds of clients and interviewing people who applied for various positions in the tech field, I’ve discovered two common tendencies in Entrepreneurialism:

Personal Internet Brands
Back to Base Strategy

Let’s look at both.

Personal Internet Brands

Your Personal Internet Brand is a trust-builder …

It’s your ticket to credibility and a word I’m not a big fan of:

“Influence“

Nevertheless, it’s a trend we have been observing in recent years.

On average, employees have 10 times more followers than their company’s social media accounts.

Trend 1: Humanizing Companies

Business leaders step into the limelight, sharing not just corporate visions but their personal stories, values, and even the occasional failure.

But, Most of the brands I use though …

I don’t know their CEOs 😅

Me too, it’s relatively a new trend.

These are not your typical corporate CEOs by the way.

Take Satya Nadella, Chairman and CEO at Microsoft, for instance. His LinkedIn feed isn’t just a corporate bulletin board junk.

See …

It’s a glimpse into his insights, book recommendations, goals, and sincere appreciation for his team.

Trend 2: Personal Content

Blogs, podcasts, YouTube videos, or webinars … you name it.

Personal content is where you pour gold-standard material into your field.

Trend 3: Minimalism

A crystal-clear, consistent, and compelling personal brand that can’t be ignored.

More and more personal brands are concentrating on quality over quantity, and curating their digital spaces with precision.

I know the perfect example for this:

MKBHD is known for his simple and clean aesthetics in his tech reviews and videos.

Making the content easy to consume.

The Back-to-Base Strategy

This is my personal favorite and one I spotted pretty recently.

Back-to-Base strategy is an interesting concept that involves a radical shift in the business model of a company.

In other words, the company goes back to its core competency and leverages its expertise and resources to create value for its former competitors …

Former competitors? 🤔

Yes, who now become its customers …

It’s risky, but genius!

You know the famous Netflix story.

Netflix effectively transformed itself from a video rental company to a streaming platform provider by doing the same thing.

It also created a new market for other content creators, who could use Netflix’s platform to distribute their own shows and movies to a global audience.

Here is another example:

When I started xrilion.com, it was just a blog. One of the biggest challenges I faced was finding new and interesting topics to write about within my niche.

In my search for trending topics in my industry, I came across Exploding Topics, Glimpse, and a few other tools that did the job, but they weren’t perfect.

Most of these tools gave me broad topics, covered outdated trends, or weren’t free to use.

So, I decided to create my own product Trends, (that actually finds new and trending topics).

In the process of creating Trends, I turned my former blog competitors into customers.

So you stepped “back to the base”

I see what you did there 👌

Thank you!

Let’s see some Back-to-Base trends:

Trend 1: AI on the Rise

Artificial Intelligence (AI) isn’t just the future; it’s the now of B2B marketing.

Whatever your business is, You probably need AI infrastructure.

That’s just how it is.

It’s the tool that automates tasks, personalizes content, and crafts impeccable customer experiences.

Trend 2: Agile Marketing

61% of companies use agile to achieve both software development and company-wide digital transformation.

The market is constantly evolving, and you need to ride the waves. Agile marketing takes a leaf from viral trends and combines it with everyday social media magic.

Flexibility and responsiveness are the key.

Trend 3: B2B E-commerce

The purchasing process in the B2B world is undergoing a transformation. Streamlining and enhancing customer experiences are the new battlegrounds. B2B Ecommerce isn’t just an option; it’s a necessity.

Here are some key B2B Ecom Insights:

B2B buyers want self-service buying portals.
Mobile optimization will be vital.
Social commerce will give prospects more shopping options.
Personalized online shopping will get more personal.
Omnichannel sales will grow.

Here are some more Ecommerce Stats.

FAQs

•••

What is Entrepreneurialism?

Entrepreneurialism is a mindset focused on problem-solving.

What is Entrepreneurship?

Entrepreneurship is the process of creating a new business, involving financial risk for potential profit. Entrepreneurs are known for their creativity, innovation, and risk-taking attitude.

What are the different types of Entrepreneurship?

There are several types of entrepreneurship, including:

Startup Entrepreneurship. Creating a new business from the ground up, often with limited resources.
Intrapreneurship. Taking entrepreneurial risks within an existing organization, typically by employees.
Social Entrepreneurship. Using business to address social issues and create a positive impact on society.

Summary✨

Finally, entrepreneurialism is a state of mind marked by ingenuity, inventiveness, and tenacity in problem resolution.

It’s about taking measured risks and turning obstacles into opportunities through technological innovation.

Entrepreneurship, on the other hand, is the actual application of entrepreneurialism in which individuals start new business endeavors, whether in the form of products or services, and are ready to accept financial risks in exchange for the possibility of profit.

Entrepreneurialism: Definition and Trend