What is Entrepreneurialism?
Entrepreneurialism is a state of mind or the condition of being a problem solver.
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
One of the prevalent themes or qualities of Entrepreneurialism in the 2020s that I’ve found in my role as an entrepreneur, managing remote teams is that calculated risk and technology-driven innovation have become paramount.
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 the differentiating traits of a Serial Entrepreneur.
Traits of a Serial Entrepreneur
Here are seven of the best traits of successful entrepreneurs that I found:
- Strong leadership. Successful entrepreneurs are able to inspire and motivate others to follow their vision and work towards a common goal. They know how to delegate tasks, communicate effectively, and provide feedback. A good example of a strong leader is Oprah Winfrey, who rose from poverty to become one of the most influential media moguls in the world.
- Highly self-motivated. They set high standards for themselves and work hard to achieve them. A good example of a highly self-motivated entrepreneur is Elon Musk, who has founded and led multiple innovative companies such as PayPal, SpaceX, Tesla, and Neuralink.
- Willingness to fail. Successful entrepreneurs are not afraid to fail or make mistakes. They understand that failure is inevitable and unavoidable in any entrepreneurial journey. They embrace failure as an opportunity to learn, grow, and innovate.
- 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, but she did not give up on her idea or vision. She eventually became the youngest self-made female billionaire in the world.
- Adaptability to change. Flexible and agile in their approach and mindset. They do not cling to outdated or ineffective methods or models. They are open to new ideas, perspectives, and feedback.
- Improving existing processes. Creative and innovative in their thinking and problem-solving. They do not settle for the status quo or mediocrity. They are always looking for ways to create value. Jeff Bezos is the GOAT of unsettlers. (Read more about him here).
- Curiosity. Always asking questions, seeking answers, and exploring possibilities. They are not satisfied with the existing knowledge or information. They are eager to learn new and are not afraid to challenge assumptions, conventions, or norms.
- Integrity. They do not compromise their values or principles for short-term gains or personal benefits. They also care about the social and environmental impacts of their actions and strive to make a positive difference 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).
Clearly more and more people want to switch up their game plan and may be 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.
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.
Yes, 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.
It’s all about bringing value or demonstrating knowledge, and expertise.
Gary Vaynerchuk (AKA Gary.V), the driving force behind VaynerMedia, is an excellent example.
There you go.
His content barrage ranges from entrepreneurship to personal branding.
It’s a masterclass in exploiting personal content.
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 …
Who now become its new customers.
Genius!
Netflix effectively transformed itself from a video rental company to a streaming platform provider. 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.
Another example of a company that adopted this strategy is WordPress.
WordPress started as a blogging platform that allowed users to create and manage their own blog websites using a simple and user-friendly interface.
WordPress is used to compete with other blogging services like Blogger, Tumblr, and Medium.
According to our best estimates, Now … WordPress is used by more than 810 million websites (2023 Data). This accounts for around 43% of all web pages!
Here are 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.
Businesses just 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 Ecommerce
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 a unicorn company?
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.
How can I become an entrepreneur?
- Research: Learn about entrepreneurship and your chosen industry.
- Business Plan: Develop a solid plan outlining your goals and strategies.
- Funding: Secure financing through savings, loans, or grants.
- Team Building: Assemble a dedicated team.
- Persistence: Stay determined and never give up on your entrepreneurial dreams.
•••
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.
