Entrepreneurship is the process of starting a business or other organization. The entrepreneur chooses/develops a business model, acquires the human and other required resources and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem.
Entrepreneurship within an existing firm or large organization has been referred to as intrapreneurship and may include corporate ventures where large entities spin off subsidiary organizations. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of market opportunities by planning, organizing, and employing resources, often by innovating new or improving existing products. More recently, the term entrepreneurship has been extended to include a specific mindset resulting in entrepreneurial initiatives, e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship.
This was the scene that I saw when I left my driveway yesterday around noon. Six adorable girls, doing a well choreographed dance with pom poms and umbrellas, getting people to slow down, stop, and then buy Lemonade for $0.50 per cup. And, with 1/2 of the profits from their enterprise going to charity - Animal Rescue no less. I asked the father who was in charge of quality control and supervising (my neighbor who I had yet to meet) if I could take few pictures for my blog, since this week's topic would be...wait for it....Entrepreneurship.
It turns our that our new neighbor works for one of my largest clients. I am so glad that I already gave a big tip to the girls BEFORE learning this fact.
According to Paul Reynolds, founder of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men and women in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." In recent years, entrepreneurship has been claimed as a major driver of economic growth in both the United States and Western Europe.
There are many definitions for Entrepreneur, but one is as follows: an individual who organizes or operates a business or businesses. Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness. These adorable six girls having a blast on a Saturday afternoon - while doing great work for our society - they are the future of business in this country.
I am an Entrepreneur. I know that my greatest strength is in sales, marketing and in business development. I can wear many hats, but some hats fit better than others. And, some hats make me look like a fool (like a beanie with a propeller on top). The key is to know your weakness, and to find others who can complement your weakness. Walt had his brother Roy Disney. Hewlett had his friend Packard. Very few people make it alone. And the sooner an Entrepreneur can figure this out, the better the chances of success.
Yes, I have many weaknesses. And one big one is that I can never, ever say no to Girl Scouts selling cookies, or say no to little girls twirling umbrellas (no matter WHAT they are selling).
Let's just say that here are some very happy dogs and cats at 11th Hour Rescue.
Left to right, Eric Schmidt, Sergey Brin and Larry Page of Google, which is
sometimes cited as an example of entrepreneurship and disruptive innovation.
Sergey and Larry needed help, and they hired Eric. Google it!