Would the "real" entrepreneur please stand up?
By Ian Mooers, M.Ed., Director, Entrepreneurial and Business Development Program Support
How do you define entrepreneurship? It is a question that gets asked a lot. Depending on who is asking the question, I might think it is a trick question! However, I believe that entrepreneurship is a way of thinking or a mindset. I don’t think that the definition can purely be labeled as starting a business. There is a lot of research that supports a broader definition of entrepreneurship (see Kauffman Foundation). Here are two examples:
"An individual engaged in the process of starting and growing one's own business or idea. Dozens of definitions exist; but in the end, this one seems to best fit the research and findings on the issue. Success in entrepreneurship requires not only knowledge, but practice and skill in the process of doing. Findings on job creation and the contribution of young firms to the economy underscore the significance of starting and growing. Reflecting the degree to which the entrepreneurial spirit permeates more and more of society, the definition notes that entrepreneurship can be applied to both business and non-business ideas."
Excerpt from the Public Forum Institutes' National Dialogue on EntrepreneurshipGeorge Mason University’s School of Public Policy website defines entrepreneurship as “"Entrepreneurship is the process of uncovering an opportunity to create value through innovation, and entrepreneurs are rewarded for transforming knowledge into new products and bringing them to the market."
The above definitions of entrepreneurship can apply to the individual working for a major corporation that has an amazing idea for a new product, or it could apply to an individual wishing to start a business from a great idea. In both cases, it is about the individual. That is what I tell every person I meet that wants to be an entrepreneur. It is about you and it is about whether or not you are ready to start thinking like an entrepreneur.
Occasionally, I run into people who think that entrepreneurs are born and not made. I don’t agree with that. I think that people can think entrepreneurially, and may end up making a difference in their lives or the lives of others. A great example of thinking like an entrepreneur, but not actually setting out to be one, is Abul Hassam, Professor of Chemistry at George Mason University. Professor Hassam discovered that he could put together some very inexpensive components and come up with a cheap solution for clean drinking water in developing countries. Of course, it was not that simple, but Professor Hassam is a chemist and not a business man. So what did he do when he won a $1M (yes, that’s 1 million dollars) prize for his invention? He created a foundation that will take the prize money and develop his solution into a product that can be purchased for under $50. Now, that is thinking like an entrepreneur.
So, would the “real” entrepreneur please stand up? You should all be seated. My point is that we can continue to be scientists, professors, professionals, and experts in our fields while being entrepreneurial and innovative. I am just as fascinated by the individual that launches a new business as I am by the individual that remains a professor or a professional but ultimately changes the world.
If you would like to continue exploring the phenomenon of entrepreneurship, here are several websites to visit:
The Kauffman foundation has an extensive library of research into entrepreneurship. From the website, “In order to be able to develop effective programs and help inform policy that will best advance entrepreneurship and education, we must determine what we know, commit to finding the answers to what we don’t, and then apply that knowledge to how we operate as a foundation.”
The George Mason School of Public Policy's Center for Entrepreneurship and Public Policy is a global leader in promoting knowledge development in public and private enterprises at the national, regional, and international levels. It is distinguished by a three-pronged educational and research focus on entrepreneurship opportunities in the technology, international, and federal sectors. The center places special emphasis on the role entrepreneurship plays in regional economic development by jointly sponsoring of annual conferences on the subject in Amsterdam and Jonkoping, Sweden. It also hosts its own annual conference at George Mason University in conjunction with the School of Management.
The Mercatus Center at Mason is exposing "some of the core economic concepts that policy makers must understand to be effective. Unfortunately, a gap often exists between economic understanding and real-world decision making. Policy decisions miss their targets and create unintended and sometimes harmful consequences. For over 25 years, the Mercatus Center at George Mason University has sought to bridge this gap. Mercatus applies scholarly research to the problems facing policy makers." Research focus includes: corporate law, the drivers of economic progress, factors that affect local economic conditions, urban development and renewal, and banking and finance.
The Entrepreneurs Mind is a Web resource that presents an array of real-life stories and advice from successful entrepreneurs and industry experts on the many different facets of entrepreneurship and emerging business.