People like creativity simply because it is fun. We reconnect with the pure pleasure of getting something that did not exist before. When we create we forget our problems, we are just being, the child comes out, we connect with ourselves and it simply feels good. Our energy pours from the inside to the outside and leaves our imprint, the object of our creation becomes an extended part of ourselves. Creativity also lives in a time and purpose vacuum. The worst enemy of creativity is a good idea.

People like innovation because it implies progress. When we innovate, we have a structure. Innovation becomes change. To change we need the reference, the constraints, the structure, the present, what is there. When we do things differently, we are also creating, but we create with a purpose, fun stops until we reach our goal. Thus, innovation has less power as a self-expression than creativity.

Then we come to the field of entrepreneurship, one of my favorite topics. Entrepreneurship is more about creating wealth than it is about creating a company. It is closely linked to creativity, entrepreneurs MUST have something NEW to offer. It is related to innovation, entrepreneurs MUST find new ways of getting in the market, making something new, doing things differently.

When we check most new businesses, they are me-too’s, and most so-called entrepreneurs are people who have bought themselves a job. They don’t create, innovate or add wealth. They shift what exists to a different person.

Entrepreneurship then is the process of exploring how to add value to others in a new or different way. Entrepreneurs capture that value in the form of wealth, and then that wealth with others: clients, users, employees, suppliers, community, governments, etc. To understand that being creative and being innovative is not enough and to be aware that there is a maximized value waiting to be discovered or created, is what entrepreneurs do best when they plan, then they take action, and finally, they evolve.

It is not a matter of luck as most people link entrepreneurship with creativity and innovation. If you don’t have anything, you create. If you have an unwanted present, you innovate. If you want to create wealth, you give that creation or innovation, the best chance. You don’t need money to create wealth, you need creativity and innovation.

It is by thinking and taking action, by consciously discovering where the creations or innovations have the highest perceived value that entrepreneurs build their wealth… and by doing so, create prosperity beyond themselves. It is not about becoming rich but building wealth.

Without the notion of creating wealth, creativity and innovation can’t find a place in the market. To be able to distinguish where the highest value is, who is the ideal customer or client is to bring prosperity to our communities, and to act upon that thought, is what entrepreneurs thrive at.

There are many tools and methods that capture how entrepreneurs create wealth. It is not an art, or a science. It is the conscious effort of making the best of a product or a service, to find those who value it best, and capture that value, what lies inside the entrepreneur.

Creating wealth escapes the obvious, and creates new valued propositions. Sometimes we use innovation to improve what is there, but most likely, the best results come from a free, playful, fun exercise of creating wealth. Whatever you do to create wealth will improve your skills and build up that wealthing muscle. Even if you compose a song in tribute to your wealth when you are showering!

Here is to your wealth and joy,

Alicia Castillo Holley is an international expert on entrepreneurship and innovation. She has started 9 companies and one not-for-profit, raised millions of dollars and trained thousands of people. She’s a recognized author, speaker and seminar leader.
http://www.wealthing.com

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The role of the entrepreneur, or enterpriser, is to turn a business idea into a new business, or inject new life into an old one. At every stage of the process – from the initial big idea through to planning it and implementing and beyond – the entrepreneur can learn from the experience of others who have been there before, following the example of clear practices and precepts. In fact, many entrepreneurial successes have earned their fortunes in exactly this way.

However, there is a basic question which every firm is faced with eventually. Do you attempt to make the business grow, or are you basically happy with what you’ve got? If the answer is the latter, which perhaps reflects the traditional image of the smaller firm, then you are out of date and in a small minority.

The majority of firms are committed to growth. But in a climate of intense competition, you can’t expect to grow without entrepreneurship and innovation. And it just so happens that intense competition is a permanent feature of the new economy.

Innovation, though, always carries a certain risk, to which many – including those who wish to grow their business – seem averse, especially proprietors. According to a survey, 30% are ‘unwilling to pursue any risky growth strategies’. The figure of the unwilling is only 18% among non-proprietorial managers, though, proving they are a more go-ahead bunch altogether.

However, just a fifth of the managerial types concur that ‘Growth is all: we can’t survive in this business unless we grow. Success only comes from taking big chances, and I would risk a lot for a strategy which promised to deliver strong long-term growth.’ Those rather intimidating words might help to explain why as many as three-fifths of the firms replied in favour of relative safety, opting for a ‘medium-risk strategy – if growth prospects are reasonably good.’

But in any case, growth doesn’t seem to be the leading objective. The majority of firms ranked profit as ‘very important’, with growth next on the list (albeit quite close), followed by market share, steady employment and value for sale.

But success is divided equally between profitability and growth – both are needed, as are innovation and entrepreneurship.

The above article was written by Robert Heller, renowned entrepreneurship expert and co-author of business management website Thinking Managers along with world renowned thinker and creativity expert Edward de Bono.

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This book is for those individuals contemplating owning or starting a business. Information contained in Red Pill Entrepreneurship is not meant to cast a shadow of pessimism on entrepreneurship. I love and have loved being an entrepreneur, but entrepreneurship is not for everyone. Over the years, I have felt a need to expose the reality of business to those who are wasting away their lives dreaming of having that “little shop” on the side of the road that they think will make them rich. Not to say that it is impossible to become rich from a new business, but it is definitely requires taking a second look. My hope is that you can eagerly join me in recounting a stream of funny stories and broken dreams of multiple entrepreneurs. Understand these stories not as bitter rants of failure, but as grand learning experiences. Learning from such turbulent experiences will facilitate your building of a bigger and brighter future for yourself. In short, setting foot on the right track now will allow you to finally live your dreams, or to change your dreams before it is too late. Be prepared before the hand of reality smacks you senseless.

Your Dream

To begin, I want you to participate in a visualization exercise. Vividly think about your dream to buy, start or join a business (in reality, this exercise can be done for any dream). Close your eyes now and imagine that dream in detail. In essence, dream your dream. To help you get started extracting detail from your dream, start imagining the individual components. What is the main goal of your business? What is the product or service you are selling? Does the image in your mind consist of a large office with modern furnishings, secretaries and assistants, and maybe a large boardroom with suit-clad business people negotiating a million dollar contract? Or, does your visualization include a restaurant, retail store, etc.? Each of your dreams should be highly detailed and include imaginations similar to my colleague Tim’s.

Tim was a restaurant entrepreneur who imagined walking through the door of his eclectic restaurant with waiting customers filing out into the parking lot. He imagined smiling at polite employees churning out thousands of dollars worth of food and pouring over a front-page newspaper feature that entailed his restaurant’s success in the local newspaper. Perhaps you are not visualizing so much the details of the business, but what you stand to gain from the future business. For example, does your dream include buying whatever you want and having a comfortable life? Some dream of having the prestige of talking about their business with friends and acquaintances. Others find motivation in proving their success to naysayers who have opposed or have been cynical about their business aspirations. Regardless of your dream, the act of dreaming is healthy. Dreams allow us to achieve greater things. As in all facets related to success, dreams need direction and some logic. So, let us develop a map for your dream using the information provided within Red Pill Entrepreneurship and establish some logic, if any.

Dream Or Medium To The Dream

In order to establish a direction for your dream, ask yourself the following question. “Is having a business your dream or is having the benefits that are commonly linked to business ownership your dream?” The idealistic benefits generally associated with business ownership for the average person consist of more money, more free time, more freedom, etc. than one would presumably have while working for someone else. Why is this distinction between your dreams focused on the benefits of the business or the business itself important? The answer to this question will determine your levels of satisfaction and success associated with owning a business. A true entrepreneur is one that loves his business and accepts the benefits and consequences. Many of us just want the benefits. If you are still unsure of your answer (benefits vs. love of the business), hopefully you will find your answer through Red Pill Entrepreneurship. If you are sure of your answer, hopefully Red Pill Entrepreneurship can still give you more information to increase your chance of success.

While dreaming, it is common to overlook present opportunities. Rather than improving current situations, dreaming entrepreneurs often look for change. Hence, this benefit vs. business distinction is especially important to those (want-to-be-business-owners) who are looking forward to just the benefits of a business. Change can be beneficial while trying to increase energy and passion, but you must be careful while initiating change. Oscillating from opportunity to opportunity can be detrimental. Each time one initiates change, there is a loss of focus and a need to start over. Carefully consider whether a business is the way or a way to achieve your dreams. If not, assess what improvements and changes within your current scope or situation may be a more feasible approach before setting out to turn your life upside down. Do not be afraid to change the medium of your dream! Life is too short to jump around from failure to failure.

The Scope of Red Pill
Assuming that you have decided on owning a business, the experiences and advice contained within this book will be invaluable. Red Pill Entrepreneurship gives an interesting perspective on some areas of business organizations commonly overlooked (consciously or subconsciously). Some may find that they have been focusing too much on the dream of having a business and that all they really want is more money and more freedom. These people will read some of the points within Red Pill and rethink their timing, preparation, and motivation behind owing a business. While others may find that owning a business really does suit them well.

The chapters of this book begin by assessing the motivations of having a business and follow through with key components of business ownership. Application of the information provided could determine the shaping of the rest of your business career.

In an attempt to fully analyze the reality of your business dreams, write down, in as much detail as possible, your dream, as previously tasked to envision, in the space below.

In general, if your dream can be achieved in a day, week, or month then you need to rethink your dream. Small, easily achievable goals are only practical if they aim toward a larger, long-term accomplishment. Throughout this book, this larger goal will be assessed. It has been said that you should shoot for the stars and you will capture the moon.

Hard Fact: Just because a certain dream enters your mind, there is not anything that says that you should strive to attain it. For example, I once thought I could sing, but it does not mean that I should or could become a rock star. Fame of being a rock star may have been appealing, but singing is definitely not the way to achieve success for me. Trust me and trust all of the broken ear drums from my attempt at singing.

Benjamin David Lee
http://www.redpillentrepreneurship.com

Benjamin was born in Salt Lake City, Utah. He spent most of his life in Oakley, Utah where he was influenced by a large amount of migrated business owners. Despite being from a small town, Benjamin always had a love for commerce in general. From a young age, there was no question on the direction he was going to take his life. Over the years, Benjamin has owned several businesses which include Federation Marketing LLC, 5 Buck Pizza of Holladay, The Red Room Eastern European Cuisine, and Foamiture of Utah.

Benjamin completed his higher education by receiving a Bachelor of Science Degree from the University of Utah in Business Administration, Cum Laude. Benjamin is currently the Vice President of Customer Relations at an Excess and Surplus Insurance Company. On the side, Benjamin is a consultant and has presented twice at nationwide RPG annual meetings. He loves speaking with everyone about business and also likes to team up with other entrepreneurs. He has been a finalist for two separate business plan competitions over the last few years. Benjamin also has international experience through his business internship in London, England and a service organization in Kiev, Ukraine.

Benjamin is looking forward to his next book that deals with reality that we are all salespeople. The release date is projected to be in 2011.

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1. Passion. Do you have an overwhelming passion for business? This is the number one attribute of a true entrepreneur. People without passion do not generate enthusiasm and faith in any business venture.
2. Preparation. Are you wiling to do the necessary preparation? Many people have a basic idea and then want other people to do all the necessary footwork as well as take the risks. Scheming is not entrepreneurship.
3. Mindset. Do you have a solution oriented (can do) mind-set? If you see every problem as a mountain then stay away from running your own business.
4. Risk taking. Are you willing to take calculated risks? If you are risk averse then you should rather work for a big corporation, government or an entrepreneur – nothing wrong with it.
5. Commitment. Are you willing to do everything that it takes to make a business venture successful? Are you willing to go the extra mile? A genuine entrepreneur has an attitude of never giving up – if they fail they just try something else.
6. Listen. Are you willing to listen to good advice? Entrepreneurship does not mean that you should have a foolhardy attitude or that you have universal expertise.
7. Responsibility. Are you comfortable that the buck stops with you? Are you willing to lead from the front? If you blame other people for your mistakes then entrepreneurship is probably not for you.

Copyright© 2009 – Wim Venter

Wim Venter is the founder of Ventex Consultants, a business development consultancy. To receive more information on how to start a new venture, to grow it sustainably and to finally harvest it successfully, you can contact us via our website.

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Middle and high school Black students, especially those who find themselves struggling academically, too often complain that school seems irrelevant to both their present and future lives. The lack of understanding these students have about the workings of the market–and their place in it–systematically denies them opportunities for pursuing their dreams. Consequently, without dreams to pursue, many Black youth have little reason to invest in education and their own development.

Previous research has revealed that Black youth have the highest entrepreneurial expectations amongst Asian, Hispanic and White youth. However, research also shows that Black youth do not have access to enough entrepreneurial programs to convert their desire into achievement. Thus, there is need to create more entrepreneurial programs for Black youth with relevant vision, goals and objectives.

A 1999 study by the Office of Advocacy in the U.S. Small Business Administration estimates that between 1987 and 1997, the number of minority-owned businesses more than doubled. The revenues and number of employees nearly quadrupled.

Much of this growth, however, came from recently arrived Asian and Hispanic immigrants. Moreover, Asians produced more than half of the half billion dollars in revenue minority businesses generated in 1997.

To help counter this trend, youth entrepreneurial programs have sprung up that train youth in Black communities. Here are some examples:

* The National Foundation for Teaching Entrepreneurship (NFTE) teaches the fundamentals of business to more than 4,000 low-income kids a year. Its business model is typical of all the youth entrepreneurial programs.

* The NAACP recently launched its $1 million Reginald F. Lewis Youth Entrepreneurial Institute, which helps young entrepreneurs write and implement business plans.
* Under the slogan, “It’s dough money, not dope money,” Champs Cookies Youth Entrepreneurship Society trains 60 African-American children a year how to manufacture and market their edible products in the nation’s capital.
On the surface, these programs seem highly beneficial, but after a closer look, questions arise about the lessons being taught.

WHAT PRODUCTS AND SERVICES ARE CONSIDERED?

Are Black youth taught to produce items genuinely needed by the community, or Pet Rocks and Saturday Night Specials? The business product used by NFTE throughout its materials is T-shirt silk-screening. The only important product consideration, according to NFTE, is that the product “must satisfy a need of the consumer,” not the many needs of the community.

WHAT EMPLOYEE POLICY IS TAUGHT?

When you learn how to be an effective entrepreneur, you also learn the importance of paying livable wages and giving health-care coverage to your employees. The NFTE training program has a section on “ethical business behavior,” but the focus is on ensuring that customers feel you are punctual, reliable, courteous, and well dressed, and that employees do not feel “used” – no mention is made of the role of wages or benefits.

WHO OWNS THE EQUIPMENT AND MATERIALS?

Is the ownership local, or is it a branch of Starkest Inc. with little commitment to the community? The NFTE entrepreneurship materials teach that: “Businesses come in three basic legal structures: The sole proprietorship, the partnership, and the corporations.” However, the most popular business ownership structures in the community – cooperatives, municipally owned, and community stock-held companies – are not even mentioned.

Too many youth entrepreneurship programs measure success by the number of local companies that become publicly owned, stock trading companies and the number of entrepreneurs transformed into millionaires.

This is not good because when a company goes public the ownership link to a community is usually broken. A dozen thousandaires who keep ownership of their businesses local are far more important to the community’s well being than one millionaire.

Unless an enterprise is anchored to the community through dispersed ownership, its owners are likely – once successful – to move to the suburbs (or, if they are successful, locate offshore in Mexico, India, etc). When that happens, of course, the economic multiplier and tax payments no longer benefit the community.

On the other hand, businesses owned by community residents, can become long-term assets for local development. Unlike their global competitors with no ties to place, who tend to flee when labor and environmental standards rise.

One of the few National Football League teams that has not tried to extort a new stadium or other bribes from the community by threatening to move if its demands were not met is the Green Bay Packers – a community-owned nonprofit.

TIME FOR A NEW MODEL

With the widespread, poverty, homelessness, unemployment, underemployment, unhealthiness and criminality in the Black community, a new model of entrepreneurship needs to emerge. If we seriously want to improve our situation, we must strengthen our collective economic position.

This means working cooperatively. It also means the motive of men becomes increasing the quality of community instead of increasing profit in their pockets. Increased profit will come later from the more efficient production of literate, healthy and happier Black people in the community.

The new model is important for several reasons:
First, it comes from the united efforts of Streets University, Ikoja, Weed and Seed, local Black entrepreneurs, community-focused activists, and philanthropists.

Second, it addresses the What, How, and Who (quality of community attributes). The new model teaches Black youth that fulfilling unmet local needs is, by definition, going to be better for the community than exporting yo-yos. This new model uses the follows the powerful tactics and strategies laid out by a website like http://www.inside-secrets-for-black-business-development.com
.
One such program is Urban SEED (Sustainable Economic and Environmental Development), based in Alameda, California, which encourages its trainees to focus on micro enterprises that grow organic food and generate renewable energy.

Another is the Detroit Farmers Cooperative, which operates seven community gardens and five neighborhood-based markets, all run by seven young African Americans, 14 to 16 years old. In addition, the Hope Takes Root program in Detroit employs homeless men to grow food for local meals programs for the poor.

Third, a community that moves toward self-reliance is often rewarded with a higher economic multiplier. Economists sometimes say that a community should be indifferent about whether a new business produces $100,000 worth of apples for export or $100,000 worth of apples for local consumption, since each injects $100,000 of productive activity into the local economy.

However, there is a difference. In both cases, the business realizes $100,000 of sales and re-spends it in the local economy. However, in the latter case, consumers also spend $100,000 locally that they otherwise would have had to spend outside the community to import apples.
Every time a community chooses to import an item it could just as easily make for itself, it is giving away another piece of its multiplier.

Finally, a self-reliant community enjoys greater tax receipts. Again, the business taxes from the $100,000 exporter and the $100,000 import-replacer are identical.

To satisfy the need for a new model of community-focused entrepreneurial education for Black youth, Rightbrain Initiative, Ikoja, and Weed and Seed launched Streets University.
Streets University is a youth entrepreneurial education program taught by experienced facilitators with both academic and industry experience. It consist of six weekly 4-hour classes, designed to transfer basic business know-how , as well as, teach Black youth about products genuinely needed by the Black community, treating employees properly and bringing economic control to the community. The series includes a business-learning workbook that gives practical, hands-on, how-to instructions and email address for each student. A typical class consists of the business lesson, cultural impact, and workshop and group breakout sessions.

This article has discussed the need for and lessons learned from youth entrepreneurship education for Black youth.

In conclusion, a new model of youth entrepreneurship education, Streets University, has been developed. It comes from the collaborative efforts of Rightbrain Initiative, Ikoja, Weed and Seed, Black entrepreneurs, community-focused activists, and philanthropists. The new model addresses the need for more entrepreneurial education for Black youth, the What, How and Who quality of community attributes and moves toward self -reliance.
Please help build a better tomorrow for our children and community by supporting Streets University with your encouragement, sponsorships, and resources.

Known for his keen insight and organizational skills, Lawrence Spearman has been a practicing problem solver in the Dallas/Fort Worth metroplex for over 10 years. An honored graduate of North Carolina A&T State University in Greensboro, North Carolina, where he received a bachelor of mechanical engineering degree, Lawrence has received numerous awards for his work in corporate and personal business.

In 1991 his work at LTV Aircraft Product Group was singled out for the book, “Practical Applications in Artificial Intelligence”, by Patricia Lindsey, In 1993 his clothing company, Fresh Active wear, was honored by Imprint magazine as being the best new screen print business in the state of Texas. Today as facilitator of Spearman Group, a team of Black business coaches, his work has earned him a loyal following among clients.

Engaged in a diversity of business disciplines, from marketing, to copy writing, to business planning, to database development, to contract identification and authoring, to financial analysis …. Lawrence’s nu

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Most training program packages offer several modules ranging from personal finance to business strategy. The popular ones include:

Finance: Money matters prey high on any entrepreneur’s mind. Only a handful would probably have all the necessary resources for investing in their fledgling business without having to borrow. Managing the investment well is crucial in order to ensure a steady source of future earnings. Entrepreneurship training programs could offer guidance on choosing angel investors, planning an investment portfolio, insurance matters, exercising prudence and so on.

Ecommerce: Vital for the survival of any business today, e-commerce has opened up huge opportunities. No new business strategy is complete without an e-business angle. Yet, there are a number of older generation entrepreneurs who are not entirely familiar with these concepts. For them, entrepreneurship training programs that concentrate on e-commerce business strategy and provide a boot camp type of training or crash course are particularly useful. is just one example of the several training options out there. Once they are ready to jump on the e-commerce bandwagon, sites like can provide very useful services.

Business development: Training programs could offer anything from tried and tested methods to innovative and fresh ideas, to help your business grow. Be it retaining employees or impressing clients, making your money grow or retrieving it in time, training programs can go a long way in addressing the needs of your business. In an increasingly competitive atmosphere, such programs prove indispensable.

Street smart skills: Many other aspects of your personality could influence the profitability of your business. You need strong negotiating skills for instance, in order to strike profitable deals with clients and vendors. Likewise, great communication skills are essential to make the right impression in the right places. Stress management techniques are critical when dealing with difficult situations. Specialists offer mentoring to develop one or more of the above skill sets. In addition, they could help you figure out your strengths and weaknesses, thereby focusing your attention on areas for improvement.

Revamping: Want to give your business a much needed makeover? Revamping is ideal if you want to keep the freshness alive at work. But you need to be careful about the consequences as well. If you are planning on changing the way a product looks, keep in mind that your customers would have grown familiar with a certain image and deviating too much from the usual may not go down well with them. Professional help could see your business through a successful makeover.

Legally smart: Laws have been strengthened and made more comprehensive over the years; as a result there are a mind boggling number of legal issues that business owners need to deal with. Staying up-to-date will keep you from running into rough weather. While resources are aplenty on the internet, you could avail of professional help from a specialized entrepreneurship training program. While on the subject, we’d like to mention that Intellectual Property Rights have assumed significance in recent years and for all you inventors out there, is invaluable!

That’s not all. Suffield University grants degrees in a number of interesting fields; take your pick. Vaughn College of Business awards degrees in Business and Entrepreneurship. Visit them to learn more. provides you with a list of online training programs. Learn about the Entrepreneurship Training programs available, at Entrepreneurship training could help you mold your ideas, old and new, into profitable undertakings. Both amateurs and experienced entrepreneurs stand to gain from such programs. Go get that extra edge!

Hi, I’m Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you like to work smart, check out http://www.SmartEntrepreneur.net . It’s full of articles and resources to help you start and grow your business successfully. Please visit us & download our special “Freebie of The Month” at http://www.smartentrepreneur.net/freebie-of-the-month.html

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Whether it is the desire to be your own boss, pursue your own ideas or the hope of financial rewards, people are changing their outlook on how to do business. Within the scope of entrepreneurship there are four demographics that are increasing faster than ever.

Women Entrepreneurs

In 2002, the most recent year the U.S. Census Bureau collected business ownership data, there were 6.5 million women-owned businesses. That number is up 20% from 1997. Traditionally, women-owned businesses were most prevalent in the health care and professional services industries. But surprisingly, the fastest growing areas of women-owned businesses are construction (up 30%), agricultural services (up 24%) and transportation (up 20%).

Minority Entrepreneurs

The number of minority-owned businesses has also risen sharply over this same period. Growth in African-American owned businesses is up 45% from 1997 to 2002. Both Asian-owned businesses and Native American-owned businesses have also increased, at a rate of 24%.

Senior Entrepreneurs

Although the U.S. Census Bureau does not specifically collect data on senior-owned businesses, there is strong evidence to suggest more seniors are getting involved in entrepreneurship. This dramatic increase can be attributed to corporate downsizing, growing worries that seniors are going to need more income to cover future health care expenses, and an increasing desire for older workers to obtain personal fulfillment in their lives after retirement.

Young Entrepreneurs

Perhaps the fastest growing demographic of entrepreneurship is young people. According to a Gallup study, 7 out of 10 high school students want to start their own companies. Interest in entrepreneurship is also growing on college campuses. Presently there are 1992 two and four-year colleges that offer at least one course in entrepreneurship. This number is up from just 300 colleges in 1985.

No matter who is starting all these new businesses, entrepreneurship is undoubtedly a growing trend throughout the world. As the economy is struggling and people are getting laid-off, more and more people are realizing the benefits of entrepreneurship. The desire to become a corporate eight to fiver is losing steam, when are you going to jump on board?

Nick Tart is a senior at Colorado State University and the founder of JuniorBiz.com, teaching young people how to become entrepreneurs. He anticipates graduating Magna Cum Laude this spring and chooses to use his $40,000 education to help young people with their businesses. Find 100+  teen business ideas  on his site. Entrepreneurship is a game. May the best one win.

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The word “Entrepreneurship” might sound unimportant or common to your ears, but I will advise you spend a little time on this article and get the tits and bits of what I am about sharing. The word entrepreneurship suggests several meanings and if a poll were to be conducted, I bet we will come up with 101 definitions of the term entrepreneurship.

Now what is entrepreneurship? According to Stevenson, “Entrepreneurship is the process of creating value by pulling together a unique package of resources to exploit an opportunity”. It can also be said to be the readiness and skill of either an individual or group of personalities to sniff out investments opportunities, start business ventures and run enterprises successfully.

But the definition I find thrilling is still that of Howard Stevenson, a college professor, “entrepreneurship is the pursuit of opportunity without regards to resources currently controlled”. I feel this definition is the best so far and I thank my mentor, Robert Kiyosaki, for bringing it to my notice. So if the term entrepreneurship is now clear, then you may ask, “Why stress the need for entrepreneurship development?

Entrepreneurship development must be massively supported because it has the potential to achieve the following:

1) Create jobs through the formation of new business ventures.
2) Utilize available manpower and resources that might have remain idle and put them into productive use.
3) Entrepreneurship development makes it possible for individuals to create wealth, independence and status for themselves.
4) Stimulates growth in other sectors with increase in demand and supply.
5) Increases productivity by means of innovation.
6) Facilitate and increase the need for technology.
7) Boost the economy and increases the nation’s GDP.
Entrepreneurship development can reduce dependence on social security and Medicare.

With this few points, I hope I have been able to throw more light on the need for individuals to embrace entrepreneurship as a way of life and a means to better the society. Join the entrepreneur’s train and I will see you at the top.

I know you have been challenged by this article. To further boost your entrepreneur spirit, i am going to reveal to you 101 underground Secrets of building a Multi Million Dollar Business from scratch. If you are ready, Go now to http://www.StrategicBusinessTeam.com

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In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around the world are starting to realize that in order to sustain progress and improve a country’s economy, the people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. The once feasible ways of doing business are no longer guarantees for future economic success!

In response to this inevitable change, some governments are rethinking the way the young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In the same vein, they are putting much emphasis on the need to train future entrepreneurs through infusing entrepreneurship components within the educational system, especially at the tertiary level.

Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs.

Being an entrepreneur is now the choice of the new generation as compared to the preferred career choices of yesteryears such as being a doctor, lawyer or a fighter pilot. In a recent visit to the bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by the author. The results of the survey showed that being an entrepreneur, especially in the field of computer and e-commerce, is perceived as a ‘cool’ career and is an aspiration for many Chinese youths Prior to the ‘opening up’ of modern China, being an entrepreneur was perceived as the outcome of one’s inability to hold a good government job and those who dared to venture, were often scorned at by their peers. Times have indeed changed.

With this change in mindset and the relative knowledge that entrepreneurs bring forth increased job creations, the awareness and academic studies of entrepreneurship have also heightened. In many tertiary institutes, many courses of entrepreneurship and innovation are being developed and offered to cater to the increasing demand. The term “entrepreneurship” has also evolved with numerous variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to keep up with the ever-changing times and business conditions that surround us.

In view of these changes, it is important that the definition of entrepreneurship be refined or redefined to enable its application in this 21st century. To put it succinctly, “Good science has to begin with good definitions (Bygrave & Hofer, 1991, p13).” Without the proper definition, it will be laborious for policymakers to develop successful programs to inculcate entrepreneurial qualities in their people and organizations within their country.

The paper will provide a summary of the definitions of entrepreneurship provided by scholars in this subject area. The author will also expand on one of the definitions by Joseph Schumpeter to create a better understanding of the definition of the term “entrepreneurship” as applied in today’s business world.

Entrepreneurship through the Years:

It was discovered that the term ‘entrepreneurship’ could be found from the French verb ‘entreprende’ in the twelfth century though the meaning may not be that applicable today. This meaning of the word then was to do something without any link to economic profits, which is the antithesis of what entrepreneurship is all about today. It was only in the early 1700’s, when French economist, Richard Cantillon, described an entrepreneur as one who bears risks by buying at certain prices and selling at uncertain prices (Barreto, 1989, Casson 1982) which is probably closer to the term as applied today.

In the 1776 thought-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not the benevolence of the baker but self-interest that motivated him to provide bread. From Smith’s standpoint, entrepreneurs were the economic agents who transformed demand into supply for profits.

In 1848, the famous economist John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the risk takers, the decision makers, and the individuals who desire wealth by managing limited resources to create new business ventures.

One of the definitions that the author feels best exemplifies entrepreneurship was coined by Joseph Schumpeter (1934). He stated that the entrepreneur is one who applies “innovation” within the context of the business to satisfy unfulfilled market demand (Liebenstein, 1995). In elaboration, he saw an entrepreneur as an innovator who implements change within markets through the carrying out of new combinations. The carrying out of new combinations can take several forms:

The introduction of a new good or standard of quality;

* The introduction of a novel method of production;
* The opening of a new market;
* The acquisition of a new source of new materials supply; and
* The carrying out of the new organization in any industry.

Though the term ‘innovation’ has different meanings to different people, several writers tended to see “innovation” in the form of entrepreneurship as one not of incremental change but quantum change in the new business start-ups and the goods/services that they provide (egs, Bygrave, 1995; Bygrave & Hofer, 1991).

In the view of Drucker (1985), he perceived entrepreneurship as the creation of a new organization, regardless of its ability to sustain itself, let alone make a profit. The notion of an individual who starts a new business venture would be sufficient for him/her to be labeled as an entrepreneur. It is this characteristic that distinguishes entrepreneurship from the routine management tasks of allocating resources in an already established business organization. Though the definition tends to be somewhat simplistic in nature, it firmly attaches the nature of entrepreneurial action with risk-taking and the bearing of uncertainty by the individual (Swoboda, 1983)

In a Delphi study, Gartner (1990) found eight themes expressed by the participants that constitute the nature of entrepreneurship. They were the entrepreneur, innovation, organization creation, creating value, profit or non-profit, growth, uniqueness, and the owner-manager. The themes could be seen as a derivative and expansion of Schumpter’s earlier concept.

Expanding on Schumpeter’s Definition:

After digesting the numerous definitions of entrepreneurship, one would tend to see a strong link between these two terms: entrepreneurship and innovation. In retrospect, most of the definitions tended to be, to some extent, a re-work and expansion of Schumpeter’s definition of entrepreneurship (which is that of innovation being applied in a business context).

As defining the term of ‘innovation’ is highly debatable and would merit a paper on its own, the author has thus, for convenience, summarised the definition of innovation. Innovation can be perceived simply as the transformation of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services.

In the author’s opinion, the difficulties of defining “innovation” could be the reason for the quandary one finds in attempting to arrive at a clear-cut definition of the term “ Entrepreneurship”.

Take for example, if someone starts another run-of-the-mill hot dog stand in the streets of New York, will he termed as an entrepreneur? According to Drucker’s definition, he will be seen as one. However, if the above definition by Schumpeter was used as a guideline, the answer is probably ‘NO’.

Why? The core of the matter lies in what is so innovative about setting up another hot-dog stand which are in abundance in New York. On the contrary, if he is the first one to start a stand selling hot-dogs with Oriental Sweet and Sour sauce topping; he could be termed as an entrepreneur (even based on Schumpeter’s requirement) as he has done what others have not done before. In the context of entrepreneurship, creativity and innovation are key points in the whole scheme of things.

In this manner, by adding “innovative” features to a product or services and setting up a business based on these additional features to compete in the existing market, new entrants may be able to gain this competitive advantage over existing market players.

In the case of the hot-dog seller, it may be argued that his addition of Oriental Sweet and Sour sauce toppings may be seen as nondescript. This runs in contrary to some scholars’ definition of entrepreneurship as requiring quantum changes in the products/ services to be justified as being entrepreneurial (Bygrave, 1985; Bygrave & Hofer, 1991).

Consistent with creating new products for sale, someone who starts a business by providing a totally new way of serving his customers/ clients is considered to be entrepreneurial too. Though, it is often argued that there are no real new products or services in a case where one does not look to the past products and services for ideas for improvements. Thus, the notion of incremental improvements should be accepted as being innovative too.

Innovation in the business sense may not necessarily involve, in the physical sense, the introduction of a new product or service. It can be in the form of what is commonly known as creative imitations. For example, if an individual starts selling a product that is already common in his area or country, he will not be seen as being entrepreneurial. However, if he is the first to sell the same product in a virgin locale or to an untouched market segment, he will be seen as an entrepreneur in his own rights.

Take Muhammad Yunus, for example. Yunus became an entrepreneur when he started a micro-loan program for the poor villagers in a rural part of Bangladesh named Grameen, with only US$26. The loan was divided among 42 villagers to assist them to buy small items such as combs, scissors, needles and other necessities to start their own home businesses. In the past 22 years, Grameen Bank has grown with over $2 billion loans granted. It has now become a model for several micro-loan facilities.

>From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration.

An individual could be termed as an entrepreneur if he or she sells a product or service using new systems and/ or mediums of marketing, distribution or production methods as a basis for a new business venture. A good example will be Jeff Bezos, the founder of Amazon, the successful Web-based bookstore. He was one of the first to sell books on a large scale using an online store and also patented the one-click system for online buying. Though selling books is not an innovation in itself, Jeff Bezos was innovative in the use of the Internet then as a viable marketing and sales channel for selling books.

Another example from the field of e-commerce is Stuart Skorman, the founder of Reel.com. Reel.com is essentially one of the first cyber movie store with a very large inventory of over a 100 000 videos. Though setting a movie store was revolutionary then, Reel.com main distinction was being known as the first online store to expand by opening an offline store. The founder felt that by doing so, the online store could be an advertisement for the offline store and vice versa, thus strengthening this click and mortar business venture- an example of creativity and innovation applied in a profitable business context.

Conclusion:

This paper has started as an attempt to redefine the term of entrepreneurship but ended up ‘updating’ the wheel, based on the definition as proposed by Schumpeter. The paper expanded on this influential work by giving examples to illustrate what innovation in entrepreneurship was and hope that along the way, new insights were unearthed in the study of defining entrepreneurship.

In summary, the author hopes that this paper would further encourage the infusion of creative thinking and innovation within the educational system to nurture future entrepreneurs with a competitive edge. In the author’s view, the characteristics and capabilities to set up a new business venture based on doing things that have not done before should be encouraged. Innovation needs to be the cornerstone of entrepreneurship as opposed to the mere setting up of another new enterprise without implementing changes or adding features of improvements to the products and services provided and/ or its business processes.

About The Author

Dr. Alvin Chan is a Senior Research Consultant at First Quatermain Centre of Collaborative Innovation (www.firstquatermain.com).

For reprints permission, please contact bizguru88@hotmail.com

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One of the disadvantages of entrepreneurship as a corporate value is that its meaning is ambiguous; what does it mean exactly and what does it mean in the context of the organization?

Some examples of what entrepreneurship could mean, includes at least:

- taking initiative. This is what both the entrepreneur does and what is also applicable for employees in organizations
- freedom. The freedom to do what you think is the best
- act on opportunities rather than on plans and existing initiatives
- taking risks. Act without knowing exactly what will be the outcome
- innovate
- achieve something
- envision a future
- take a lead and motivate others with optimism to follow…

The question now is why does some company choose entrepreneurship as a corporate value? What is going on and what is the value for?

Some examples from the market show that different companies focus on a side of entrepreneurship:

Entrepreneurship & Innovation: We believe in “doing different things, and doing them differently”. We understand & thrive on the need to carve out a niche for ourselves. We value an entrepreneurship oriented culture and it is very important that we continually innovate in whatever we think, do and deliver to our customers. All employees are encouraged to keep a constructive and optimistic mindset to work towards solution. (1)

In this example the company stresses most of all innovation together with initiatives to foster and generate new niche-solutions.

Entrepreneurship

We understand what drives our clients’ business and we create innovative solutions tailored to their specific needs. We apply the best practices of our firm for our clients around the world.
As colleagues we are entrepreneurial as we apply the collective knowledge and full capabilities of our organization to create profitable growth through new business opportunities. (2)

In these examples the meaning of entrepreneurship is harder to grasp. The use of “best practices,” seems to contradict entrepreneurship. A best practice is something that has worked before. Entrepreneurship is where a new solution is not automatically accepted but may result in a big success. There is a chance in entrepreneurship.

Another disadvantage of entrepreneurship is its influence with the organization. Ask someone who implements this value what will happen to the remuneration structure. Will a bonus be part of the entrepreneurial culture? Will people receive commission on achievements? This is what makes it hard to implement.

A corporate value must fit an organization and it must be credible. In this case the chances are high that the term “entrepreneurship” is not more than a slogan, which will have limited impact on the culture of the organization.

(1) – www.kpitcummins.com/corporate/corporate_values.htm
(2) – Arcadis

H.J.B.

© 2008 Hans Bool

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