What is entrepreneurship?

Entrepreneurship is the act of entrepreneurship, that is, doing something new and different within a market, a company or for society. In the business world, the term refers to the search for new opportunities through  creativity  and  innovation  .

One of the most common forms of entrepreneurship is the opening of new companies, initially small. For this reason, it is common for anyone who dares to open their own business to call themselves an entrepreneur.

However, the formal definition of entrepreneurship presupposes putting a new idea into practice, offering an unprecedented service or product, or adopting a new way of doing something that already exists. To be a true entrepreneur, therefore, it is necessary to be, in some way, a pioneer.

Entrepreneurship in companies

Despite being closely related to the emergence of new businesses, the concept of entrepreneurship can also be applied to companies already established in the market. In this case, it is called  corporate entrepreneurship  ,  internal entrepreneurship  or  intraemprendimiento  .

Corporate entrepreneurship is the search for innovative ways to further increase the profits and growth of a company, diversifying the range of businesses or introducing new work methods or products to the market.

An intrapreneur does not necessarily have to be the owner or manager of the business. The term applies to any employee with vision and initiative, capable of identifying problems and discovering solutions that benefit the company as a whole.

For this reason, corporate entrepreneurship generally develops where there is a specific business culture. This culture should encourage employees to participate in the development of the company. Also, you should leave room for the presentation of new ideas.

Social entrepreneurship

When the main objective of the entrepreneur when putting his idea into practice is not profit, but an improvement in society, his activity is classified as social entrepreneurship.

Environment, education and health are some of the areas in which social entrepreneurship can be developed.

What defines social entrepreneurship is that innovation must be accompanied by the application of the concept of  social responsibility  . However, despite being guided by a cause, the social entrepreneur works  for profit  . It is in this respect that it differs from a Non-Governmental Organization (NGO).

We could mention, as an example of social entrepreneurship, a brand that trains artisans in a certain community. This brand aims to professionalize its traditional activities by opening markets for manufactured products after buying them at fair prices.

Digital entrepreneurship

Digital entrepreneurship  uses the Internet as a commercial platform  to offer differentiated products or services after identifying a market niche.

The term can be applied to websites, blogs, social media pages, YouTube channels, or even email newsletters, as long as they are aimed at generating profit.

The innovation that characterizes digital entrepreneurship does not necessarily have to be linked to the creation of a new company. An already established brand can go digital if it expands its business by creating an e-commerce platform, for example.

An example of digital entrepreneurship are  startups  responsible for creating social networks or innovative applications. But not every digital company is a startup, since this business model represents rapid growth.

Serial entrepreneurship

Serial entrepreneurship is the ability to successfully implement various innovative business ideas.

The serial entrepreneur is the type of professional who is constantly looking for new opportunities. He has a vision to identify market demands and niches, an initiative to transform these ideas into new businesses and talents to make them prosper.

The serial entrepreneur is responsible for new business ideas, but not necessarily for management. It can only be an incentive for the first steps of the new company, providing the necessary support at the beginning, but withdrawing from the operation after the project is established, being free to face a new challenge.

How did the term entrepreneurship come about?

Although the act of seizing opportunities through innovation is almost as old as humanity, the use of the term entrepreneurship has its roots in the work of the Austrian economist Joseph A. Schumpeter, with the publication of the book “Capitalism, Socialism and Democracy ”, In 1942

Schumpeter used the term entrepreneur to refer to the agent responsible for the process of  creative destruction  that he considered the essence of capitalism. Creative destruction is the process of replacing old products, companies and practices, which become obsolete and cease to exist in the face of market innovations.