This is the first in a series of blog posts around the topic of Entrepreneurship. I’ve recently taken up a part-time position as an Associate Professor at Richmond American University London. One of the courses I teach is ‘An Introduction to Entrepreneurship.’ Over the next few weeks and months, I’ll be sharing a few edited highlights from my course. So…watch this space!
If you ask ten people to define entrepreneurship, you'll likely get ten different answers. Some will talk about starting businesses. Others will mention innovation or risk-taking. A few might reference Silicon Valley success stories or local shopkeepers who've been serving their community for decades.
They're all right, because entrepreneurship is broader than any single definition.
The Core Definition
At its heart, entrepreneurship is the act of creating, developing, and managing a venture to solve a problem or meet a need. Usually, to generate profit, but sometimes driven by social or environmental impact.
It's about seeing an opportunity where others see obstacles and having the courage and commitment to pursue it.
The Key Elements
Most definitions of entrepreneurship include several common elements:
Innovation doesn't necessarily mean inventing something entirely new. It can mean finding a better way to do something, serving an underserved market or combining ideas in fresh ways. The local café that creates a genuinely welcoming community space is innovating just as much as the tech startup disrupting an industry.
Risk-taking is inherent to entrepreneurship, but it's not reckless gambling. Successful entrepreneurs take calculated risks, gathering information, testing assumptions, and building safety nets where possible. They're comfortable with uncertainty, but not careless with resources.
Value creation is what separates entrepreneurship from mere activity. Whether you're building a product, offering a service, or creating a platform, you're solving a problem for someone. That solution has value. And entrepreneurship is about capturing some of that value sustainably.
Resourcefulness might be the most underrated entrepreneurial quality. When you don't have everything you need, you find creative ways to move forward. You borrow, barter, bootstrap, and build relationships that open doors. You view constraint positively. You turn them to your advantage.
Beyond the Startup Stereotype
It's worth noting that entrepreneurship isn't confined to tech startups or dramatic "I quit my job" moments. Entrepreneurs come in all shapes and sizes. They include the consultant who builds an independent practice, the employee who champions innovation within their company (intrapreneurship), the community organiser who launches a social enterprise or the franchisee who adapts a proven model to their local market.
The thread connecting all these examples is the entrepreneurial mindset: proactive, opportunity-focused, resilient, and willing to create something where nothing existed before.
Why It Matters
Understanding entrepreneurship matters because entrepreneurial thinking is increasingly valuable regardless of your career path. The ability to identify opportunities, navigate uncertainty, mobilise resources, and create value is vital. Whether you're founding a company, leading a team or starting on your career.
Entrepreneurship is ultimately about agency. The belief that you can shape your circumstances rather than simply react to them. And in a rapidly changing world, that belief might be the most valuable asset of all.
Whether you're considering your first venture or reflecting on years in business, remember that entrepreneurship is less about having all the answers and more about being willing to figure them out as you go.