Entrepreneurialism is a state of mind or the condition of being a problem solver.
@Author
I thought that was Entrepreneurship
@Reader
Nope! Here is the difference.
Entrepreneurship Vs Entrepreneurialism
Entrepreneurshipis the process of turning a problem into a new business venture, in the form of either a service or a product.
See the difference?
I know it might sound confusing, but it’s not.
Entrepreneurialism (as I mentioned earlier) refers to the mindset and philosophy of an entrepreneur – someone who takes on the risk and responsibility of starting and running a business.
Success requires resourcefulness, creativity, and perseverance.
The Mind State Of Entrepreneurship
A definition of an “Entrepreneur” (according to Oxford):
“a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so”
As you can see, RISK is emphasized in that definition.
Entrepreneurs are typically driven by a desire to create something new and to build something of their own.
They are willing to take risks and work hard to achieve their goals. (This is not your typical “yeah, what else is new” thing. This is it)!
Traits Of A Serial Entrepreneur
You know what else?
@Author
What
@Reader
They are also comfortable with uncertainty and change.
James Dyson, the founder of a company that makes innovative vacuum cleaners, was unhappy with the performance of his vacuum cleaner …
So he decided to design his own. He spent five freaking years and over 5,000 prototypes before he finally developed a vacuum cleaner that he was satisfied with.
So yeah, they’re kinda weird like that. 😁
@Author
9-5 workers, on the other hand …
@Reader
Are typically more interested in stability and security. They value a steady paycheck and benefits.
And they may be less willing to take risks or work outside of their comfort zone.
Entrepreneurs
Are always looking for ways to improve their business and expand their reach.
Are not afraid to fail and learn from their mistakes.
Are comfortable working long hours and making sacrifices to achieve their goals.
Are willing to invest their own time and money into their business.
9-5 Workers
Are more focused on completing their assigned tasks and meeting deadlines.
Are less likely to take risks or step outside of their comfort zone.
Are more likely to prioritize stability and security over growth and opportunity.
Sara Blakely founded Spanx, a company that sells shapewear for women. She faced many rejections and challenges when starting her business.
Blakely’s idea came from cutting the feet off her pantyhose to create a makeshift undergarment. She saw a market for it and developed a prototype using her own savings and credit cards.
After being rejected by 20 stores in New York City, Blakely finally found a buyer at Bloomingdale’s. Spanx launched in 2000 and quickly became a success. Today, Spanx is a multi-billion dollar company selling products in over 50 countries.
The New Entrepreneurialism
Each month 400K+ new business applications were recorded in the US! (According to Census.gov).
@Author
🤯 That is just too much!
@Reader
Clearly, more and more people want to switch up their game plans and maybe try out their unique business ideas.
After speaking with hundreds of clients and interviewing people who applied for various positions in the tech field, I’ve discovered two common tendencies in Entrepreneurialism:
Personal Internet Brands
Back to Base Strategy
Let’s look at both.
Personal Internet Brands
Your Personal Internet Brand is a trust-builder …
It’s your ticket to credibility and a word I’m not a big fan of:
“Influence“
Nevertheless, it’s a trend we have been observing in recent years.
On average, employees have 10 times more followers than their company’s social media accounts.
Trend 1: Humanizing Companies
Business leaders share their personal stories, values, and lessons learned from failures, going beyond just talking about their company’s vision.
@Author
But, Most of the brands I use though …
I don’t know their CEOs 😅
@Reader
Me too, it’s relatively a new trend.
These are not your typical corporate CEOs by the way.
Take Satya Nadella, Chairman and CEO at Microsoft, for instance. His LinkedIn feed isn’t just a corporate bulletin board junk!
It’s a glimpse into his insights, book recommendations, goals, and sincere appreciation for his team.
Trend 2: Personal Content
Blogs, podcasts, YouTube videos, or webinars … you name it.
Personal content is where you pour gold-standard material into your field.
Trend 3: Minimalism
A crystal-clear, consistent, and compelling personal brand that can’t be ignored.
More and more personal brands are concentrating on quality over quantity, and curating their digital spaces with precision.
I know the perfect example for this:
MKBHD is known for his simple and clean aesthetics in his tech reviews and videos.
Making the content easy to consume.
The Back-to-base Strategy
This is my personal favorite and one I spotted pretty recently.
Back-to-Base strategy is an interesting concept that involves a radical shift in the business model of a company.
In other words, the company goes back to its core competency and leverages its expertise and resources to create value for its former competitors …
@Author
Former competitors? 🤔
@Reader
Yes, who now become its customers …
It’s risky, but genius!
You know the famous Netflix story.
Netflix effectively transformed itself from a video rental company to a streaming platform provider by doing the same thing.
It also created a new market for other content creators, who could use Netflix’s platform to distribute their own shows and movies to a global audience.
Here is another example:
When I started xrilion.com, I struggled to find fresh topics to write about. I tried tools like Exploding Topics and Glimpse, but they had limitations. They often provided broad or outdated topics, and some weren’t free.
So, I created my own solution: Trends. It’s a tool that finds new and trending topics, solving the problem I faced as a blogger.
In the process of creating Trends, I turned my former blog competitors into customers.
@Author
So you stepped “back to the base”
I see what you did there 👌
@Reader
Thank you!
Let’s see some Back-to-Base trends:
Trend 1: Ai On The Rise
Artificial Intelligence (AI) isn’t just the future; it’s the now.
Whatever your business is, You probably need AI infrastructure.
That’s just how it is.
It’s the tool that automates tasks, personalizes content, and crafts impeccable customer experiences.
Trend 2: Agile Marketing
61% of companies use agile to achieve both software development and company-wide digital transformation.
The market is constantly evolving, and you need to ride the waves. Agile marketing takes a leaf from viral trends and combines it with everyday social media magic.
Flexibility and responsiveness are the key.
Trend 3: B2b E-commerce
The purchasing process in the B2B world is undergoing a transformation. Streamlining and enhancing customer experiences are the new battlegrounds. B2B Ecommerce isn’t just an option; it’s a necessity.
Here are some key B2B Ecom Insights:
B2B buyers want self-service buying portals.
Mobile optimization will be vital.
Social commerce will give prospects more shopping options.
Personalized online shopping will get more personal.
Entrepreneurialism is a mindset focused on problem-solving.
What is Entrepreneurship?
Entrepreneurship is the process of creating a new business, involving financial risk for potential profit. Entrepreneurs are known for their creativity, innovation, and risk-taking attitude.
What are the different types of Entrepreneurship?
There are several types of entrepreneurship, including:
• Startup Entrepreneurship. Creating a new business from the ground up, often with limited resources.
• Intrapreneurship. Taking entrepreneurial risks within an existing organization, typically by employees.
• Social Entrepreneurship. Using business to address social issues and create a positive impact on society.
Summary
Entrepreneurialism is the drive to solve problems creatively and take calculated risks. It fuels innovation and turns challenges into opportunities.
Entrepreneurship puts this drive into action by starting new businesses, taking on financial risk for potential profit.
