Defining “Entrepreneurship”

The Wikipedia definition of entrepreneurship: “Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities…Entrepreneurial activities are substantially different depending on the type of organization that is being started.”

I have been shocked over the past few months at what I believe to be a misinterpretation/misapplication of the word “entrepreneurship” or “entrepreneur”.   It seems that many people believe that the term “entrepreneur” or “being entrepreneurial” is reserved only for those who are currently bootstrapping together a new business from scratch.  I have encountered numerous of these people at TTEA events who will ask me, “Where are all of the entrepreneurs?”.  While I respect anyone who is currently forming or running their own business (especially those starting from modest beginnings, without “daddy’s help”), I have to respectfully disagree with their “elitist” definition of the term.

I believe entrepreneurship can be displayed in numerous venues and positions and is not reserved for only one specific action.  In fact, there are several actions/activities that I would consider very entrepreneurial such as:

• Starting a non-profit organization
• Working at a VC/PE fund or a law firm where you are constantly forming and nurturing early stage companies
• Working at a firm where innovation is expected and is “part of the job description”
• Taking part in a restructuring or a rebranding of a firm

These are just a few examples of other activities that I believe should qualify people to be classified as entrepreneurs.  In addition, I think those that aspire to one day run their own businesses, and are in the process of preparing to do that, are also entrepreneurial.

I believe our good friends at Wikipedia have put forth a pretty good definition of entrepreneurship (see top of post).  Specifically, they mention “revitalizing mature organizations” and they say that entrepreneurial activities are “substantially different depending on the type of organization.”  I would put forth the following tweaks to the Wikipedia definition in order to fully capture the ideals we believe in at TTEA:  

“Entrepreneurship is the practice of starting new organizations, revitalizing mature organizations or conducting business via innovative thinking in existing organizations.  This is particularly seen in new businesses, generally in response to identified opportunities, however is also true of existing organizations that are managed with innovation in mind.  The key tenant of entrepreneurship is innovation, regardless of the form or forum.”

TTEA was created to provide a (i) forum for the exchange of ideas, (ii) educational opportunities and (iii) opportunity for all members to give back to their respective communities.  We believe it is vital to have each of these “pillars” take place between established, in-progress and aspiring entrepreneurs.  Only through this exchange of varied backgrounds and perspectives can the maximum benefit be created for all ENTREPRENEURS.