No risk, no reward

Jonathan Cronstedt recommends taking a deeper look into entrepreneurialism

November is Entrepreneurialism Month – a time to recognize, celebrate and explore a phenomenon that has impacted the economic evolution of the entire human race. Since man began to trade as a means of subsistence, and continuing throughout the creation of markets and machines, the revolutions of the Industrial Age era and the end of an ice age or two, entrepreneurship has shaped our world for eons.

Entrepreneurialism is a risk – a huge risk that has the potential to yield a huge reward. When Richard Cantillon first coined the term “entrepreneurialism” in 1755, he could not have imagined that an angry, rich man sporting an epic comb-over, yelling, “You’re fired!” would be the poster child for this new word. But what did Cantillon originally intend for the idea of “entrepreneurialism?” What is the phenomenon at its core?

By dictionary definition, entrepreneurialism is “the capacity and willingness to develop, organize and manage a business venture, along with any of its risks, in order to make a profit.” By real-world definition, entrepreneurialism is passion turned into productivity. Entrepreneurs exhibit the unique ability to take something they believe strongly in and use it to better the world in the form of a product or service. An entrepreneur emerges when someone has a passion, envisions that passion as the solution for an unfulfilled societal need and has the wherewithal to take action. After taking that action, developing a business model and garnering the proper resources and support for production, entrepreneurs have the capacity to generate something meaningful for everyone in their target audiences. This effective use of power benefits both the entrepreneurs and their publics simultaneously.

So what does this term mean to entrepreneurs? To them, entrepreneurialism is never hearing the words, “You’re fired.” It’s never “getting the pink slip,” working under any horrible bosses, or hating the work they engage in every day. Instead, entrepreneurs enjoy self-employment and the freedom to complete the work they want, when they want, with whomever they want, without anyone squelching those wants. Entrepreneurship is more than balancing work and play; when you love what you do, you don’t have to balance work and pleasure. If work is pleasure, and pleasure is pleasure, then life is good.

Entrepreneurialism has had unmatched positive implications on society, and we, as members of that society, should understand those implications as such. Although Cantillon coined the term “entrepreneurialism” in 1755, more than a hundred years passed before people began fully respecting entrepreneurship as a driving force of the economy. By the 20th century, however, historians and social scientists began emphasizing the importance of entrepreneurs in the process of economic change. Since then, entrepreneurs have been taking the world and the economy by storm with their innovative ideas and creative energy, creating products others can’t even imagine. Rich in history and premise, the astronomical benefits society has enjoyed thanks to entrepreneurialism for thousands of years will carry on for thousands more.

Featured image credit: 123rf.com

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