Entrepreneurship is the act of starting a business in the hope of earning a profit. However, our modern perception of entrepreneurship has evolved into recognizing its ability to solve large-scale problems and influence social change. Entrepreneurs may also become thought leaders in their fields, although this isn’t necessarily a distinguishing factor of someone in this role, but it can be a natural outcome.
Entrepreneurship also plays an important role in the economic development of our vibrant marketplace. It leads to better standards of living and generates new wealth, as well as increased employment and national income. Entrepreneurs also have the opportunity to help bridge the digital divide, the gap between those with access to internet and those without.
With technological advancements and market demand for new business ideas and innovation, the practice of entrepreneurship is growing rapidly. Today, more and more self-motivated individuals are looking to become fully independent in their professional lives and are aspiring to create their own future.
The term is not a new one, for example, economist Joseph Schumpeter (1883–1950) defined the role of an entrepreneur as being involved in "creative destruction." Making entrepreneurship responsible for new ideas and innovations that disrupted traditional and existing businesses or industries, and replaced them with something new and forward thinking. For the economist Schumpeter, the changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".
Entrepreneurship is thus part of the natural cycles of economic and industrial development and evolution. While potentially disruptive in the short term, in the long term it's expected to bring about positive change and innovation.
