Entrepreneurship What Is Entrepreneurship?

An entrepreneur is a person who takes on risks and seeks to create an ongoing business by coordinating resources, raw materials, time and materials to create a valued product or service. The role of the entrepreneur is to continually create new value in an economy by providing products and services that give both consumers and businesses greater value, solve their problems or contribute to their attaining their goals and objectives (Costin, 2012). The intent of this analysis is to evaluate what entrepreneurship is and how it is changing today given the nature of the Internet and social networks.

What Entrepreneurship Is and How It Is Changing

At its most fundamental definition, entrepreneurship is focused on the undertaking of a new enterprise to deliver value products and services to customers (Howorth, Tempest, Coupland, 2005). This definition continually is being expanded as the nature of assets, resources and their optimal use to solve problems or increase the quality...

An entrepreneur in the mid-20th century for example would not have the depth of analytics and big data software applications to study their customers and gain greater insights into how to deliver a highly differentiated product or service. The role of analytics combined with the level of acuity that many successful entrepreneurs have in seeing opportunities in problems people face is accelerating their growth as a class of business creators (Rusu, Isac, Cureteanu, Csorba, 2012). All of these factors are combining to completely reorder what an entrepreneur is in the 21st century and how they address emerging market opportunities that very often they see and many others miss. The many successful entrepreneurs provide ample evidence of how their differences in perspective, acuity and focus are completely different than business managers who are more often given the task of keeping an existing business up and running (Howorth, Tempest, Coupland, 2005). An…