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What is entrepreneurship?

In today’s fast-changing world, innovation is the driving force behind progress — and entrepreneurship is one of its most powerful engines. But what does it really mean to be an entrepreneur? And how is it different from being a traditional business owner?
Entrepreneurship plays a crucial role in driving economic growth. By launching new businesses and services, entrepreneurs boost market competition, leading to greater efficiency and innovation. Every new company helps stimulate the economy, attract investment, and lay the foundations for sustainable, long-term growth.
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An entrepreneur is someone who spots opportunities and turns them into something new. This could mean developing innovative products, services, or processes that not only drive economic growth but also spark positive change in society.
Where entrepreneurship is about generating new ideas and innovations, business ownership focuses on running and managing established enterprises. Many entrepreneurs start out by building something from scratch, while business owners may have taken over an existing company. 

Entrepreneurs are often visionaries, seeking fresh ways of doing things and willing to take risks to achieve their goals. They thrive on innovation and creativity, sometimes challenging norms to discover new possibilities.
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Turning your vision into reality is a big step bringing both challenges and rewards.

Challenges
  • Financial risks
  • Heavy personal responsibility
  • Strong competition
Opportunities
  • The chance to make positive impact on society
  • Personal and professional growth
  • Freedom to be your own boss
Some of the most common types of entrepreneurship are:
  • Small business entrepreneurship
    This involves starting and running smaller businesses, often with a focus on the local markets with direct personal ownership. Small businesses are among the most common business types and play a vital role in the economy by creating jobs and supporting local growth.
  • Scalable startup entrepreneurship
    This type centres on building companies, often in technology, with the potential for rapid growth and expansion into large markets, without costs rising proportionally to revenue. These startups frequently attract venture capital investment.
  • Large-scale entrepreneurship
    Also known as corporate entrepreneurship, this focuses on fostering innovation within established companies. It involves developing new products, services, or processes to drive growth and competitiveness, leveraging existing company resources and market presence.
  • Social entrepreneurship
    Social entrepreneurship is about founding and running businesses that address social or environmental issues. It combines business practices with a strong commitment to creating positive societal impact rather than solely generating profit.
Tip! Become a pro at making mood boards to visualize your thoughts and ideas. A mood board can be useful for yourself but also when presenting to others! Read our blog to learn how to create an effective mood board.
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Entrepreneurship is a key driver of today’s economy and society, and its importance will only grow in the future. By understanding and supporting all forms of entrepreneurship, from local small businesses to fast-growing startups, we can foster a more innovative and sustainable future.

FAQ

  • A venture capitalist is an investor who provides capital to start-ups or growing companies with high growth potential. In exchange for financing, venture capitalists often receive ownership shares in the company. They bear high risk but have the opportunity for significant returns if the companies succeed.
  • Intrapreneurship is when employees within an existing organisation act like entrepreneurs - developing new ideas, products, or processes - but without leaving to start their own business.
    An intrapreneur takes initiative, innovates, and drives change from inside the company, often with the organisation’s resources, networks, and brand behind them. Unlike traditional entrepreneurs, they operate within the safety net of their employer, but still carry a degree of responsibility and risk for the project’s success.
  • In Ireland, entrepreneurship in schools focuses on fostering creativity, initiative, and problem-solving among students, preparing them for future work and life. National programmes like the Student Enterprise Programme and Transition Year mini-companies give students hands-on business experience. Supported by initiatives such as Young Social Innovators and Junior Achievement Ireland, these activities help build enterprise skills, confidence, and real-world understanding from an early age.
  • A startup is a newly founded company that strives to develop a unique product or service, often with the potential for rapid growth and scalability. Startups often focus on innovation and seek to quickly establish themselves in the market.
  • A SWOT analysis is a planning tool used to identify and evaluate an organization's internal Strengths, Weaknesses, Opportunities and Threats. It helps organizations understand their position and formulate strategies. A personal SWOT analysis can also be done on an individual, such as an entrepreneur.