Definition of entrepreneurship

Entrepreneurship is the art of starting, managing and growing a business and can therefore be defined as the set of qualities necessary to carry out entrepreneurial activity, which is an economic activity organised in the form of a business, aimed at the production or marketing of goods or services.

To do so profitably and effectively, the entrepreneur must be able to combine innovation, skills, and vision to offer new products, services, or ideas to the market that meet demand, thereby creating value for a specific customer group.

This requires the entrepreneur to possess a series of qualities or soft skills, including resourcefulness or initiative, a propensity for risk, the ability to innovate,

creativity, leadership skills, organizational skills, and the ability to resolve potential conflicts.

The entrepreneur, driven primarily by the desire to generate profits and business, but also by social or cultural objectives, takes direct action to leverage opportunities and ideas to transform them into value for others.

The European Union, aware of the importance of supporting and fostering entrepreneurial development, has therefore identified and defined the entrepreneurial skills needed to have a positive impact on society in a framework called EntreComp (Entrepreneurship Competences).

 

EntreComp is the framework for entrepreneurial skills, encompassing them in the following three areas of competence (composed of 15 key competences):

1. Ideas and opportunities;

2. Resources;

3. Activities.

The Ideas and Opportunities area includes:

• Identifying Opportunities

• Creativity

• Big Picture

• Valuing Ideas

• Ethical & Sustainable Thinking

The Resources area includes:

• Taking Initiative

• Planning and Management

• Copying with Uncertainty, Ambiguity, and Risk

• Working with Others

• Learning Through Experience

The In Action area includes:

• Self-Awareness and Self-Efficacy

• Motivation and Perseverance

• Mobilizing Resources

• Financial and Economic Literacy

• Mobilizing Others

Of course, those considering self-employment should remember that starting a business has its pros and cons.

The pros include:

Ø Working flexibility;

Ø Making a profit from what you love;

Ø Ability to be reactive;

Ø Earnings potential

Cons include:

Ø the existence of risk and failure;

Ø the time required to develop a business idea;

Ø personal and corporate responsibility;

Ø market competition;

Ø income uncertainty.

It remains clear, however, that whatever the entrepreneur’s motivations and whatever their goals, to be successful, they will need to develop their skills and abilities.