What is Entrepreneurship? How to Become an Entrepreneur?

Entrepreneurship, one of the most talked about topics of recent years, is the dream of people from all walks of life who aim to start their own business. Many entrepreneurial spirits who aim to realize their existing or designed projects have the misconception that they need to own their own company in order to be an entrepreneur. Entrepreneurship, by definition, refers to the establishment of organizations that bring together the factors necessary for the production of goods or services and transform economic opportunities into new values by taking all risks. As the definition indicates, entrepreneurship is not only about starting a business, but also about taking risks and creating the necessary organizational processes to create change.

Who is an Entrepreneur?

An entrepreneur is a person who takes the necessary risks to realize an opportunity or an idea and turns it into a business project. Entrepreneurs are important for the economy because an entrepreneurial spirit contributes significantly to the national economy with the economic value it produces as well as earning itself. Entrepreneurs who have a combination of talent, knowledge, courage and self-sacrifice; In addition to earning money by establishing their own business, they aim to add value to the unit they work for, regardless of whether in the public or private sector.

What Does an Entrepreneur Do?

According to the general opinion, which we argue is wrong in our article, an entrepreneur defines people who start their own business in our society. In other words, if a person is an entrepreneur, they deserve this title if they start their own business following their own idea or a different business model. We have mentioned that this definition is wrong and that entrepreneurship is a spirit and its purpose is to add value, not just to make money.

Daniel H. Pink, an American author, supports the idea that entrepreneurship cannot be limited to starting a business with the expressions he uses to define entrepreneurship. According to Pink, employees want to add meaning to their lives and the lives of others, apart from making money in their organizations. This approach brings out the entrepreneurial spirit of employees and leads them to own their businesses. As Pink argues, it is not necessary to own one’s own business for entrepreneurship and one can be considered an entrepreneur by owning one’s current workplace and adding meaning to people’s lives.

Kenneth H. Blanchard, an American author, business consultant and motivational speaker like Daniel H. Pink, defined entrepreneurship in a similar way. While arguing that companies and institutions should prepare the appropriate environment for entrepreneurial people, Blanchard explained in 7 points what entrepreneurship organizations should do, which are listed below and which answer the question of what an entrepreneur does:

1. Freedom of decision-making must be offered.
2. Receive timely and accurate feedback on decisions and behaviors.
3. An environment where employees can develop themselves should be provided.
4. An understanding of cooperation should prevail in the working environment.
5. A fair work distribution and reward system should be established.
6. The working team should rally around a purpose or story.
7. Employees should be made to love their work and be given the opportunity to make meaningful connections.

How to Become an Entrepreneur?

For some, being an entrepreneur is an innate talent, for others it is trying to start a new business over and over again even if it fails, and for others, like Kenneth H. Blanchard, it is a phenomenon that can be uncovered. When evaluated from different perspectives, each view has its own share of truth. Because an entrepreneur needs to be brave in order to take risks, have foresight and generate new ideas in order to take responsibility and recognize opportunities.

If even one of the qualities that an entrepreneur should have is missing, it is obvious that the person in question cannot be an entrepreneur. This is where the qualities that we have listed in 7 items in the above heading and which Kenneth H. Blanchard advocated should be present in organizations in order to create entrepreneurship come to the fore. Entrepreneurs need to be able to think freely, cooperate, take responsibility, work for a purpose and most importantly, love what they do.

We find it useful to add a caveat about risk-taking by the entrepreneur. It is true that risk-taking is necessary to see an opportunity and turn it into value. But the risk taken by the entrepreneur is not really a risk. Because a person who has the characteristics of an entrepreneur has already foreseen this risk and made the necessary planning for the solution. After sharing our last warning with you, we can list the 11 characteristics required to become an entrepreneur below:

Foresight

The entrepreneur must be able to recognize opportunities and think ahead of their time. Looking and seeing are different. The entrepreneur should be able to see what he or she is looking at with the foresight he or she has and calculate what needs are met by what he or she sees.

Self-confidence

Self-confidence is a must-have characteristic of an entrepreneur. A person who lacks self-confidence will see many opportunities, but because he or she does not have enough self-confidence, he or she will have to see his or her idea realized by another entrepreneur. In order to become an entrepreneur, it is important to believe in your idea, your project and that the risks you take will pay off.

Managing Time

The entrepreneur should never waste time. In order for the entrepreneur to seize the opportunity, he/she should realize his/her project by making the necessary planning as soon as possible. To be an entrepreneur, know the value of time and manage your working time well!

Being Motivated

Motivation is the secret behind all success. Success is a phenomenon that is not achieved immediately and sometimes requires years of hard work. Such determination to work hard is possible with motivation. You can turn inward for motivation or you can try to accept a successful entrepreneur as your idol. In order to become an entrepreneur, you must not be defeated by the slightest difficulty. You must learn to motivate yourself to start working again when necessary.

Managing Skills

An entrepreneur does not only manage time. If he is working on a project with a team, he needs to be able to manage his team well. Good ideas come from free minds. If you have the motivation and determination to lead such a team, you can put a tick on one more quality needed to be an entrepreneur.

Contact

The entrepreneur’s job is not only to produce projects. He or she must also be able to communicate with his or her team and customers while promoting the project. A strong communication skill is one of the strongest characteristics of an entrepreneur. If you are not good at communication, keep in mind that you need to spend time on this issue to be successful.

Ambition

Being passionate about a job and having the right motivation is possible with ambition. You need to be ambitious in order to grow your business or to overcome the negativities you will encounter while evaluating an opportunity you see. Entrepreneurial ambition does not accept any failure. Don’t give up in the face of challenges, show the ambition and determination to overcome them!

Flexible Behavior

Sometimes unforeseen risks or changing circumstances can disrupt your plans. If you want to be an entrepreneur, you should know that you should not give up in the face of this challenge. But the entrepreneur should not repeat the same mistake. He or she must accept the changing conditions and show the necessary flexibility. To become an entrepreneur, you must learn to adapt to changing circumstances so as not to be defeated.

Planned Work

Although it is accepted that the entrepreneur takes many risks, we have already mentioned that he/she does not act without a plan when taking these risks. The entrepreneur should always be planned in terms of time, team and customer management. They should create a business plan and stick to it. We would like to note here that although you need to work in a planned way to become an entrepreneur, you should not waste your time on unnecessary details.

Universality

The entrepreneur must think differently. He/she should be free in his/her thoughts and should not lose his/her productivity due to geographical or any other boundaries. To be a good entrepreneur, one must be universal. He/she should closely follow the developments in the world. He/she should be able to take shortcuts by taking examples from what is being done in different countries, or he/she should be able to take action when he/she realizes opportunities beyond borders.

Financial Hardware

Developing a project does not mean that you only need to have the entrepreneurial spirit and skills to bring it to life. You need to know how much it will cost you to realize this project and you need to be financially literate enough to take advantage of the chances available to you to finance your project. A good entrepreneur should also have sufficient financial know-how. If you are not financially literate enough, keep in mind that you can get expert support while improving yourself!

What are the Types of Entrepreneurship?

Another important topic that explains why entrepreneurship should not be limited to starting a business is the types of entrepreneurship. Types of entrepreneurship show that this business model does not always aim to make a profit, and sometimes it is possible to be an entrepreneur by aiming for social benefit instead of profit. In order to understand the subject more clearly, we have listed 4 types of entrepreneurship for you below:

Commercial Entrepreneurship

The most well-known type of entrepreneurship in our country is commercial entrepreneurship. Anyone who sets up their own business to carry out a commercial activity has acted with the motivation of commercial entrepreneurship. It is also known as creative entrepreneurship. We can show thousands of companies that keep the economy afloat as an example of this type.

Social Entrepreneurship

Non-profit initiatives for social benefit are considered under the heading of social entrepreneurship. Associations or foundations are examples of social entrepreneurship.

Internal Entrepreneurship

Intrapreneurship is the type of entrepreneurship that justifies names such as Daniel H. Pink and Kenneth H. Blanchard. This type encompasses efforts to improve an existing company. If an employee takes steps to develop a new product for his/her company instead of starting his/her own business, it can be inferred that he/she is fulfilling the requirements of intrapreneurship.

Virtual Entrepreneurship

Virtual entrepreneurship, which entered our lives with the widespread use of the Internet, has become a type of entrepreneurship that many people can fulfill at low cost. In this type, which has a wide scope, many of the innovations made depending on the internet can be shown as examples.

What are the Stages of the Entrepreneurship Process?

Entrepreneurship, which transforms a business idea into reality or creates a value that contributes to society, must go through a number of processes in order to be successful. These processes can be expanded in similar content in line with different perspectives. People who act with goals such as starting a business or adding value to society can achieve success by correctly combining the 8 stages of the entrepreneurship process listed below:

Motivation

Motivation, which we count among the characteristics that an entrepreneur should have, also constitutes the initial stage of entrepreneurship processes. Every entrepreneur who wants to realize his/her idea and realize commercial, social, virtual or intrapreneurship should not act with a lack of motivation. Even if an entrepreneur has enough money, a good idea and a strong team, if they are not motivated, they will give up in the face of the first challenge.

Idea

An entrepreneur who wants to contribute to society or generate economic value by starting his or her own business must have a good idea. The idea does not come to the entrepreneur spontaneously. He or she must find this idea by following the changes in the world and the foresight he or she has. The entrepreneur can also rely on his or her own knowledge to create the idea. The important thing is to sense opportunities, and even if the entrepreneur sees an opportunity and feels that he/she is not qualified to seize it, he/she can shape his/her idea with the support of his/her team or a partnership.

Work Program

We have already mentioned that realizing an idea requires good time management and adherence to work discipline. We also shared with you that the entrepreneur should act in a planned manner. The third stage of entrepreneurship also proves us right and tells us that a work program should be created in order to put the idea into practice. A person who wants to start a business or add value to an existing business should create a work schedule that describes how he or she will proceed with the venture and how he or she should work. With a schedule, you can make efficient use of your time and all other resources.

Preliminary Evaluation

While shaping his/her idea, the entrepreneur should also investigate its potential for realization. It is important to determine the feasibility of these goals while planning to establish and run the business. During the pre-evaluation process, the business idea is identified with its general characteristics and may require the entrepreneur to choose the most efficient one among different possible ideas. In this research, risks and obstacles should be correctly identified and it should be transparently revealed whether these obstacles can be overcome with the current project.

Feasibility Assessment

It is not enough to have a good idea and the entrepreneurial spirit necessary to bring it to life. It is also necessary to determine the feasibility of the project to be realized. The entrepreneur should apply a feasibility test by predicting whether he/she can realize his/her project with his/her knowledge or team, financial requirements and all other technical details. If the business idea passes the test, you can now move on to the planning process.

Business Plan

In all the work done up to this stage, the entrepreneur has a lot of data. Now it remains to prepare a coherent business plan by combining these data correctly. A business plan that includes objectives, risks, resources and all other details for the project should be prepared and started to be implemented. Unnecessary details should be avoided in the business plan and care should be taken to prepare a plan that will be successful if adhered to.

Taking Action

Once all the details are completed on paper, there is no obstacle for the entrepreneur to take action! The entrepreneur demonstrates the necessary mobility to realize a physical workplace or to revitalize a project and the final process begins. Now that the entrepreneur has realized his/her dream, he/she has to start researching how to develop it.

Project Development

Opening a commercial enterprise or realizing an idea is not enough for entrepreneurship. This project needs to be developed and made to stand on its own feet. The entrepreneur should develop his/her project with capacity increase or different touches. There are many examples in the world and in our country that explain how the right steps to be taken in this process turn initiatives into startups. By taking a look at these examples, you can better understand why you should not stop after realizing your project.

What are the Risks in Entrepreneurship?

Although everything we have described so far in entrepreneurship paints a rosy picture, in fact, the entrepreneur has to take on many risks while pursuing his or her idea. If these risks are not foreseen correctly and solutions are not found, they will distract the entrepreneur from the success imagined. These risks turn into a gnawing fear for some would-be entrepreneurs, causing them to give up on the step they are about to take. Perhaps the 8 risks in entrepreneurship , which can also be shown as the reason why not everyone can become an entrepreneur, can be listed as follows:

Financial Problems

Finances are the biggest threat to startups. A disruption in cash flow can become the single biggest obstacle to a startup’s success. Proper financial planning and forward-looking measures reduce the risk of facing this threat.

Insecurity

Promises made by those closest to them or human trust issues can prevent a venture from materializing. People who work with a good team and have a peaceful environment of family and friends are lucky in this regard. If an entrepreneur feels lonely and has trust problems with people, it will not be easy to eliminate this risk.

Insufficient Time

The entrepreneur has to work hard. It is possible that sometimes he/she is sleep deprived or does not have enough time for his/her family. If you are not ready to have a significant part of your life taken up by work, we recommend that you reconsider entrepreneurship.

Stress

Working hard and dealing with many problems at the same time is enough to create stress. The entrepreneur always works under stress and has to constantly face the stress of keeping up with things. Although stress can sometimes be a good motivator, learning to be resilient to stress will make things easier.

Business Growing Faster Than Expected

Business going well is not always good news for the entrepreneur. Sometimes a business that grows faster than planned can catch the entrepreneur off guard and threaten the future of the venture. As much as it is desirable for business to grow, it should be prevented from becoming uncontrollable.

Failure to Delegate Authority

A good organizational chart both lightens the burden of the entrepreneur and ensures that things run in a systematic way. A person who tries to do everything himself or herself will leave a lot of incomplete work behind. A good team is essential for a successful startup, and by delegating authority, the entrepreneur can relieve himself of some of his responsibilities and keep things on track.

Pressure to Make Money

This pressure, especially when the borrowings are due, creates a great deal of stress on the entrepreneur. This situation, which is mostly encountered in small-scale enterprises, results in the entrepreneur thinking and trying to do everything himself/herself. Although making money is essential for the continuation of the business, an easier way to do this must be found.

Disruptions in Organizations

No matter how perfect the plans may be, there is always the possibility that suppliers or employees will have setbacks. These setbacks will reflect on the business and cause you to spend extra time on problems. Although delegation of authority strengthens the entrepreneur’s hand at this point, thinking that setbacks can always occur and having plans B and C ready will mean finding solutions to problems from the beginning.

Entrepreneurship Ideas

Many people with an entrepreneurial spirit are looking for a good idea to take action. A good startup requires a different perspective and an understanding of the world. Entrepreneurship requires understanding people’s needs and, like the famous activist Lauren Singer, “recognizing the dangers”. With a good foresight and touch, a different touch that you can bring to any product or a good software that you can develop with your skills can be a good start for you. Taking a look at the business ideas that have come to life in the past years, here are some suggestions that can create ideas for entrepreneurship:

1. You can build projects on the Metaverse. By developing a game or other application, you too can take your place in the metaverse, and perhaps with the support of a good team, you can make a considerable fortune by developing your own cryptocurrency.
2. You can enter e-commerce! With consumers’ growing confidence in e-commerce, you can consider the idea of selling online to take advantage of the increasing market share. You can take your place in the online market with a product you produce yourself or a product that you think offers an opportunity.
3. You can focus on handmade products! The interest in handmade products is increasing, especially in personal products and souvenirs. You can take the first step to sell products at home and abroad by producing a leather wallet, jewelry or a different accessory.
4. You can be a personal courier! By getting a car or motorcycle license, you can work for e-commerce giants like Trendyol and Hepsiexpress to deliver products.
5. Seize arbitrage opportunities! Arbitrage is the process of taking advantage of the price of a product or currency in different markets. You can realize your venture by selling a product that is expensive in one province but not in another.
6. Make design products! Especially for souvenirs, household and ornaments with unusual designs are preferred. You can venture into special design products such as wooden clocks, photo holders or terrariums.
7. Grow snails! You can start an initiative to grow this product, which is consumed in Far Eastern and European cuisine and has a good market share in the cosmetics industry.
8. Provide mobile vehicle maintenance service! You can realize your initiative on this service that will be adopted by many people who are caught in a busy work schedule and cannot spare time for their vehicle.
9. Go for organic cleaning products! If you discover a formula for herbal handmade soap or a different cleaning product, you can succeed with a good business plan.
10. Take the plunge into wedding photography! Especially when you expand your repertoire for exterior shooting, you can have a good customer potential.

What is the Difference between Entrepreneurship and Startup?

Entrepreneurship and startup are two key concepts that are commonly confused. In fact, even though every startup is considered a venture, not every venture is a startup. In order to distinguish between these two concepts, you need to know the sharp differences between them. The differences between entrepreneurship and startup can be listed as follows:

1. Initiatives run on manufactured solutions. A startup aims to find a solution to a problem or a need.
2. The risk of error is low as the initiatives are based on generated solutions. Starup deals with bigger problems and the risk of error is high.
3. Initiatives are often local in scale. The startup must succeed in transcending geographical boundaries.
4. Startups may be content with an average growth rate or maintaining their current market share. But for a startup to be considered a startup, it has to have enormous growth potential.

Entrepreneurship Examples

There are many important examples of entrepreneurship in our country and around the world. These examples are especially important for understanding the motivations of successful people and analyzing the developments that led them to take action. Below we share with you 5 successful examples of entrepreneurship from around the world, many of which have grown rapidly into startups:

Jeff Bezos – Amazon

Founded by Jeff Bezos in 1994, Amazon has become a global technology giant. Amazon, which achieved success after including e-commerce in its company, which was originally designed to sell books, has turned into a company with a turnover of 107 billion dollars today!

Jack Ma – Alibaba

Founded by Jack Ma in 1999, Alibaba has turned into a global giant with a turnover of 205.74 billion yuan in just one quarter in 2021. Jack Ma, who is not preferred for many jobs he has entered, is among the rich people who are idolized in entrepreneurship with the idea he has realized.

Bill Gates – Microsoft

Bill Gates, who crowned a successful school career with a successful enterprise, founded Microsoft with Paul Allen on April 4, 1975. Gates, who became the leader with Microsoft Windows and was number 1 on the richest list for many years, is today involved in the foundation he founded with his ex-wife Melinda Gates.

Lauren Singer – Blogger

Lauren Singer, an activist who declared war on plastics, has become a successful entrepreneur with her blog posts and YouTube content emphasizing naturalness. Singer, who also established her own e-commerce site with the positive feedback she received from her environment, earns considerable profits with the sale of natural materials.

Jan Koum – WhatsApp

Jan Koum, who was born in Kiev to a poor family, managed to have a billion-dollar fortune with WhatsApp. So much so that WhatsApp, founded by Koum in 2009, was bought by Facebook in 2014 for 19 billion dollars.

Inspiring Startups in Turkey

Turkey is one of the most entrepreneurial countries. Unfortunately, many of the initiatives fail, resulting in loss of capital and labor. One of the main reasons for this is the idea that entrepreneurship is just starting a business. However, many names from our country that have made their mark on the world have realized that entrepreneurship is essentially about adding value and have succeeded in becoming global giants with the steps they have taken. You can take a look at the 5 best examples of successful entrepreneurship in our country, which are important in terms of inspiring young people:

Hamdi Ulukaya – Chobani

Hamdi Ulukaya, who was born in Erzincan and has a success story that extends to America, managed to create the million-dollar “Chobani” brand. Ulukaya, who started his business life in America as a cheesemaker, realized the lack of yogurt production and after extensive research, he reached his special recipe and bought an old yogurt production factory. Ulukaya, who managed to promote his brand by focusing on social media management, is shown as an example of the most successful Turkish entrepreneurs.

Zeynel Erdem – Tourism and Hotel Management

Zeynel Erdem, a shepherd in Erzincan, falls in love with New York, which he sees in a newspaper clipping, and manages to build his motivation. Realizing that he would die as a shepherd if he stayed in Erzincan, Erdem studied Tourism and Hotel Management. After his military service, he takes action and goes to New York. Starting out with only 200 dollars in his pocket, Erdem saved 300 thousand dollars by working in the jobs he found and pursued his dreams. Erdem, who currently owns 4 places in Hampton, reaches his dreams by opening a store in New York.

Nevzat Aydin – Food Basket

Nevzat Aydın transformed the Yemek Sepeti project, which he launched in 2000 in a 40 square meter area, into a giant that managed to receive an investment of 1 billion 596 million liras in 2015. The company, which received only 40 orders a day in the first stage, reached 25 thousand orders in 2010. Having expanded to Greece, Jordan, Qatar, Lebanon and Saudi Arabia, Yemek Sepeti has been operating under Germany-based Delivery Hero since 2015.

Abdullah Kavukçu – Simit Sarayı

Born in 1973 in Erzincan, Abdullah Kavukçu started his commercial life by working in the Grand Bazaar in Istanbul, where he came during his high school years. Kavukçu, who made a name for himself with the successes he realized using the experiences he gained in the Grand Bazaar, founded Simit Sarayı in 2002 with Haluk Okutur and Mehmet Tarakcı. Kavukçu is also the name who realized the first highway shopping mall project in Turkey with the Parkshop Shopping Mall he opened in 2009.

Acun Ilıcalı – Acun Media

Born in the Ilıca district of Erzurum, Acun Ilıcalı, who is now a media mogul, is the dream of everyone who wants to be an entrepreneur. Ilıcalı, whose father was a contractor and mother a manager, started working as a sports reporter in the 1990s. Ilıcalı, who became famous with his program Acun Firarda, founded Acun Medya in 2004 and bought the rights to many competition formats such as Yetenek Sizsiniz, Var musun Yok Musun, Fear Factor and Survivor. In 2013, Ilıcalı bought TV8 and in 2016, he established TV8.5 and continued to grow Acun Medya.