The Essence of Entrepreneurship (Part 1)

Entrepreneurs drive change, create jobs, and shape the future of

industries. But what exactly is an entrepreneur? How are they different from the

traditional businessperson? Hustle Crew, in this blog post, we’re going to introduce you to the multi-faceted world of entrepreneurship, where passion meets opportunity and creativity knows no bounds.

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For starters, an entrepreneur is someone who sees a need and takes on the financial risk of starting a business to bring that idea to fruition. Entrepreneurs aren’t just people who started a company out of their basement - they can also be creators of media outlets or marketplaces, owners of small businesses, and many other things in between. While many entrepreneurs launch their business digitally, some entrepreneurs run brick-and-mortar businesses, which are tangible, real-life businesses with a physical location to serve customers. An example of a brick-and mortar business would be that downtown mom-and-pop restaurant that everyone loves.

In addition to traditional businesses, the growing gig economy offers benefits for entrepreneurs of all kinds. The gig economy operates on the principle of temporary jobs for individual projects, which can benefit entrepreneurs both ways. Aspiring entrepreneurs can take on gigs to supplement their income as they continue with their business ventures, and current entrepreneurs can look to hire flexible, individual work for their project without needing to bring on formal employees or conduct a formal hiring process. Independent contractors who perform temporary jobs have grown tremendously in recent years. In addition, marketplaces such as Fiverr and Upwork have seen a surge in popularity (see this webpage for more info on the gig economy's growth). For instance, when I was starting out with my company, I turned to Fiverr to look for web developers capable of bringing my concept of a peer-to-peer marketplace to life. Without any professional hiring experience, I had access to a multitude of web developers, and from there the process of picking the right one for my individual needs was simpler than I could have imagined.  

But what exactly differentiates entrepreneurs from traditional businesspeople? Businesspeople tend to take more cookie-cutter approaches when it comes to making a profit. They typically use or expand upon ideas that have already been proven to succeed, and will often focus on stability and profits more than innovation. On the other hand, entrepreneurs look to shake up the scene with their creativity and ideas. They embrace the financial risk and grind that comes with entrepreneurship, and aspire to better the world with their ideas instead of focusing on the most efficient ways to make money in the short term. Entrepreneurs tend to work independently or in smaller groups, whereas businesspeople are more likely to be associated with an existing company or firm.

Entrepreneurship also comes with many benefits that many businesspeople aren't able to enjoy. While the statement that "all entrepreneurs are their own boss” is not entirely true, entrepreneurs are typically able to enjoy a lot more freedom compared to nearly all other jobs. This can include the ability to create and manage their own schedule, as well as completing work wherever and whenever possible. However, entrepreneurs will also face a plethora of challenges as well, including financial risks and long work hours. Many entrepreneurs also bear nearly all of the responsibilities that come with starting a business, which can lead to long work weeks and mental health struggles. A recent study covered in this article found that a whopping 56% percent of small business owners have been diagnosed with anxiety, depression or stress-related problems, as compared to just 23% of the general population. The key takeaway? Take care of yourself, regardless of what you do for work - your health is always most important. 

That's all for this blog post, Hustle Crew - stay tuned for the next entry, containing advice to kickstart your business from the experts! 

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About the Author

Brandon Yeh is an entrepreneur and student who currently resides in Northern California. In addition to working on his latest business ventures, he enjoys playing golf competitively and is an avid Bay Area sports fan.