Defining Entrepreneurship: Theory and Practice

Abstract

The definition of Entrepreneurship is ambiguous to say the least. After researching numerous sources, it’s clear that there is no all-encompassing definition to entrepreneurship. This is because there are several different types of entrepreneurs that come from various backgrounds, have different personality types, characteristics, and motivations, as well as pursue very different kinds of entrepreneurial activities that may or may not be deemed entrepreneurial depending on who one might speak to. Because of this, this paper aims to simplify the understanding of entrepreneurship and who is qualified to be considered an entrepreneur. To do this, we interview two extremely successful entrepreneurs, Anthony Katz and Jack Kofdarali. These two individuals were chosen due to their vastly different backgrounds, personality types, motivations, and even the types of entrepreneurial endeavors they pursued. From this, we were able to compare them to not only each other, but also theories and concepts provided through research scholarly articles and books regarding the entrepreneur. We then were able to find commonalities and differences between the two entrepreneurs as well as the theories provided in order to find ideas that stay true in all contexts. Through this we found that there are specific factors that seemingly apply when trying to become a successful entrepreneur such as ones motivations, work ethic, and networking capabilities. We also pay close attention to where these individuals carried out their entrepreneurial endeavors and why that location may have benefitted or harmed them due to the prevalence of wealth and entrepreneurial activity within the area. We draw these conclusions to hopefully help the general community gain a better understanding of entrepreneurs and entrepreneurship. Finally, we provide explanations as to how this study could be expanded upon in the future by using the information given within this research paper.