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Basics of Entrepreneurship

Startup Tutor Central > Basics of Entrepreneurship
If you want to become a doctor, you have to understand the field of medicine.

If you want to become a lawyer, you have to understand the field of criminal justice.

If you want to start a business, you have to understand the basics of entrepreneurship.

So what is entrepreneurship?
Entrepreneurship is defined as "organizing and managing an enterprise, especially a business, usually with considerable risk and initiative."

A better way to view Entrepreneurship is; it is finding a problem, and then providing a solution for a profit.

Every great business begins with 2 simple questions:
  • What is a problem that needs solving?
  • How can I solve this problem?
Once an aspiring entrepreneur has answered both questions, it becomes a matter of execution. And while that may seem simple in an academic environment, it is a very difficult task in the real world.

Any great business is the result of a very simple equation: Idea + Amazing Execution. Understand that an Amazing Idea combined with Horrible Execution is as worthless as a Horrible Idea.

However, when a Mediocre Idea is combined with Amazing Execution, the results are spectacular. Most entrepreneurs fail because they fall  short in their execution.

It is important to note that entrepreneurship is a team sport. It isn't enough for only the entrepreneur to be excellent; it is also required of their suppliers, their lawyers, their accountants and a whole list of individuals and businesses that they rely on to execute their vision.

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  • Home
    • Start Here >
      • The Legacy Commitment
    • Motivational Quotes >
      • August Quotes
      • July Quotes
      • June Quotes
      • May Quotes
      • April Quotes
      • March Quotes
      • February Quotes
      • January Quotes
      • Motivational Quotes 2017 >
        • December Quotes
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        • April Quotes
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  • Services
    • Website Design Services >
      • Legacy Consulting Website Design Packages
      • Compare Website Packages
      • What We Need to Deliver Your Website On Time
    • Digital Marketing Services
    • Small Business Consulting >
      • Consulting Rates
  • Legacy Resource Center
    • Degrees, Debt and Entrepreneurship
    • 13 Incredible Resources For Making Money Online
    • Lean Business Model Canvas
  • Amplified Blog
  • Entreprene-Wear