With the introduction of TV shows like Shark Tank India, entrepreneurship has become one of the most talked-about topics. With the rise of startups and small businesses across the globe, many young minds are drawn toward the idea of creating something of their own. However, before diving into the world of business, it is important to understand the basic terms that form the foundation of this field, namely, the difference between an entrepreneur and entrepreneurship. 

This blog offers a detailed explanation of these concepts, along with an introduction to entrepreneurship, the concept of entrepreneurship, common barriers, types of entrepreneurship with examples, and how a specialised entrepreneurship course at K.R. Mangalam University (KRMU) can help you succeed.

What is the Difference Between Entrepreneur and Entrepreneurship?

Entrepreneur refers to the individual who starts, organises, and manages a business venture. An entrepreneur is a person who identifies a business opportunity, takes calculated risks, and works hard to turn an idea into a successful business. Famous entrepreneurs and business leaders include Elon Musk, Jeff Bezos, Mark Zuckerberg, and Indra Nooyi, each of whom founded or led major companies.

Entrepreneurship is the process or action of creating, developing, and running a business, especially a new one. It refers to the entire journey of conceiving an idea, making a business plan, acquiring resources, starting a venture, and managing the business for long-term success.

In simple terms, the entrepreneur is the doer, while entrepreneurship is the act or process. An entrepreneur is an individual who practices entrepreneurship.

Introduction to Entrepreneurship

Entrepreneurship is not just about starting a business. It is a mindset that focuses on innovation, problem-solving, and creating value. Entrepreneurs see opportunities where others see challenges. They are driven by a desire to create something new, solve existing problems, and make an impact on society.

The journey of entrepreneurship begins with an idea. It may stem from observing a problem in society, identifying a market need, or having a creative solution to a particular issue. From there, the entrepreneur develops a business plan, gathers resources like capital and talent, and works on launching the venture.

Entrepreneurship is important for the economy. It drives innovation, creates jobs, and promotes competition, which leads to better products and services. In many countries, entrepreneurs are seen as crucial for economic growth and technological advancement.

Concept of Entrepreneurship

The concept of entrepreneurship goes beyond simply running a business. It involves:

• Innovation: Introducing new ideas, products, or services to the market.
• Risk-taking: Entrepreneurs are willing to take financial and personal risks to achieve their goals.
• Resource Management: Efficiently using available resources such as time, money, and human capital to achieve objectives.
• Opportunity Recognition: Identifying gaps in the market and exploiting them.
• Value Creation: Providing value to customers, society, and stakeholders.

Entrepreneurship is not limited to starting private companies. It also includes social entrepreneurship, intrapreneurship (entrepreneurship within a larger organisation), and government-led entrepreneurial initiatives. The core of entrepreneurship lies in creating positive change by turning innovative ideas into practical solutions.

Also Read: BBA (Hons.) in Entrepreneurship Course Details And More

Barriers to Entrepreneurship

Although the idea of starting a business seems exciting, many aspiring entrepreneurs face several barriers that make the journey challenging. Understanding these barriers helps in preparing to overcome them.

• Lack of Capital: One of the biggest barriers is the lack of financial resources needed to start and run a business. Entrepreneurs often struggle to secure loans or investments, especially when starting out.
• Market Uncertainty: New businesses face the risk of uncertain market demand. Predicting customer behaviour and market trends can be difficult, leading to business failure.
• Lack of Experience: Many first-time entrepreneurs lack experience in business management, marketing, finance, or product development, which can lead to poor decisions.
• Regulatory Challenges: Starting and operating a business requires compliance with numerous regulations and licences, which can be time-consuming and confusing.
• Fear of Failure: The fear of business failure or losing invested capital can discourage many from pursuing entrepreneurship.
• Limited Access to Technology and Infrastructure: In some regions, entrepreneurs may face difficulties accessing modern technology or basic infrastructure needed to run a business.

Despite these barriers, many successful entrepreneurs have managed to overcome challenges through determination, learning, networking, and leveraging available resources.

Types of Entrepreneurship with Examples

Entrepreneurship comes in different forms, depending on the goals, market, and approach. Here are the main types of entrepreneurship along with real-life examples:

Small Business Entrepreneurship

This is the most common type, where entrepreneurs start small businesses to serve local markets. Examples include small retail stores, cafes, or service providers like local plumbers or tutors.

Example: A local bakery started by an individual who turns their passion for baking into a profitable business.

Scalable Startup Entrepreneurship

Entrepreneurs who start scalable startups focus on creating innovative products with high growth potential. They often aim for large markets and seek venture capital funding.

Example: Flipkart, founded by Sachin Bansal and Binny Bansal, started as an online bookstore in India and scaled to become one of the biggest e-commerce platforms in the country.

Large Company Entrepreneurship

Large companies often practice entrepreneurship by launching new products or services through internal teams, also known as intrapreneurship.

Example: Google creating Gmail or Android as part of its internal innovation strategy.

Social Entrepreneurship

This type focuses on solving social problems through sustainable business models. The primary goal is social impact rather than profit.

Example: TOMS Shoes, where for every pair of shoes sold, another pair is donated to a child in need.

Innovative Entrepreneurship

Entrepreneurs in this category introduce breakthrough innovations that disrupt existing markets or create entirely new ones.

Example: Elon Musk with Tesla and SpaceX, innovating electric vehicles and private space exploration.

How K.R. Mangalam University Supports Entrepreneurship

At K.R. Mangalam University, the BBA (Entrepreneurship) programme is designed to provide more than just theoretical knowledge. The programme aims to create future entrepreneurs by focusing on practical learning and real-world application.

Comprehensive Curriculum

The BBA (Entrepreneurship) course includes subjects such as business accounts, market research, investment planning, and ideation to business development. The curriculum is designed in consultation with industry experts, ensuring it stays relevant to current business practices.

Course Highlights:

Academic Support from GCEC Global Foundation

Students benefit from world-class training and mentorship through the university’s partnership with the GCEC Global Foundation. This collaboration brings in expert faculty and access to industry tools like SAS, Tableau, and R.

Hands-On Experience

K.R. Mangalam University emphasises experiential learning. Students participate in live projects, industrial visits, and workshops, giving them exposure to real business challenges. Specialised classes for GMAT, IELTS, GRE, and TOEFL are also provided, preparing students for higher studies or global careers.

Incubation and Innovation

The Entrepreneurship and Incubation Center, along with the Design Thinking Lab, encourages students to develop innovative startup ideas. This supportive environment helps turn ideas into viable business models, with guidance from mentors and industry professionals.

Global Exposure

Students have the opportunity to attend a fully-sponsored two-week summer school programme at a prestigious European university. This global exposure broadens their perspective and provides insights into international business practices.

Career Opportunities

Graduates from the BBA (Entrepreneurship) programme are prepared for various career paths, such as Entrepreneurial Innovator, Startup Strategist, Business Consultant, and Social Entrepreneur. The university’s placement assistance and network of over 700 campus recruiters ensure that students find meaningful roles in reputed companies like TCS, IBM, Infosys, HDFC, and Genpact.

Conclusion

Understanding the difference between an entrepreneur and entrepreneurship is the first step toward entering the world of business. Entrepreneurship is a dynamic process that requires creativity, risk-taking, and practical skills, while an entrepreneur is the individual who drives that process forward. At K.R. Mangalam University, the BBA (Entrepreneurship) course offers a well-rounded education combining theoretical knowledge with hands-on experience.

Students are trained not just to start businesses but to become innovative thinkers and problem solvers ready to face global business challenges. With academic support from the GCEC Global Foundation, exposure to real-world projects, specialised training, and global learning opportunities, K.R. Mangalam University equips aspiring entrepreneurs to transform ideas into successful ventures.

Start your journey of learning, innovation, and growth and develop the skills, knowledge, and mindset necessary to succeed in the competitive world of business. At K.R. Mangalam University, we help you unlock your potential and turn your entrepreneurial dreams into reality.

Also Read: KRMU – Creating A Culture Of Knowledge, Entrepreneurship, And Management Skills