National Entrepreneurship Month is observed through November every year, and we’re getting ready to celebrate the relentless spirit of entrepreneurs all around. Entrepreneurship is the art of designing, launching, and running a new business, keeping into account all the risks while making a profit. It can be defined in many ways, though all these definitions circle the same concept of entrepreneurship, which is the ability to turn an idea or innovation into a profitable business. It needs to be celebrated because succeeding in this arena takes dedication, hard work, and never-ending energy.
History of National Entrepreneurship Month
The concept of entrepreneurship has been a part of our society for thousands of years, bringing innovations to the world while building the economy. Today, entrepreneurs are seen as the cornerstones of a successful capitalist economy. In 2011, President Obama designated November as National Entrepreneurship Month, to celebrate the success of entrepreneurs and innovators. The following year, November 6 was declared National Entrepreneurs’ Day. This was an initiative to motivate and support entrepreneurs by unlocking access to capital and expanding mentorship opportunities.
The word entrepreneurship comes from the French word ‘entreprendre,’ which means ‘one who undertakes.’ The first-ever entrepreneurs were traders and merchants. They exchanged one set of goods for another. With the advent of the agricultural revolution, entrepreneurship experienced a big shift, when humans started to work on farms instead of searching or hunting for food.
As the standards of living continued to grow, the early entrepreneurs began to realize the business opportunities and profitability of innovations. With civilization and the invention of money, capitalism soon became more entrenched in societies, further strengthening the entrepreneurial spirit.
The means of entrepreneurship changed dramatically over the years, but the core objectives for entrepreneurship have remained the same: the innovation and invention of new technologies to solve problems. The entrepreneurs of today are the essence of economies throughout the world. Globalization and modern technology have brought about a new age of competition to entrepreneurs around the world. Cheaper access to means of production has not only made the field of entrepreneurship more challenging but also more rewarding at the same time.
National Entrepreneurship Month timeline
The word appears for the first time in the French dictionary entitled “Dictionnaire Universel de Commerce”.
Steve Jobs, Steve Wozniak, and Ronald Wayne launch the Apple Computer Company on April 1, 1976.
Global Entrepreneurship Week is launched as an annual event.
Women’s Entrepreneurship Day is held on November 19, 2014, and observed in 144 countries.
National Entrepreneurship Month FAQs
Why is November called National Entrepreneurship Month?
November is National Entrepreneurship Month because it celebrates especially the risks taken by people to start businesses.
When is National Entrepreneurship Day?
National Entrepreneur’s Day is celebrated on the third Tuesday of each November, which is November 16, 2021.
How do entrepreneurs succeed?
Successful entrepreneurs know the wants, wishes, and buying behaviors of their target market because they have studied that market or the number of potential customers.
How To Observe National Entrepreneurship Month
Show your support
Show your support for the local entrepreneurs in your town or city. Shop at the local businesses, or go out to dine at your favorite restaurant and give these entrepreneurs some well-deserved business.
Share your knowledge
If you are a successful entrepreneur, consider mentoring a fellow entrepreneur who is new to this field. With just a little guidance, you can help improve a person’s life in many ways. Mentoring can be one way of giving back to the community.
Start your business
We have all had that phase in our lives when we wanted to create something of our own. Take this opportunity to fulfill that dream, become an entrepreneur! With the easy availability of resources and the power of social media, you should feel more confident starting your own business.
5 Facts About Entrepreneurs
Entrepreneurs without degrees
30% of entrepreneurs only have a high school certificate and not a degree.
Most entrepreneurial country
The U.S. is the most entrepreneurial country, followed by Germany and the U.K.
World of entrepreneurs
There are about 582 million entrepreneurs in the world.
Entrepreneurs are born every day
About half a million startups are launched in the U.S. every year.
Age is just a number
Colonel Sanders, the founder of Kentucky Fried Chicken (KFC), began pursuing his fried chicken dream after reaching the age of 65.
Why is National Entrepreneurship Month Important
It is good for the economy
Entrepreneurs are very important for the economy. Entrepreneurship is not just important to drive the economy, but also helps in the creation of jobs. This contributes to the economic development of a country.
They improve the standard of living
Entrepreneurs have brought about many innovations and technologies, which have drastically improved our standard of living. The invention of smartphones has changed the way businessmen conduct business and communicate with their customers. Entrepreneurs can reach a greater target audience and thus grow their businesses more quickly.
It is important for social development
Entrepreneurship fosters a sense of community among people with common goals. Their products and services are aimed at fulfilling the customer’s needs. The innovations contribute to the social and economic development of the community.
National Entrepreneurship Month dates