Understandably by Bill Murphy Jr.

Understandably by Bill Murphy Jr.

Share this post

Understandably by Bill Murphy Jr.
Understandably by Bill Murphy Jr.
10 Big Words (If You Want to Change or Start Something Cool)
Copy link
Facebook
Email
Notes
More

10 Big Words (If You Want to Change or Start Something Cool)

Bill Murphy Jr.'s avatar
Bill Murphy Jr.
Jan 23, 2020
∙ Paid
1

Share this post

Understandably by Bill Murphy Jr.
Understandably by Bill Murphy Jr.
10 Big Words (If You Want to Change or Start Something Cool)
Copy link
Facebook
Email
Notes
More
Share

Merriam Webster defines an entrepreneur as “one who organizes, manages, and assumes the risks of a business or enterprise.” 

I don’t love that definition. I don’t like the emphasis on risk.

Because frankly, if you’re not an entrepreneur, and you instead work for someone else, you’re taking some massive risks on the strengths, character, and good fortune of whomever you’re working for.

(Sorry to all the business owners whose employees I just made question their working relationship.)

Anyway, here’s my favorite definition of entrepreneurship, although it too has some challenges. It comes from Howard Stevenson, a professor emeritus at Harvard Business School:

"the pursuit of opportunity without regard to resources currently controlled."

I interviewed Stevenson a few times for my 2010 book, The Intelligent Entrepreneur, which was all about entrepreneurship and Harvard Business School.

I think I had to say his definition out loud 10 times before I began to understand it. There are really only two…

Keep reading with a 7-day free trial

Subscribe to Understandably by Bill Murphy Jr. to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Much Better Media LLC
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More