What does it mean to call yourself an entrepreneur? Is it about starting a new business, or is there more to it? And what about being entrepreneurial—how is that different? These two terms often get used interchangeably, but they refer to distinct aspects of thinking and doing.
One focuses on the action of launching new ventures, while the other speaks to the mindset and behavior that fuels innovation.
Let’s explore both of these ideas more deeply and understand what sets them apart.
What is Entrepreneurship
In the Philippines, four in every five (78%) Filipinos would choose to be an entrepreneur if they have the means to do so, according to OCTA Research for Go Negosyo. It’s no wonder why there are more than 1.08 million registered businesses in the Philippines as of 2023; 30% of which are owned by women.
But what exactly does entrepreneurship mean, and why do so many people find it so appealing?
At its core, entrepreneurship is about identifying opportunities and taking the initiative to create something new, whether it’s a business, a product, or a service. It involves innovation, risk-taking, and the drive to turn ideas into reality.
People are drawn to entrepreneurship because it offers a sense of freedom and control over their own destiny. It allows them to pursue their passions, solve real-world problems, and make an impact on their communities or even the world.
For many, it’s also about the excitement of building something from the ground up and the potential for financial success and personal fulfillment that comes with it.
What Does It Mean to Be Entrepreneurial?
Based on the data by the Bureau of Labor Statistics, 20% of new businesses shut down after just two years, 45% during their first five years, and 65% during their first ten years. The data also emphasized that only 25% last for 15 years or more.
The Labor Statistics identified three top reasons why businesses fail: cash flow problems, lack of demand for product or service, and poor management.
However, there’s a deeper reason beyond all these: the mindset of the entrepreneur, a.k.a. Being “entrepreneurial.”
Being entrepreneurial refers to the mindset, skills, and approaches one uses when they act like an entrepreneur. It’s about the way you think and behave: being creative, taking calculated risks, making quick decisions, and constantly looking for new opportunities.
Being entrepreneurial isn’t limited to those who start their businesses. It’s a way of thinking and acting that can be applied in any setting, like a school project or even organizing a local event.
In short, entrepreneurship is the act of doing, while being entrepreneurial is the way of thinking.
Think of it this way: Entrepreneurship is launching a new product or business, while being entrepreneurial is the process, the style, the energy, and the creativity that drives you forward.
Why Knowing the Difference Matters
Understanding the difference between these two concepts is especially valuable if you are considering opportunities that involve real-world experiences, such as international immersion or engaging in study tours.
For example, programs that incorporate these experiences allow you to learn firsthand what it takes to start and grow a business (entrepreneurship) while also developing the mindset and skills to be adaptable, creative, and innovative (being entrepreneurial).
Why UA&P’s EM Program is Perfect for Aspiring Young Entrepreneurs
The Entrepreneurial Management Program (EM) at UA&P is the Philippines’ pioneering entrepreneurship undergraduate program. We take on a holistic approach to mold young entrepreneurs into well-rounded individuals who are mentally sharp, socially adept, emotionally mature, and morally grounded.
The program also emphasizes an all-inclusive approach through Liberal Education, preparing students to become leaders, innovators, and thinkers who can express their ideas well and contribute to a better economy and society.
Under the EM Program, students start their businesses as early as their college years, guided by seasoned experts who provide personalized coaching and real business applications.
As part of their journey, they will participate in study tours that expose them to different business cultures and environments, and international immersion activities that sharpen their entrepreneurial skills and thinking.
Start Your Entrepreneurial Journey at UA&P
If you’re passionate about starting your own business or want to develop an entrepreneurial mindset that can apply in any career, then UA&P’s EM Program is the perfect fit for you. It harmonizes the concepts of entrepreneurship and being entrepreneurial, helping you understand both, so you can confidently navigate the world of business and beyond.
With opportunities for international immersion and study tours, the EM Program ensures you are not just prepared for local markets but also equipped to thrive globally.
Interested in exploring how you can bring out the entrepreneur in you? Learn more about the Entrepreneurial Management Program at UA&P today!