In recent years, entrepreneurship and startups have always been hot topics in the business community in our country. Let's read the article below to clearly distinguish between these two concepts.

Definition of Entrepreneurship and Startup

What is Entrepreneurship?

The definition of entrepreneurship is the initiation (entre) of a profession, a career (preneur). Entrepreneurship in the Vietnamese dictionary means starting something new, a new era.

To start a business, one needs to understand in the Vietnamese sense when an individual intends to start a retail business and be their own boss.

Alternatively, entrepreneurship can be understood as the process of realizing a sales idea, including the establishment and operation of a company since the first day the company is registered.

Simply put, "entrepreneurship is a process that starts with recognizing an opportunity, then develops the idea into establishing a business, and finally operates, maintains, and grows the business."

How Are Entrepreneurship and Startup Different?

A startup is a noun referring to a group of people, a company that comes together to provide a solution to a new problem that has no clear solution, and that may not necessarily succeed.

Unlike small businesses, which require a lot of resources, time, and mostly fail before benefiting.

However, once successful, the scale of a startup can exceed boundaries and grow aggressively like Facebook, Google.

You know that entrepreneurship can be a startup, but a startup is not necessarily entrepreneurship - why say that?

Entrepreneurship and startup may share the same starting point with the element of "People" to create a solution to satisfy a certain need from scratch, with the same goal of solving it to generate revenue and profit.

However, a startup is a noun as an organization, while entrepreneurship is a verb to develop a business.

So the products of entrepreneurship are not the same as startups but rather products of businesses.

In conclusion, while entrepreneurship is the definition of starting and building a career, "startup" is just a form that people choose to start a business.

Prominent Features of Startups

There are many concepts about startups, but we can understand them more easily. Startups have distinctive characteristics:

Based on creative ideas, creating new products; or old products but with outstanding, superior features compared to existing products and services on the market.

Develop rapidly. Maximize user growth, brand growth.

Emphasize creativity, continuous innovation, experimentation.

Prominent Features of Entrepreneurship

As you have learned above, entrepreneurship is about bringing new value to goods, products, and services that other forms cannot achieve, yielding good results. However, we can mention two main benefits:

Breakthrough: Doing something new that is not on the market or creating a better value than existing ones, such as creating a new segment in production, a completely new business model, or a unique, undiscovered technology.

Growth: A startup company does not limit its growth and has the ambition to grow as much as possible. They create a huge impact and can be considered market pioneers!

WISH YOU SUCCESS!