Category: Entrepreneurship

Entrepreneurship is the process of creating or extracting value. According to this definition, entrepreneurship is defined as change, which generally entails risk beyond what is normally encountered when starting a business, and which may include values other than monetary ones.

An entrepreneur is a person who starts a new business, bearing the majority of the risks and reaping the majority of the rewards. Entrepreneurship refers to the process of starting a business. The entrepreneur is frequently regarded as an innovator, a source of new ideas, goods, services, and business/or procedures.

More narrow definitions of entrepreneurship have described it as the process of designing, launching, and running a new business, which is often similar to a small business, or as the “ability and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.” Entrepreneurs are the individuals who establish these businesses. While definitions of entrepreneurship typically focus on the creation and operation of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses must close due to “lack of funding, bad business decisions, government policies, an economic crisis, a lack of market demand, or a combination of all of these.”

In the field of economics, an entrepreneur is defined as a person or entity who has the ability to convert inventions or technologies into products and services. In this sense, entrepreneurship refers to the activities of both established firms and new businesses.