Entrepreneurship
is the process of designing, launching and running a new business,
which is often initially a small business…….
The people who create these businesses are called entrepreneurs.
Entrepreneurship
has been described as the “capacity and willingness to develop,
organize and manage a business venture along with any of its risks in
order to make a profit”.
While
definitions of entrepreneurship typically focus on the launching and
running of businesses, due to the high risks involved in launching a
start-up, a significant proportion of start-up businesses have to close
due to “lack of funding, bad business decisions, an economic crisis,
lack of market demand—or a combination of all of these.
A
broader definition of the term is sometimes used, especially in the
field of economics. In this usage, an Entrepreneur is an entity which
has the ability to find and act upon opportunities to translate
inventions or technology into new products: “The entrepreneur is able to
recognize the commercial potential of the invention and organize the
capital, talent, and other resources that turn an invention into a
commercially viable innovation.” In this sense, the term
“Entrepreneurship”
also captures innovative activities on the part of established firms,
in addition to similar activities on the part of new businesses.
Globe Chamber Business Times 