Entrepreneurship

Entrepreneurship is the creation or extraction of economic value through identification and commercialization of opportunities to deliver products or services, a process that typically requires considerable innovation, initiative, and risk-taking to establish and grow an enterprise. The term entrepreneur (French: [ɑ̃tʁəpʁənœʁ]) refers to an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a formal business, as well as any other unconventional modes of profit creation, are considered to be entrepreneurship. The entrepreneur is often seen as an innovator, a source of new ideas, goods, services, and business procedures; however, the central focus of entrepreneurship remains the pursuit of profit. Narrower definitions of entrepreneurship include the process of designing, launching, and operating a new business, often similar to a small business, or (per Business Dictionary) as the "capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit". Individuals who create these businesses are often referred to as "entrepreneurs". In the field of economics, the term entrepreneur is used for an entity that has the ability to translate inventions or technologies into products and services. In this sense, entrepreneurship encompasses the activities of both established firms and startups.