Define the terms entrepreneur and entrepreneurship
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Entrepreneur is a person who takes the risk of starting a new business venture alone or with a group of individuals.
He takes all risks, manages all business affairs and takes all the profits arising out of that business venture.
On the other hand Entrepreneurship is the process of arranging factors of production like land, labour and capital for further production.
Entrepreneurship also involves creating a market for goods and services with the purpose of creating wealth for himself and the society.
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