Business Studies, asked by binit4617, 11 months ago

Significance of entrepreneurship, theories of entrepreneurship, models of entrepreneurship development, definition of entrepreneur: traits and characteristics of successful entrepreneur , functions of an entrepreneur, types of entrepreneurs, factors influencing entrepreneur, professional vs. Family entrepreneurs, entrepreneurial leaders vs. Managers, entrepreneurial process: entrepreneurial motivation, entrepreneurial barriers, women as entrepreneur, role of

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Answered by iTzArnav012
2

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.[1][need quotation to verify][2]

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."[3] 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."[4]

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." [5] 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.

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