Question

what is entrepreneurship

Answer 1

Answer:

• 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 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 technologies into products and services: "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.

Hope it help you.

Answer 2

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame, and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.

KEY TAKEAWAYS

A person who undertakes the risk of starting a new business venture is called and entrepreneur.

An entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or services for profit.

Entrepreneurship is an important driver of economic growth and innovation.

Entrepreneurship is high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and innovation.

 Entrepreneurs commonly face many obstacles when building their companies.

The three that many of them cite as the most challenging are as follows:

Overcoming bureaucracy

Hiring talent

Obtaining financing

☆ Schumpeter Theory on Brief:

“Schumpeter emphasized the role of the innovator-be-, the innovator, the developer, the promoter, the person who initiatives and recognizes technical improvements and who succeeds in getting them introduced” (Samuelson, 1980). The inventor in business terms is the entrepreneur whose function is entrepreneurship, which is the spring of all business innovations and improvements, and the main source economic development (Samuelson, 1980). Thus, the sequence of economic development is entrepreneur entrepreneurship innovations business and economic development. Innovate or perish is ‘Schumpeter’s ideology. The reward for entrepreneurship is profit.

Here are the different types of entrepreneurship:

Small business entrepreneurship.

Large company entrepreneurship.

Scalable startup entrepreneurship.

Social entrepreneurship.

Innovative entrepreneurship.

Hustler entrepreneurship.

Imitator entrepreneurship.

Researcher entrepreneurship