Entrepreneurship is defined as the willingness and capacity to develop, organise and manage a business venture, along with any risks that may arise, in order to make a profit.
The entrepreneurial spirit is characterized by innovation and risk-taking and is an essential part of a nation’s ability to succeed in a constantly adapting, competitive global market.
What it means to be an entrepreneur involves much more than being a business or product creator. They must imagine the world differently, thinking of a time where their new item or service will revolutionise the world as we know it.
Essentially, the entrepreneur is the daredevil dreamer who sets up his own business, in order to have an impact on society and create a profit!
In the field of economics, a broader term is sometimes used. In this particular instance, the entrepreneur is an entity which has the ability to act upon opportunities – gaps in the market where there is real potential for something great to happen. They are able to recognise the commercial potential of their invention and organise the capital, talent and other resources that turn their thought into a real-life product. The exploitation of entrepreneurial opportunities may also include, developing a business plan, hiring the human resources, acquiring financial and material resources, providing leadership and risk aversion.
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