18 Nov What Is Entreprenurship?
Entrepreneurship is the process of designing, launching, and running a new business which is often initially a small business offering a product, process, or service for sale or hire. 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 in order to make a profit”. 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 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”. In the 2000s, the definition of “entrepreneurship” expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do not and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth. Recent[when?] advances stress the fundamentally uncertain nature of the entrepreneurial process because although opportunities exist, their existence cannot be discovered or identified prior to their actualization into profits. What appears as a real opportunity ex-ante might actually be a non-opportunity or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital.