The capacity and willingness to undertake conception,organization, and management of a productive venture with all attendant risks, while seeking profit as a reward.
In economics, entrepreneurship is regarded as a factor ofproduction together with land, labor, natural resources, andcapital. Entrepreneurial spirit is characterized by innovationand risk-taking, and an essential component of a nation'sability to succeed in an ever changing and more competitiveglobal marketplace.
* A person who organizes and manages any enterprise,especially a business, usually with considerable initiative andrisk.
* An employer of productive labor; contractor.
What is Entrepreneurship?
The earliest definition of entrepreneurship, dating from the eighteenth century, used it as an economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. Other, later commentators broadened the definition to include the concept of bringing together the factors of production. This definition led others to question whether there was any unique entrepreneurial function or whether it was simply a form of management. Early this century, the concept of innovation was added to the definition of entrepreneur-ship. This innovation could be process innovation, market innovation, product innovation, factor innovation, and even organizational innovation. Later definitions described entrepreneurship as involving the creation of new enterprises and that the entrepreneur is the founder.
Considerable effort has also gone into trying to understand the psychological and sociological wellsprings of entrepreneurship. These studies have noted some common characteristics among entrepreneurs with respect to need for achievement, perceived locus of control, orientation toward intuitive rather than sensate thinking, and risk-taking propensity. In addition, many have commented upon the common, but not universal,...