What is Entrepreneurship?
Entrepreneurship is the dynamic process of recognizing opportunities in the market, gathering and managing essential resources like land, labour, and capital, and taking calculated risks to pursue these profit opportunities. Entrepreneurs are innovative risk-takers who combine factors of production at certain prices to supply products or services and sell them at uncertain prices. Their ultimate aim is to earn profits by introducing new ideas and creating value in the market. In this context, the enterprise is the organisation or undertaking established for entrepreneurial activities. This process involves dealing with uncertainty and embracing risk while striving to achieve financial success through innovative ventures.
Entrepreneurship involves the willingness to assume risks in undertaking an economic activity, particularly a new one. It may involve an innovation but not necessarily so. It always involves risktaking and decision-making, although neither risk nor decision-making may be of great significance. –William Diamond