Had To Start from Scratch but Here I go

Sunday, July 12, 2020

What is Entrepreneurship

Entrepreneurship as seen directly and credited to Wikipedia is the creation or extraction of value.  With this definition, entrepreneurship is viewed as change, which may include other values than simply economic ones.

Some more narrow definitions has described entrepreneurship as the process of designing, launching and running a new business, which is often initially a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit." The people who create these businesses are often referred to as entrepreneurs.  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."

A somewhat 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."[8] 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. Yet, the definition is still narrow in the sense that it still focuses on the creation of economic (commercial) value.


Entrepreneurship is an act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation.  You can check out Angela Wei Milk Studios for more information.


Early-19th-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".

The exploitation of entrepreneurial opportunities may include

Developing a business plan
Hiring the human resources
Acquiring financial and material resources
Providing leadership
Being responsible for both the venture's success or failure
Risk aversion

Entrepreneurs create something new, something different—they change or transmute values. Regardless of the firm size, big or small, they can partake in entrepreneurship opportunities. The opportunity to become an entrepreneur requires four criteria. First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on risk is a necessity. Fourth, the entrepreneurial process requires the organization of people and resources. Once again a huge thank you to Wikipedia for the great information.

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