Entrepreneurship

Entrepreneurship is the creation or extraction of value.[1][2][3] With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.

More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to 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."[4] The people who create these businesses are often referred to as entrepreneurs.[5][6] 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, government policies, an economic crisis, lack of market demand, or a combination of all of these."[7]

In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services.[8] In this sense, entrepreneurship describes activities on the part of both established firms and new businesses.