Entrepreneurship is the creation or extraction of economic 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.

An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.[citation needed] The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

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.

  1. ^ Diochon, Monica; Anderson, Alistair R. (1 March 2011). "Ambivalence and ambiguity in social enterprise; narratives about values in reconciling purpose and practices". International Entrepreneurship and Management Journal. 7 (1): 93–109. doi:10.1007/s11365-010-0161-0. hdl:10059/613. ISSN 1555-1938. S2CID 144081539.
  2. ^ Gaddefors, Johan; Anderson, Alistair R. (1 January 2017). "Entrepreneursheep and context: when entrepreneurship is greater than entrepreneurs". International Journal of Entrepreneurial Behavior & Research. 23 (2): 267–278. doi:10.1108/IJEBR-01-2016-0040. hdl:10059/2299. ISSN 1355-2554.
  3. ^ Alvarez, Sharon A.; Busenitz, Lowell W. (1 December 2001). "The entrepreneurship of resource-based theory". Journal of Management. 27 (6): 755–775. doi:10.1177/014920630102700609. ISSN 0149-2063. S2CID 220587830.
  4. ^ "Business Dictionary definitionyuuggtygn". Business Dictionary. Archived from the original on 16 November 2018. Retrieved 21 January 2016.
  5. ^ AK Yetisen; LR Bob Volpatti; AF Coskun; S Cho; E Kamrani; H Butt; A Khademhos\\seini; SH Yun (2015). "Entrepreneurship". Lab Chip. 15 (18): 3638–3660. doi:10.1039/c5lc00577a. PMID 26245815.
  6. ^ Katila, Riitta; Chen, Eric L.; Piezunka, Henning (7 June 2012). "All the right moves: How entrepreneurial firms compete effectively" (PDF). Strategic Entrepreneurship JNL. 6 (2): 116–132. doi:10.1002/sej.1130. Retrieved 18 May 2017.
  7. ^ Belicove, Mikal E. (2 August 2012). "How to Properly Close Your Business".
  8. ^ Audretsch, David B.; Bozeman, Barry; Combs, Kathryn L.; Feldman, Maryann; Link, Albert N.; Siegel, Donald S.; Stephan, Paula; Tassey, Gregory; Wessner, Charles (2002). "The Economics of Science and Technology". The Journal of Technology Transfer. 27 (2): 157. doi:10.1023/A:1014382532639. S2CID 143820412.

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