Entrepreneurship
Definition of Entrepreneurship Entrepreneurship is the process of designing, launching, and running a new business, which typically starts as a small business or startup. It involves identifying a market opportunity, gathering resources, and taking calculated risks to create and grow a business venture. Key Concepts in Entrepreneurship Innovation : The act of introducing something new, whether it's a product, service, process, or business model. Innovation is crucial for differentiating a business in the market. Risk-Taking : Entrepreneurs must be willing to take financial, personal, and professional risks to pursue new opportunities. This involves a tolerance for uncertainty and the possibility of failure. Value Creation : The primary goal of entrepreneurship is to create value for customers, society, and stakeholders. This is achieved by solving problems or fulfilling needs in a unique and effective way. Opportunity Recognition : The ability to identify and seize opportunities ...