Entrepreneurship is the process of taking an idea or product and turning it into a business. It requires a lot of hard work, dedication, and risk-taking.
Entrepreneurs
are highly motivated individuals who have a vision and are willing to make sacrifices to achieve it. Different academics and economists have tried to explain entrepreneurship in their own way.Generally, it involves taking risks and making decisions to innovate. It is also seen as the creation or extraction of economic value, which may include other values besides just economic ones. The definition of entrepreneurship can also be more specific, such as the process of designing, launching, and managing a new company or small business. It can also be defined as the ability and willingness to develop, organize, and manage a commercial enterprise with its associated risks in order to gain benefits.
Economists have never had a unified definition of entrepreneur or entrepreneurship. The French economist Jean-Baptiste Say provided a broad definition in the early 19th century, saying that it moves resources from an area of low productivity to an area of higher productivity and performance. Some scholars have created an operational definition for a subcategory called Strategic Entrepreneurship. According to this definition, the pace of development depends on new changes and improvements and their application in business.
