Small business entrepreneurship has the potential to become a big business venture when the company grows rapidly, is bought by another larger company, or if a family member takes over the business and aspires to grow the company. Some companies grow naturally over time, and entrepreneurship by large companies aims to grow a large company based on an existing business model. Entrepreneurship can be defined as the mental propensity to take calculated risks with confidence to achieve a predetermined business or industrial objective. This indicates the individual's ability to take risks, along with making the right decisions. Entrepreneurship is a multidimensional task that has been defined differently by various authors.
French economist Jean-Baptiste Say, from the early 19th century, provided a broad definition of entrepreneurship, saying that it displaces economic resources from an area of low productivity to an area of higher productivity and higher performance. Other definitions have described entrepreneurship as the process of designing, launching and managing a new company, which is often similar to a small business, or as the ability and willingness to develop, organize and manage a commercial enterprise together with any of its risks to obtain benefits. Some scholars have created an operational definition of a more specific subcategory called Strategic Entrepreneurship. In this definition, Schumpeter emphasized the innovation process that the entrepreneur must carry out. In India, the proper definition of an entrepreneur is a person or a group of people who are responsible for the existence of a new commercial enterprise. Harvard Business School has developed a generally accepted definition of entrepreneurship: “Entrepreneurship is the process of creating or taking advantage of an opportunity and taking advantage of it regardless of the resources currently controlled. Economists have never had a coherent definition of entrepreneur or entrepreneurship (the word entrepreneur comes from the French verb entreprendre, which means to undertake).
However, it is clear that different academics and economists have tried to explain entrepreneurship in different ways. It is important to understand these definitions in order to understand how entrepreneurs can create value for their businesses. Entrepreneurship is an important concept in today's economy. It is essential for businesses to understand how entrepreneurs can create value for their businesses in order to remain competitive. By understanding different definitions of entrepreneurship, businesses can better understand how they can create value for their customers and remain competitive in their respective markets.
