Entrepreneurship is the process of creating or extracting economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones. It involves understanding when there is an opening in the marketplace that no other provider is meeting and having the business sense to know how to fill that gap. 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. Entrepreneurs are commonly seen as innovators, a source of new ideas, goods, services, and business procedures.

Entrepreneurial pursuits often involve innovation, and large enterprises may seek to emulate this element by cultivating what’s known as “intrapreneurship” . Intrapreneurs are employees who are encouraged to think like entrepreneurs, cultivating an original perspective that may result in a new idea for the company. These workers may be given extra latitude, but the enterprise still holds authority over the project and absorbs any risk associated with it.

Entrepreneurship can involve starting a new business venture, and entrepreneurs are often known as a source of new ideas or innovators, bringing new ideas to the market by replacing old with a new invention. Successful startups solve a specific pain point for other companies or for the public, adding value within the problem. Entrepreneurs may partner with other entrepreneurs to jointly found companies (co-founders), or with an existing organization (e.g., corporate or university spin-outs) .

Some of the characteristics of entrepreneurship include risk-taking, innovation, creativity, and the ability to identify opportunities. Entrepreneurs invest their own money and succeed if their businesses turn a profit, which serves as their income. While some entrepreneurs are lone players struggling to get small businesses off the ground on a shoestring, others take on partners armed with greater access to capital and other resources.

In conclusion, entrepreneurship is the process of creating or extracting economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones. Entrepreneurs are individuals who create and/or invest in one or more businesses, bearing most of the risks and enjoying most of the rewards. They are commonly seen as innovators, a source of new ideas, goods, services, and business procedures.