Entrepreneurship Is The Process Of Starting A Business Or Other Organization

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Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship environment.
The word entrepreneur is French and, literally translated, means “between-taker” or “go-between.” The definition of entrepreneurship has evolved over time as the world’s economy has changed as well. In 1934, Schumpeter defined the entrepreneur as “an innovator who develops untried technologies”. More than 50 years later Gartner (1988) defined entrepreneurship as “the creation of new organizations”
Although researchers have been inconsistent with their definitions of entrepreneurship, they often contain similar elements, such opportunity recognition, newness, organizing, creating and risk taking. Developing a worldwide accepted definition turns out to be difficult. “Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence”.

This definition stresses four aspects of being an businessperson. First of all, entrepreneurship involves the creation of something innovative with value to the entrepreneur and to the audience. This audience can be any individual that is concerned with the new

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