What does entrepreneurship refer to?

Entrepreneurship refers to the process of designing and launching a new business. This encompasses a range of activities that involve recognizing a market opportunity, developing a business idea, securing necessary resources, and ultimately bringing a product or service to market. Entrepreneurs are often characterized by their innovative spirit, willingness to take risks, and determination to overcome challenges.

This definition aligns well with the essence of entrepreneurship, which is not merely about managing an existing organization or analyzing market trends but focused on initiating and creating something new. It involves critical steps such as conducting market research, crafting a business plan, securing funding, and navigating the complexities of starting up a new venture. Through this lens, entrepreneurship is fundamentally about innovation and the proactive pursuit of business opportunities.