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Definition

Entrepreneurship

Entrepreneurship is the process of bringing together the creative and innovative ideas and actions with the management and organizational skills necessary to mobilize the appropriate people, money, and operating resources to meet an identifiable need and create wealth in the process.

H H Stevenson and J.C. Jarillo, two highly regarded sometimes, define entrepreneurship as the process by which individuals pursue opportunities without regard to resources they currently control.

Others, such as venture capitalist Fred Wilson, define it more simply, and see entrepreneurship as the art of turning an idea into a business. The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice. The tasks called for by this behavior can be accomplished by either an individual or a group and typically require creativity, drive, and a willingness to take risks. 

Entrepreneurship is the willingness to take risks to create and operate a business.


Entrepreneurship is the group of skills and risk taking needed to combine the other three factors of production to produce goods and services.

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