Definition of entrepreneurship

Entrepreneurship is the process of creating a new idea or developing an existing idea into a business or economic initiative aimed at generating profit or making an impact on society.

It can be defined more broadly as follows:

Entrepreneurship is the ability to identify opportunities, organize resources, and take risks to create a new venture or develop an existing one in a creative and innovative way.

Elements of entrepreneurship:

Innovative idea: A new idea that solves a specific problem in unconventional ways.

Risk tolerance: Especially in the early stages, such as financing or uncertainty about market success.

Resource management: Whether financial, human, or technological.

Profit or impact: Either material (financial gain) or social (such as social entrepreneurship).

Types of entrepreneurship:

Commercial entrepreneurship: Focuses on profit and economic growth.

Social entrepreneurship: Aims to solve societal problems while being financially sustainable.

Technological entrepreneurship: Relies on innovation in technology.

Micro-entrepreneurship: Small businesses run by individuals or families.

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