A Comprehensive Guide to Entrepreneurship

Entrepreneurship is a term that is commonly used in business literature, yet its understanding varies significantly among scholars and practitioners. In its most basic form, entrepreneurship is defined as the process of designing, launching, and operating a new business (1). However, this simple definition does not fully capture the complexity and multifaceted nature of entrepreneurship.

Entrepreneurship also involves identifying opportunities or creating new ideas, and then converting these opportunities into a profitable business. It encompasses the willingness to take risks, and to innovate, adding value to a product or service (2). Therefore, entrepreneurship is not merely running a business; it's about transforming the world by resolving big issues. This could mean creating new jobs, producing innovative products or services, standing out from the competition, and even creating social change.

An entrepreneur is an individual who identifies a need or opportunity and starts a business to fulfill that need or exploit the opportunity. The entrepreneur undertakes the risk of the new business venture and enjoys the rewards of success. The qualities typically associated with entrepreneurs include innovation, risk-taking, and the ability to exploit opportunities and bring about change (3). These qualities highlight the visionary, change-maker, and risk-taking elements of entrepreneurship.