Managerial skill; or, especially as used by Joseph Schumpeter and other theorists of capitalims in the early 20th century, UNUSUAL managerial skill combined with a willingness to take risks and a perspicacity about the future. From the French word meaning simply 'contractor'.
a process through which individuals and groups pursue opportunity, leverage resources, and initiate change to create value. Thus, an entrepreneur is one who creates and manages change by pursuing opportunity, acting with passion for a purpose, living proactively, and leveraging resources to create value.
The undertaking of a business or enterprise with the chance of profit or loss. This is a common specialization in business programs in which students study the traits of successful entrepreneurs as well as what is needed to establish a new business.
Entrepreneurship is the resource that organizes the other three resources (or factors of production) -- land, labor, and capital. Entrepreneurs come up with new ideas about what, how, when, and where to produce, make business decisions, bear the risks and reap the potential rewards which arise from their decisions. While entrepreneurs stand in line to receive all potential profits of the firm, payments to entrepreneurs (the opportunity costs of being an entrepreneur) are known as normal profit and are included as a cost of the firm.
Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started.