Entrepreneurship

Entrepreneurship is the process of identifying
opportunities, marshalling the resources needed to
take advantage of the opportunities, and creating a
new venture for the purposes of providing needed
products/services to customers and achieving a profit .

Entrepreneurship is the process of initiating a business venture, organizing the necessary resources, and assuming the associated risks and rewards. An entrepreneur is someone who engages in entrepreneurship. An entrepreneur recognizes a viable idea for a business product or service and carries it out by finding and assembling the necessary resources –money, people, machinery, location – to undertake the business venture. Entrepreneurs also assume the risks and reap the rewards of the business. They assume
the financial and legal risks of ownership and receive the business’s profits. Entrepreneurs often have backgrounds and demographic characteristics that distinguish them from other people. Entrepreneurs are more likely to be the first-born within their families, and their parents are more likely to have been entrepreneurs.
Entrepreneurial personality features include: internal locus of control, high energy level, need to achieve, tolerance for ambiguity, awareness of passing time, self-confidence

Sources:

⠀ Barnet, T. (2006). Entrepreneurship. In M. M. Helmes (Ed.). Encyclopedia of management (5th ed., pp. 258-259). Farlington Hills : Thomson Gale (p. 258)

⠀ Daft, R., Lane, P. (2010).Management(9th ed.). Cengage Learning (P. 602-608)