Entrepreneurship is the process of designing, launching, and running a new business,a startup company offering a product, process or service. It has been defined as the “…capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit”.
The entrepreneur is a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
The exploitation of entrepreneurial opportunities may include actions such as developing a business plan, hiring the human resources, acquiring financial and other required resources, providing leadership, and being responsible for the venture’s success or failure. Joseph Schumpeter stated that the role of the entrepreneur is “creative destruction” and the changes and “dynamic disequilibrium brought on by the innovating entrepreneur … is the ‘norm’ of a healthy economy.