- 2070 Asar · 3 marks
- Year not given
Define entrepreneurship
Short answer
Entrepreneurship is the process of identifying a business opportunity, organizing resources, and taking risks to create a new venture that delivers profit and value. It entails innovation, creativity, and management.
Define the term entrepreneurship.
Entrepreneurship is the process of identifying a business opportunity, bringing together resources such as capital, labour and technology, and taking the risk to start and run a new enterprise in order to earn profit and create value. It involves innovation, risk-taking, creativity and management. According to Schumpeter, the entrepreneur is an innovator who introduces new combinations of production.
Entrepreneurship therefore means:
- spotting opportunities,
- being innovative,
- accepting calculated risk,
- organizing and managing the enterprise, and
- creating wealth and employment.
Example: A young Nepali who starts an online delivery startup, or a software firm like F1Soft that built digital payments, is practising entrepreneurship. It contributes to economic growth by creating employment, technology and income.
✓ Answer checked by Claude Opus 5.5 (high effort)
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