Entrepreneurship

Entrepreneurship is the process of designing, launching and running a new business, i.e. 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." "[R]ather than working as an employee, [an entrepreneur] 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 entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes." Entrepreneurs perceive new business opportunities and they often exhibit positive biases in their perception (i.e., a bias towards finding new possibilities and unmet market needs) and a pro-risk-taking attitude that makes them more likely to exploit the opportunity."Entrepreneurial spirit is characterized by innovation and risk-taking."