What is entrepreneurship?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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There are many different ways to define entrepreneurship.  For example, the link below says that

Entrepreneurship is the process of discovering new ways of combining resources.

Another way to put it is that entrepreneurship is about taking risks and being creative in an attempt to make money.  There is, however, no clear way to differentiate between an entrepreneur and a businessperson who is not an entrepreneur.

In general, we would say that an entrepreneur has to be someone who does something creative.  We would typically not say that a person is an entrepreneur if they simply take over an established business and run it without doing anything different or innovative.  We are more likely to say that someone is an entrepreneur if they devise a new way to do things.  Therefore, we would typically say that Jeff Bezos is an entrepreneur because he came up with a new idea for how to combine the internet with commerce.

We also typically say that an entrepreneur is someone who takes risks.  An entrepreneur generally starts a business, usually using at least some of their own money in an attempt to bring their creative idea(s) to fruition.  The entrepreneur risks money in an attempt to make even more money, generally in a way that is innovative and creative.

Entrepreneurship, then, is the process of taking chances and being creative in an attempt to find new ways to make money.

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