There are many meanings of the term ‘entrepreneurship’. After attentively discussing all the available ones, we can conclude that entrepreneurship is a system of operating business in which opportunities existing within the scope of a market are exploited.
Self-employment necessitates that any available opportunities within the economic system should be utilized in the creation and functioning of new organizations. A potential entrepreneur should show the interest to seek out investment opportunities in the market, so that they can run the enterprise successfully based on the identifiable opportunities.
Thus, going through the above responsibilities of an entrepreneur, the term ‘entrepreneurship’ has been finally defined as a function which covers multiple functions such as −
● Building organizations.
● Providing self-employment
● Utilization of available resources
● Innovation applied to the novel concept
● Bringing together multiple factors of production in a tangible manner.
● Identifying and exploiting business opportunities within the available market.