Entrepreneurship
Entrepreneurship is the creation or extraction of economic value (Diochon & Anderson, 2011; Gaddefors & Anderson, 2017; Alvarez & Busenitz, 2001). According to this definition, entrepreneurship is generally considered to be a change that involves risks beyond those normally incurred when starting a business and may involve values other than economic ones. .
An entrepreneur is an individual who creates and / or invests in one or more businesses, bears most of the risks, and enjoys most of the benefits (Hayes, 2023). The process of starting a business is called ``entrepreneurship. '' Entrepreneurs are generally viewed as innovators - sources of new ideas, products, services, businesses and processes.
More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit (Business Dictionary, 2023). “The people who create these businesses are often referred to as “entrepreneurs” (Yetisen et al., 2015; Katila et al, 2012). While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start - up, a significant proportion of start - up businesses have to close due to “lack of funding, bad business decisions, government policies, an economic crisis, a lack of market demand, or a combination of all of these (Belicove, 2012).”
In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services (Audretsch et al., 2002). In this sense, entrepreneurship describes activities on the part of both established firms and new businesses.
Perspectives on Entrepreneurship
In the 21st century the governments of nation states have tried to promote entrepreneurship, as well as enterprise culture, in the hope that it would improve or stimulate economic growth, and competition. After the end of supply - side economics, entrepreneurship was supposed to boost the economy (Alina et al., 2021).
As an academic discipline, entrepreneurship considers different schools of thought. This has been studied in fields such as business administration, economics, sociology, and economic history (Lindgren & Packendorff, 2009; Neergaard & Ulhoi, 2007). Some people think that entrepreneurship is for entrepreneurs. These scholars typically focus on what entrepreneurs do and what characteristics entrepreneurs have. This is sometimes referred to as a functionalist approach to entrepreneurship (Olaison, 2014). Some depart from the individualistic perspective and focus on the entrepreneurial process, delving into the interplay between agency and context. This approach is sometimes referred to as a processual approach (Olaison, 2014) or a contextual shift / approach to entrepreneurship (Welter, 2011; Gaddefors & Anderson, 2017).