Entrepreneurship
Definition
Entrepreneurship refers to the process of starting and managing a new business venture. It involves taking risks, organizing resources, and innovating to create value in the market.
Analogy
Think of entrepreneurship as being like a chef who starts their own restaurant. They come up with unique recipes (innovation), gather ingredients and equipment (organizing resources), and take a risk by opening their own establishment.
Related terms
Innovation: This term refers to the creation or improvement of products, services, or processes that bring value to customers.
Risk-taking: This term describes the willingness of entrepreneurs to take on uncertain outcomes in pursuit of potential rewards.
Start-up: A start-up is a newly established business venture that aims to bring innovative products or services to the market.
"Entrepreneurship" appears in:
Subjects (1)
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