Entrepreneurship is the process of identifying a business opportunity, allocating the necessary resources, and taking on the risk to create and operate a new venture. It involves innovation, creativity, and the ability to recognize and capitalize on market needs.
Innovation: The introduction of a new product, service, process, or business model that creates value and addresses unmet needs in the market.
Risk-Taking: The willingness to invest time, effort, and resources into a new venture with the potential for significant rewards, but also the possibility of failure.
Opportunity Recognition: The ability to identify and seize upon untapped market opportunities that can be transformed into successful business ventures.