What is Entrepreneurship?
Entrepreneurship is the process of starting and running a new business or enterprise, typically characterized by innovation, risk-taking, and the pursuit of profit. Entrepreneurs identify opportunities, create business plans, and bring new products or services to market.
Key Components
- Idea Generation: Find a real market need and design a product/service to solve it.
- Business Planning: Define model, audience, budget, and go-to-market.
- Funding: Secure capital (savings, investors, loans, grants).
- Product Development: Build, test, and refine to fit customer needs.
- Marketing & Sales: Acquire customers and generate revenue.
How it’s Used
- Startups: Disrupt incumbents with new solutions.
- Social enterprises: Blend profit with social or environmental impact.
- Small businesses: Serve local markets and drive community jobs.
Why it Matters
Entrepreneurship fuels innovation, job creation, and economic growth—turning ideas into real value for society.
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