Entrepreneurship

Entrepreneurship is the process of turning an idea into a real product or service by starting and running a venture, while taking responsibility for the risks and decisions involved.

• More than “doing business”: it focuses on creating something new or improving something that already exists—often to solve a problem people face.
• Organising resources: an entrepreneur brings together land/natural resources, labour, and capital in the right way so production can actually happen.
• Risk and uncertainty: profits are not guaranteed. An entrepreneur may lose money, time, or effort if the idea doesn’t work, so careful planning matters.
• Decision-making role: choosing what to produce, how much to produce, where to sell, how to price, and how to manage workers are key entrepreneurial decisions.
• Example you can picture: someone who starts a small dairy business—arranges loans for cattle (capital), hires workers (labour), buys fodder and uses land/water (resources), and sells milk locally—shows entrepreneurship even without high technology.
• Why it matters to society: entrepreneurship can lead to new services, better choices for consumers, and employment for others—helping local communities and the wider economy grow.

Entrepreneur is the person; entrepreneurship is the activity and process they carry out.