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Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.
Entrepreneurial economics is the field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development. [1] They are necessary factors of production, but they are not sufficient for economic growth. [2]
Using wiki models or crowdsourcing approaches, for example, a social entrepreneur organization can get hundreds of people from across a country (or from multiple countries) to collaborate on joint online projects (e.g., developing a business plan or a marketing strategy for a social entrepreneurship venture).
The main difference between an internal entrepreneur (intrapreneur) and an entrepreneur is the environment, which represents the sphere in which they work. An entrepreneur's aim in general terms is to create a successful organisation, while an internal entrepreneur on the other hand has to find solutions to existing problems within the company ...
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1] A sole trader does not necessarily work alone and may employ other people. [2]
Drawing from examples from around the world, the article proposes that entrepreneurs are most successful when they have access to the human, financial and professional resources they need, and operate in an environment in which government policies encourage and safeguard entrepreneurs. This network is described as the entrepreneurship ecosystem.
Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurship is known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship.
The term entrepreneur is derived from the French word entreprendre, i.e. to undertake. The French economist Jean-Baptiste Say first coined the term in 1803 and defined an entrepreneur as an individual who "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield".