ENTREPRENEURSHIP

Detailed explanation-1: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-2: -An entrepreneur is an individual who identifies a need in the marketplace and works to fulfill it. The term, historically, has been applied to an individual who starts a business, seeing the ability to fulfill that identified need as an economic opportunity.

Detailed explanation-3: -Trading Entrepreneur: Trading entrepreneur is one who undertakes trading activities and is not concerned with the manufacturing work. He identifies potential markets, stimulates demand for his product line and creates a desire and interest among buyers to go in for his product.

Detailed explanation-4: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.

Detailed explanation-5: -Using Smith’s insight, entrepreneurship can be defined as the study of human actions that lead to changes in the division of labor. Two additional cor-ollaries can further our analysis. In Smith’s famous dictum, ‘the division of labor is limited by the extent of the market’ (1910: 15).