ENTREPRENEURSHIP

Detailed explanation-1: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Detailed explanation-2: -The final result, that is, the business which is established after undertaking the process of entrepreneurship is called an enterprise. Thus, ‘entrepreneur is the person’ who undertakes the ‘process of entrepreneurship’ to set up an ‘enterprise’.

Detailed explanation-3: -The entrepreneur is also called Organizer.

Detailed explanation-4: -An enterprise is defined as a legal entity possessing the right to conduct business on its own, for example to enter into contracts, own property, incur liabilities and establish bank accounts. An enterprise may be a corporation, a quasi-corporation, a non-profit institution, or an unincorporated enterprise.