Clarify the meaning of the terms 'entrepreneur', 'entrepreneurship' and 'enterprise'.
Clarify the meaning of the terms 'entrepreneur', 'entrepreneurship' and 'enterprise'.
The three terms 'entrepreneur', 'entrepreneurship' and 'enterprise' are different yet interrelated to each other. An entrepreneur refers to a person/individual who starts up a business. He is the one who takes up the basic idea of setting up the business. In the process of setting up the business, he undertakes risk, coordinates production resources and undertakes innovation. This whole process of setting up a new business is called entrepreneurship. 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'.
The three terms 'entrepreneur', 'entrepreneurship' and 'enterprise' are different yet interrelated to each other. An entrepreneur refers to a person/individual who starts up a business. He is the one who takes up the basic idea of setting up the business. In the process of setting up the business, he undertakes risk, coordinates production resources and undertakes innovation. This whole process of setting up a new business is called entrepreneurship. 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'.
