The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship combined with the land, labor, natural resources and capital can produce a profit. The entrepreneurial spirit is characterized by innovation and risk-taking and is an essential part of a nation’s ability to succeed in an ever-changing and increasingly competitive global marketplace.
Entrepreneurship can be scary because there is no guarantee that the business will work, and the entrepreneur may end up losing money for the first few years.