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Question
Write short notes on the following.
Define entrepreneur, entrepreneurship and enterprise.
Solution
The three terms “entrepreneur”, “entrepreneurship” and “enterprise” are different yet interrelated to each other. An entrepreneur refers to a person or an individual who starts up a business. He/she is the one who takes up the basic idea of setting up the business. In the process of setting up the business, he/she undertakes risk, coordinates production resources and undertakes innovation. This whole process of setting up a new business is called entrepreneurship. The final result, i.e., the business established after undertaking the process of entrepreneurship, is called an enterprise. Thus, an entrepreneur is a person who undertakes the process of entrepreneurship to set up an enterprise.
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