Q.State the meaning of entrepreneurship.

Entrepreneurship is the process of setting up one's own business, as distinct from taking employment or practising a profession. The person who does so is the entrepreneur, and the resulting unit is the enterprise — like a sentence, the entrepreneur is the subject, entrepreneurship the verb and the enterprise the object.

Its main characteristics:

• Systematic activity — not a matter of chance or a mysterious gift; its skills and knowledge can be learnt and developed through education, training and experience, dispelling the myth that entrepreneurs are 'born, not made'.
• Lawful and purposeful — its object is lawful business, creating value for personal profit and social gain.
• Innovation — combining factors of production to make new products, reach new markets or find new methods; doing things better, cheaper and faster.
• Organisation of production — mobilising land, labour, capital and technology, even without owning them, using knowledge of resources and negotiation skills.
• Calculated risk-taking — entrepreneurs take measured, not reckless, risks; for them risk is more a personal stake than merely a financial one.