Q.Distinguish between the terms 'entrepreneur', 'entrepreneurship' and 'enterprise'.

An entrepreneur is a person who undertakes a new venture — spotting a business opportunity, organising land, labour, capital and knowledge to exploit it, and bearing the risk and uncertainty of the outcome in the hope of profit. The three defining functions are innovation (finding a new product, method, market or source of supply), organisation (coordinating the factors of production into a working unit) and risk-bearing (accepting the possibility of loss). It is important to distinguish the entrepreneur (the person), entrepreneurship (the process) and the enterprise (the business unit created).