Q.What is entrepreneurship? How is it different from the term 'entrepreneur'?
Entrepreneurship is the dynamic, ongoing process of identifying a business opportunity, mobilising the resources needed to pursue it, and creating value by establishing and running an enterprise built around that opportunity. It covers everything from the moment an idea first occurs through to the continuous work of running, adapting, and growing the enterprise afterward.
The difference from 'entrepreneur' is a difference between a PERSON and a PROCESS:
| Basis | Entrepreneur | Entrepreneurship |
|---|---|---|
| Nature | A person (the doer) | A process or activity (the doing) |
| What it refers to | An individual with certain qualities who takes entrepreneurial action | The ongoing activity of identifying opportunities, mobilising resources, and creating value |
| How it is judged | By personal qualities and actions | By the outcomes of the process — enterprises created, value generated, growth achieved |
An entrepreneur cannot exist without engaging in entrepreneurship, and entrepreneurship cannot happen without an entrepreneur to carry it out — but the two terms describe different things: one names the actor, the other names the action.
Entrepreneurship is the ongoing process of identifying opportunities, mobilising resources, and creating an enterprise; the entrepreneur is the person who performs that process — a distinction between a process and the person who carries it out.
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