Q.Clarify the meaning of the terms 'entrepreneur', 'entrepreneurship' and 'enterprise'.

These three terms are best understood through the subject-verb-object analogy of English grammar.

The entrepreneur is the person (the subject) who sets up a business; entrepreneurship is the process (the verb) of setting it up; and the enterprise is the outcome (the object) — the business unit that the process creates.

The three terms can be clearly told apart using the subject-verb-object (SVO) relationship of English grammar:

1. Entrepreneur — the person or actor, the subject. He or she is the individual who identifies an opportunity, mobilises resources and sets up the business.
2. Entrepreneurship — the process or act, the verb. It is the systematic, purposeful and creative activity of identifying a need, mobilising resources and organising production to deliver value, in keeping with the risks of business.
3. Enterprise — the outcome, the object. It is the business unit that is created as the output of the entrepreneurial process.

In short, the entrepreneur (subject) carries out entrepreneurship (verb) to create an enterprise (object).