Q.Define entrepreneurship.

Entrepreneurship is the process behind a new venture, as distinct from the entrepreneur who drives it.

Entrepreneurship is defined as the dynamic process of identifying a business opportunity, mobilising the resources needed, and organising a new venture to convert that opportunity into a going concern, while bearing the risks and uncertainties involved.

It is important to see entrepreneurship as a process -- a sequence of steps unfolding over time -- and not as a single act or as the person who performs it. The individual who carries out this process is the entrepreneur; the resulting business unit is the enterprise; entrepreneurship is the process that connects the two.

Students often write the definition of "entrepreneur" (the person) when asked to define "entrepreneurship" (the process) -- the AP Inter II year Commerce paper tests this distinction directly, so use the right noun.