entrepreneurship

  

Definition

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.


Use entrepreneurship in a sentence

  • The student graduated with a business degree and wanted to use his strong entrepreneurship to start the company of his dreams.

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  • Entrepreneurship can be scary because there is no guarantee that the business will work, and the entrepreneur may end up losing money for the first few years.

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  • The way Bill Gates single-handedly revolutionized the way we use home computers is an excellent example of ingenuity and entrepreneurship.

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Notable Quotes

  • Wealthy Investors vs. Wealthy Entrepreneurs
    "There are more entrepreneurs than investors on the Forbes list of wealthiest people, but that doesn't mean entrepreneurship is necessarily a better wealth builder than investing. There's a selection bias in that entrepreneurs have much more concentrated asset allocation, often having nearly all of their net worth tied up in their own company (and usually not able to sell it very quickly), whereas investors are more diversified. Also, for every entrepreneur who strikes it big there are many others who completely fail, so the list is not a good guide to where the most wealth is being created."
    - Tom Murcko

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