Entrepreneurship means different things to different people.1
Conceptually and in practice, the term hints of no stereotypical model.
Yet its very etymology – derived from the French ‘entreprendre which literally means, ‘to undertake’2 – indicates the minimum characteristics of an entrepreneur.
From the perspective of economic functions, three crucial characteristics of entrepreneurial activity are: risk taking, innovation and venturing into new business activities for profit.
For the purposes of this study and keeping in mind its key role in
creating value, We define Entrepreneurship as follows:
‘Entrepreneurship is the professional application of knowledge, skill and competencies and/or of monetizing a new idea, by an individualor a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade), thus to pursue growth while generating wealth,employment and social good’.