ABSTRACT
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. In theory, entrepreneurship is a business venture where an individual is able to turn an innovative idea into a profitable commercial reality. In practice, entrepreneurship is multifaceted, ranging from operating a small business from a garage, to solving an unmet market need, to turning a new and unique idea into a high-growth company. According to the Entrepreneurship and Resource Guide the definitions provide cross-sections of the different types of entrepreneurial types as follows: community entrepreneurs, high-growth entrepreneurs, hobby entrepreneurs, lifestyle entrepreneurs, minority entrepreneurs, social entrepreneurs, student entrepreneurs, and women entrepreneurs. Entrepreneurs challenge conventional wisdom by practicing disruptive innovation —that is, innovation that creates new markets through the application of a novel set of principles. For the founder/entrepreneur, it is important to understand that discovery, invention, and innovation have very different incentive systems.
