ABSTRACT
This chapter explores the conundrum of understanding entrepreneurship: viewing firms in their present success while needing to understand them at their genesis and nascence. Entrepreneurship is the creation of venture and value for multiple constituencies, including, but not limited to, customers, employees, communities, and countries. It is a way of thinking, reasoning, and acting that is opportunity-obsessed, holistic in approach, and leadership-balanced. It is a mindset that can empower ordinary people to accomplish the extraordinary. Because entrepreneurship is perceived, often incorrectly, to be so many things, it is important to underscore that it is the practice of new venture creation that provides the way to address unserved and/or underserved market opportunities and market inefficiencies that arise from the turbulence that occurs during creative destruction. The new opportunities are a blend of unmet customer needs, a viable business model, and various types of technology, incorporating various innovations and business trends to achieve wealth and social value.
