- the activity of setting up a business or businesses, taking on financial risks in the hope of profit - creation or extraction of economic value - entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones - entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures - process of designing, launching and running a new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit