THE VARIOUS DEFINITIONS OF ENTREPRENEURSHIP
The various definitions of entrepreneurship will not be complete without some important words or their synonyms which differentiates an entrepreneur from others. These words include creativity, innovation, development, seizing opportunities, and converting opportunities to marketable ideas, and bearing the risk of competition. These words simplify the traits which qualifies an entrepreneur which is the person in the center of Entrepreneurship. An entrepreneur is distinguished from others by his or her ability to apply these traits which are inherent in most, if not all human, but is dormant in many people because they do not deep down within themselves to utilize these traits.
An entrepreneur is someone who can use his creative mind to make out something out of nothing or transform something that is already in existence into something better. He is able to study his external societal environment, immediate environment, and internal environment and recognize the opportunities available and those he can seize, develop, and convert into goods and services which others can buy. An entrepreneur must have the spirit of innovation to enable him bring such ideas to light and at same time he bears the risk involved in the decisions he took and the risk of competition by other entrepreneur. It is because of this trait that these words are included in the various definitions of Entrepreneurship.