"Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled ." “Pursuit” implies a singular, relentless focus. Entrepreneurs often perceive a short window of opportunity. They need to show tangible progress to attract resources, and the mere passage of time consumes limited cash balances. Consequently, entrepreneurs have a sense of urgency that is seldom seen in established companies, where any opportunity is part of a portfolio and resources are more readily available. “Opportunity” implies an offering that is novel in one or more of four ways. The opportunity may entail: 1) pioneering a truly innovative product; 2) devising a new business model; 3) creating a better or cheaper version of an existing product; or 4) targeting an existing product to new sets of customers. These opportunity types are not mutually exclusive. For example, a new venture might employ a new business model for an innovative product. Likewise, the...

Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker , decides what, how, and how much of a good or service will be produced. An Entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The Entrepreneur is usually a sole proprietor , a partner , or the one who owns the majority of shares in an incorporated venture.