Entrepreneurship, Entrepreneur and Enterprise

Entrepreneurship

The concept of entrepreneurship can be described in many ways:

• Identifying and pursuing economic opportunities

• Starting and managing a new business, small business or family business to create ‘incremental wealth.’

o   This wealth is created by individuals who assume the risks of equity, time and career commitment to provide value for some product or service.

• Creating something with value by devoting the necessary time and effort, assuming the financial, psychological and social risks, and receiving the rewards of monetary and personal satisfaction.

o   The product or service itself may not be new or unique, but value must somehow be infused by the entrepreneur through necessary skills and resources.

Almost all definitions of entrepreneurship include the following key behaviours:

• Taking initiative.
• Organizing and reorganizing social and economic mechanisms to turn resources and situations into practical account.
• Taking well calculated risks .

Entrepreneur

An entrepreneur is a risk-taker who uses purposeful searching, careful planning and sound judgement to create economic change. Entrepreneurs are uniquely optimistic, committed and creative in establishing new resources or endowing old ones with a new capacity, all for the purpose of creating wealth.Is a person who makes money by starting or running businesses especially when this involves taking financial risks

Enterprise

An enterprise is a business undertaking or commercial unit aimed at producing products and services. An enterprise in health, for example, may focus on assisting the public, clients or service providers through:

• Research activities (e.g., proposal development in health).
• Academic work (e.g., book writing in health).
• Counselling patients and their families (e.g., PMTCT counselling).
• Providing mortuary services.
• Providing cytology and histopathology services in the periphery.
• Providing a selection of full burial services.
• Clinic care of patient.
• Improving the quality of services within an organization to increase clients.