Entrepreneurship: concept, types, theories, process

An entrepreneur is a person who identifies an opportunity, organises resources, takes risks and creates a new venture — and entrepreneurship is that process of opportunity, organisation and risk-taking. It differs from management: a manager runs an existing organisation efficiently, an entrepreneur creates the organisation itself, bearing uncertainty that cannot be insured. Worked example: two engineers with the same skills take different paths — one joins a firm for a safe salary (managerial career), the other quits to build a testing service for small factories, investing savings and facing the chance of failure (entrepreneurship). The difference is not skill but function: opportunity-seeking under uncertainty, with new value created if it succeeds.