Entrepreneurship can broadly be defined as the creation or extraction of value. With this definition, entrepreneurship is viewed as change, which may include other values than simply economic ones. Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. ... An entrepreneur is someone who is willing to work for himself and by himself. 7 Characteristics of Successful Entrepreneurs:

Self-Motivation. One of the most important traits of entrepreneurs is self-motivation. ... Understand What You Offer. As an entrepreneur, you need to know what you offer, and how it fits into the market. ... Take Risks. ... Know How to Network. ... Basic Money Management Skills and Knowledge. ... Flexibility. ... Passion.

Entrepreneurship is the act of setting out on your own and starting a business instead of working for someone else in his business. While entrepreneurs must deal with a larger number of obstacles and fears than hourly or salaried employees, the payoff may be far greater as well.