Entrepreneurship, Entrepreneurship

Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business.

Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth.

Robert Sobel published The Entrepreneurs: Explorations Within the American Business Tradition in 1974. Zoltan Acs and David B. Audrestch have produced an edited volume surveying Entrepreneurship as an academic field of research in the Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction.

Some of the companies set up via LILO entrepreneurship are no more costly than a hobby.

Source: Wikipedia > Entrepreneurship