Entrepreneurship refers to the process of designing, launching, and running a new business, typically a small one, initially. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit."
Identifying a Business Idea
One of the first steps in starting a small business is to identify a viable business idea. This involves understanding the market demand, assessing your personal interests and skills, and researching the competition. Ask yourself questions like: What problems can I solve? What are people willing to pay for? What is the market size?