Entrepreneur and entrepreneurship are the acronyms of doing business in the contemporary world. The one in the driving seat in this activity is known as entrepreneur and the myriad of activities done by this person is commonly known as entrepreneurship. But this cannot be called as an academic definition of entrepreneurship. In simple words, we can define entrepreneurship as the capacity and willingness of a human being to develop, organise and manage a business venture along with the related risks in order to make profit. The risk and uncertainties are further submerged into ambiguity and true uncertainty. The concept of true uncertainty is used where an entrepreneur wishes to bring something really novel to the earth. The most common example of entrepreneurship is starting a new business by any person. When someone starts a new business he/she will carry out feasibility studies, work out return on investment, formulate a business plan, workout a suitable organisation, make a management plan to manage human, financial and material resources etc, this series of activities in a common language will fall in the realm of entrepreneurship.
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