3. Define entrepreneur, entrepreneurship and enterprise.
ANSWER:
The three terms “entrepreneur”, “entrepreneurship” and “enterprise” are different yet interrelated to each other. An entrepreneur refers to a person or an individual who starts up a business. He/she is the one who takes up the basic idea of setting up the business. In the process of setting up the business, he/she undertakes risk, coordinates production resources and undertakes innovation. This whole process of setting up a new business is called entrepreneurship. The final result, i.e., the business established after undertaking the process of entrepreneurship, is called an enterprise. Thus, an entrepreneur is a person who undertakes the process of entrepreneurship to set up an enterprise.
