There are many definitions of entrepreneurship

Examples :

An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it. The entrepreneurial process includes all the functions and activities entrepreneurial and actions associated with perceiving opportunities and creating organizations to pursue them.
 William D Bugrave.
Entrepreneurship is important for the following reasons

• There is a great demand for entrepreneurs who can find innovations to keep pace with the rapid changes in the world.
• Entrepreneurs are needed to identify the business opportunities in the competitive business world to convert them to the state of completion and generate expected benefits.
• Entrepreneurs are required in ventures such as farms, schools, universities, hospitals, government and social agencies since they can offer much – needed leadership in a fast – changing world.
Personal, social and economic benefits can be realized through entrepreneurship

Examples:

Personal benefits

• Opportunities for the use of personal skills

• Enhanced benefits through increased dedication.

• Social status and recognition

• Financial gain.
Social and economic benefits

• Job opportunities

• Opportunities for higher income.

• New products and services.

• High living standards • Higher rate of employment.

• Exploration of regional resources in production

• Development of new markets.
Some facts to explain the relationship between entrepreneurship and economic development are given below.

• The national product will increase because of the innovations of entrepreneurship.
• Contribution to economic development by generating new job opportunities

• Expansion of market activities and formation of new competitive markets are reasons for the economic development and formation of new competitive markets for economic development
• There will be a great demand for the regional resources since they are being used

• Starting new business is a reason for economic development
Several trends in entrepreneurship are given below

• Social entrepreneurship

• Woman entrepreneurship

• Intra entrepreneurship