what is entrepreneurial concept

Entrepreneurial concept refers to the personal and professional qualities that entrepreneurs must possess to succeed in business. Entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. Entrepreneurship usually starts as a small business but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea. The most prominent example of entrepreneurship is the starting of new businesses. Entrepreneurship is operating within the concept of wealth creation. Wealth is created when the benefits derived by the owner in providing goods and services to the market exceed the cost of production.