The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.

Job Creation

It’s tough to land a job, but entrepreneurs make it easier. Entrepreneurs create jobs for themselves, but often they need more than just their skill set and personal initiative to transform their idea to a consumer product or service. Take Microsoft.  In 1975, Bill Gates and Paul Allen started their small software company with dreams of changing the way we use computers.  They succeeded but not without a great deal of help. Today, Microsoft employs over 100,000 people worldwide.

Together entrepreneurial companies add even more jobs to the economy. A 2013 report by the Ewing Marion Kauffman Foundation found that companies less than a year old with under 5 employees have created about 1 million jobs every year for the last three decades. Those with five to nine employees add about half a million every year. The Kauffman Foundation is an organization dedicated to advancing education and entrepreneurship through its research and initiatives. The National Employment Report found in June that businesses with fewer than 50 employees created 45 percent of all jobs.

Are you discouraged by the job hunt?  Or have a business idea you want to develop? Consider starting your own company, but get some advice first  from

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