Entrepreneurship is the process of creating, developing, and managing a business venture to generate profit while taking financial risks. Entrepreneurs identify opportunities, innovate solutions, mobilize resources, and build organizations. Key traits include risk tolerance, persistence, creativity, leadership, and adaptability. Types range from small businesses and scalable startups to social enterprises and intrapreneurship within companies. Success factors: validated market need, strong business model, adequate funding, execution skills, and timing. Studies show about 50% of new businesses survive past year five.