While definitions of entrepreneurship typically focus on the launching and running of businesses, due to high risks involved in the launching a start-up, a significant proportion of businesses have to close due to lack of funding, poor decision making, lack of market demand, poor government policies and
lack of managerial skills where starters lack managerial skills and in turn develop their own management approach through trial and error. The management that is concerned with the day-day operations than long-term issues. Some people venture into business with wrong motives. For successful entrepreneurs money is not the motivation, success is the motivator money is the reward.

The definition of entrepreneurship has been expanded to explain how some individual identifies opportunities, evaluate them as viable and then decide to exploit them and come up with new products and services, new production processes, launch new firms and industries and create wealth.

Opportunities can come from new market needs that needs to be satisfied, a gap in the market that needs to be filled, problems that needs solutions or a market niche that needs to be exploited. Entrepreneurs tend to be good in perceiving these opportunities and they need to have a pro-risk taking attitude that makes them more likely to exploit the opportunity.

The nature of entrepreneurial process can be uncertain because although opportunities exist their existence cannot be discovered or identified prior to their actualization into profits. What appears as real opportunity might actually be a non-profit or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital. Entrepreneurship being the process by which an individual (or team) identifies a business opportunity, acquires and deploys the necessary resources required for its exploitation. Exploitation of entrepreneurial opportunities includes actions like developing a business plan, hiring human resources, acquiring financial and material resources and being responsible for the venture success or failure.
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