What is meant by entrepreneurship?

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What is meant by entrepreneurship?  The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since.  Many simply equate it with starting one’s own business.  Most economists believe it is more than that.
To some economists, the entrepreneur is one who is willing to bear the risk of a new child education venture if there is a significant chance for profit.  Others emphasize the entrepreneur’s role as an innovator who markets his innovation.  Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied.  
In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how the entrepreneur’s drive for innovation and improvement creates upheaval and change.  Schumpeter  viewed entrepreneurship as a force of “creative destruction.” The entrepreneur carries out “new combinations,” thereby helping render old industries obsolete.  Established ways of doing business are destroyed by the creation of new and better ways to do them.
Business expert Peter Drucker (1909-2005) took this idea further, describing the entrepreneur as someone who actually searches for change, responds to it, and exploits change as an opportunity.  A quick look at changes in communications—from typewriters to personal computers to the Internet—illustrates these ideas.
Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. 

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