State the meaning of entrepreneurship?
Entrepreneurship is the process of setting up one's own business as distinct from pursuing any other economic activity, be it employment or practising some profession. It is a systematic, step-by-step and purposeful activity that can be acquired, learnt and developed through formal education, vocational training, observation and work experience.
The object of entrepreneurship is lawful business with the purpose of creation of value for personal profit and social gain. A person who sets up his business is called an entrepreneur, and the output of this process, the business unit, is called an enterprise.
Entrepreneurship provides self-employment to the entrepreneur and creates opportunities for employment and profession, making it crucial for the overall economic development of a nation.
Explanation
The answer draws directly from the textbook definition stating entrepreneurship as the process of setting up one's own business. It incorporates key characteristics: systematic activity (can be learnt and developed), lawful and purposeful activity (creation of value), and highlights its role in economic development. The distinction between entrepreneur (person), enterprise (business unit), and entrepreneurship (process) is essential for students to understand.