Entrepreneurship
Entrepreneurship involves identifying opportunities and organising resources to create value under uncertainty. It can include starting a business or developing new activities, products and ways of working. Entrepreneurs combine judgement, initiative and resource mobilisation, while facing the possibility that demand, costs or execution will differ from expectations. Innovation can be important, but not every entrepreneurial activity requires a completely new invention.
Worked example
A technician notices that small firms cannot obtain affordable emergency repairs. The technician tests demand, arranges equipment and funding, and launches a service. Customer demand and the ability to deliver profitably remain uncertain.
Common mistake
Entrepreneurship is not simply willingness to take any risk. Assess the opportunity, resources, evidence and potential consequences.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | SBL | Direct | September 2026–June 2027 |