To most people entrepreneurship is solely about innovation and entering a new venture. For example, Hisrich and Peters (2002) define entrepreneurship as “the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.” According to Kuratko and Welsch (1994) “Many people now regard entrepreneurship as „pioneership? on the business frontier.” Bygrave (1994) begins with Schumpeter?s definition of an entrepreneur and continues to argue that only a few businesses would have the potential to fit Schumpeterian definition on entrepreneurship, destroying the existing economic order by introducing new product and services. Instead, he argues that “the vast majority of new businesses enter existing markets.” To him, an entrepreneur is “someone who perceives an opportunity and creates an organization to pursue it” and the entrepreneurship involves “all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.” In all these discussions, exiting from a market is not considered as part of entrepreneurial activities.

JEL Codes



Entrepreneurship, Entrepreneurship Definition, Entrepreneur, New Business, Definition