a person who sets up a business or businesses, taking on financial risks in the hope of profit. An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Entrepreneurship: It is an individual who founds and runs a small business and takes all the risk and reward of the venture. Entrepreneurship is the creation or extraction of value. What is Entrepreneurship? Entrepreneurship is the act of creating a business or businesses.