1) Entrepreneurship is defined as the capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. It is a factor of production along with land, labor, natural resources, and capital. 2) The entrepreneurial process involves identifying and evaluating opportunities, developing a business plan, determining required resources, and managing the resulting enterprise. Opportunities are identified through consumers, business associates, distribution channels, or technical people. They must then be carefully evaluated. 3) After evaluating an opportunity, an entrepreneur develops a business plan to determine the resources needed. They then acquire the resources and implement the business plan by managing the growing enterprise