Entrepreneurship is developing, organizing, and running a new business to generate profit while taking on financial risk. There are several types of entrepreneurship including social, innovation, big business, small business, and scalable start-ups. Entrepreneurship is important for nation building, self-sufficiency, generating employment, and providing challenging opportunities. Factors influencing entrepreneurship include education, legal policies, finances, infrastructure, and government procedures. Entrepreneurs can be classified based on ownership, personality traits, business type, stage of development, and other characteristics.