The document defines key terms related to entrepreneurship including entrepreneur, entrepreneurship, and enterprise. It describes an entrepreneur as an individual who creates a new business while bearing most risks and rewards. Entrepreneurship is defined as the capacity and willingness to develop, organize, and manage a business venture to make a profit while accepting associated risks. The document also discusses the need for and importance of entrepreneurship development, characteristics of successful entrepreneurs, influences on entrepreneurship, and several theories of entrepreneurship such as innovation theory, achievement motivation theory, and x-efficiency theory.