Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire, and the people who do so are called 'entrepreneurs'. It has been defined as the "capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit". While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a " lack of funding, bad business decisions, an economic crisis or a combination of all of these" or due to lack of market demand.

Merits of Entrepreneurship:

·        It gives a great amount of freedom

If you are working for a boss and a company, you need to meet all their requirements and only have very little freedom on the job. On the other hand, if you start your own business, you will be able to make your own demands and set your own schedule. You dictate everything you do, giving you a level of freedom that you will not see when you are employed.

·        To reap high Profits

Reaping high profits by being an entrepreneur is one of the most important factors that motivate people to become one and take up all the challenges associated with it. The profits their companies and businesses make play a vital role in any decision made by entrepreneurs. Owning a business or a firm is the best way towards accumulation of wealth.

·        It offers flexibility

As an entrepreneur, you can schedule your work hours around other commitments, including quality time you would spend with your family.

·        Offers a chance to pursue their interests

Most entrepreneurs don’t believe their work to be actual work. Most of them establish businesses closely associated with their interests. As such, there is no particular age for retirement of entrepreneurs.

·        Risks is lower

You don’t have a mortgage to pay or a family to provide to. And even if you do badly for a while, family is there to help you and your living costs are lower .And even if you’re messing up big time, it’s not like you’re going to lose your lifelong savings (or maybe you do, but we are not talking about huge amounts yet).

·        Failure effects are easier

First, it’s not like you’re going to lose your house (or maybe it does, but it’s outside of the thinking for this list), and even if shit hits the fan, you have the excuse that you are young and inexperienced. Besides, being young gives you more time to try again and do things better.

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