The term 'entrepreneurship' is often used synonymously with 'entrepreneur'. Though they are the two sides of the same coin, conceptually they are different. The entrepreneur is essentially a business leader and entrepreneurship is the function performed by him.
Robert Hisrich states 'Entrepreneurship is the process of creating something new and assuming the risks and rewards'
Arthur Cole states "Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain and aggrandize profit by production and distribution of economic goods and services."
B. Higgins: "Entrepreneurship means the functions of seeking investment and production opportunity, organising an enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing a new technique and commodities, discovering new sources of raw materials and selecting top managers of day to day operations of the enterprise."
B.C Tondon: "Entrepreneurship is the ability to create something new, organizing and coordinating and undertaking risk and handling economic uncertainty."