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The definition of entrepreneurship is the process of starting a business or creating new markets. An entrepreneur is someone who develops a business model, usually from scratch, but can also be someone who purchases a company to grow it. A serial entrepreneur is someone who develops multiple business strategies and becomes a key component in business management. According to the job-listing site, Monster, there are nine characteristics of entrepreneurs and the entrepreneurial journey. They include motivation, creativity, hands-on, versatility, business skills, drive, vision, flexibility, and decisiveness.

Entrepreneurship development is the process of improving entrepreneurial skills. Through training programs, such as entrepreneurship courses and online classes, one can learn about various requirements to become successful as an entrepreneur including conducting opportunity analysis, developing a business plan, starting a small business, acquiring financing to start the company, and scaling the business. An entrepreneur should have a fundamental understanding of business skills such as accounting and finance, marketing, and strategy.