In political economics, entrepreneurship is the quality of being an entrepreneur, i.e. one who "undertakes an enterprise". The term puts emphasis on the risk and effort taken by individuals who both own and manage a business, and on the innovations resulting from their pursuit of economic success.
"Entrepreneurship" in this sense may result in neworganizationsor may be part of revitalizing matureorganizationsin response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting newbusinesses(referred asstartup company); in recent years, the term has been extended to include social and political forms of entrepreneurial activity".[according to whom?] When entrepreneurship is describing activities within a firm or large organization it is referred to asintra-preneurshipand may include corporate venturing, when large entities spin-off organizations.