Final answer:
Entrepreneurship is the process of starting new businesses, where an entrepreneur takes on financial risks to create and manage a new venture, responding to market opportunities.
Step-by-step explanation:
The process of starting new businesses, usually in response to opportunities, is known as entrepreneurship. This involves the willingness and innovation needed to take risks when starting a business. An entrepreneur is an individual who identifies a need in the market and decides to fill that gap by creating a new business, often demonstrating traits such as being self-starters, independent-minded, and hard-working. They invest their own time, money, and resources, sometimes with the help of angel investors or venture capitalists, to bring their vision to life, with the understanding that the endeavor involves financial risk.