The Concept of Entrepreneurship; in pursuit of a Universally Acceptable Definition
Mokaya, Samuel O.
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Entrepreneurship is a common vocabulary to many people, a topic occupying a prominent position on the research agenda of scholars from variety of backgrounds and disciplines; a subject that has elicited lots of interests from people of different occupations including scholars, educators and policy makers. The innovations and high value products getting into the market each day are results of entrepreneurial efforts, making entrepreneurship development a major strateg y for sustainable socio-economic development. The purpose of this study was to find out a universal m eaning/definition of entrepreneurship. The study wa s secondary, involving detailed analysis of published materials on the subject matter. According to the findings, entrepreneurship is the heart of the mode rn business, a force behind innovative businesses t hat characterize the modern economy and a dynamic proce ss of creating incremental wealth by individuals wh o assume. The analysis, there are many definitions of entrepreneurship as there have many attempts to de fine it. However, entrepreneurship is action-oriented, i nvolving immense creativity and innovativeness. Entrepreneurship can either be opportunity-based or necessity-based but whatever the motivation; it is pursued as a viable career option by people of all works of live, levels and occupations. It is also e vident that there continues to be new thoughts on the subj ect and it is still an evolving concept with more r oom for study, discovery and development. Therefore, effort s towards a universally accepted definition should be encouraged. Entrepreneurship is an evolving concept ready for a variety of seeds from different discip lines hence efforts to refine it in meaning and applicati on should be encouraged.