What does “entrepreneurship” make you think of? Innovation? Business savvy? Perseverance?

Here, we’ll help you learn more about what entrepreneurship is, the different forms it can take, and the various challenges that many entrepreneurs face.

To develop a more comprehensive understanding of what it takes to become an entrepreneur, consider enrolling in Stanford’s Entrepreneurial Leadership Program.

What is entrepreneurship?

At its most basic level, entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business. An aspiring entrepreneur actively seeks a particular business venture and it is the entrepreneur who assumes the greatest amount of risk associated with the project. As such, this person also stands to benefit most if the project is a success.

Entrepreneurial pursuits often involve innovation. Large enterprises may seek to emulate this element by cultivating what’s known as “intrapreneurship.” Employees are encouraged to think like entrepreneurs, cultivating an original perspective that may result in a new idea for the company. These workers may be given extra latitude, but the enterprise still holds authority over the project and absorbs any risk associated with it. Entrepreneurs benefit every sector, from large corporations to small businesses.

What industries do small business entrepreneurs work in?

A recent small business owner survey from Guidant Financial found that the top three industries for small business startups are:

• Food and restaurant operations
• Retail
• Business services

Other leading industries included health and fitness, finance, insurance, and law. No matter what type of venture a small business entrepreneur is involved in, it’s vital that they prioritize innovation and perseverance.