Markets and industries, simultaneously creating new products including new business models. Entrepreneurship employs what Schumpeter called 'the gale of creative destruction' to replace in whole or in part inferior innovations across In Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.

In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises and Friedrich von Hayek.in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged. In more recent times, the term entrepreneurship has been extended to include elements not related necessarily to business formation activity such as conceptualizations of entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g.Many kinds of organizations now exist to support would-be entrepreneurs including specialized government agencies, business incubators, science parks, and some NGOs. Angel investors generally seek annualized returns of 20-30% and more, as well as extensive involvement in the business.Many 'high value' entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital to build the business. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part- time) to major undertakings creating many job opportunities.Entrepreneurial activities are substantially different depending on the type of organization and creativity involved.When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.The most obvious form of entrepreneurship is that of starting a new outfit referred as new Business-Startup however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity.This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.Entrepreneurship is the act of being an entrepreneur, which can be defined as 'one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods'.

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