What is Entrepreneurship?

Technically, entrepreneurship is the act of arranging market factors of production aiming to satisfy consumers.

Entrepreneurship takes economic freedom towards prosperity.

Without entrepreneurship, there is no diversity in an economy. And without diversity in an economy, there are fewer opportunities for people to satisfy their needs. When people cannot satisfy their needs, they are blocked from achieving prosperity in their lives.

Entrepreneurship is as important as technology for economic progress and increasing everyone’s standard of living in society. Entrepreneurs make judgments on how best to satisfy people’s needs. Unlike political actors, true market entrepreneurs, and their investors, accept the risk of those judgments, suffering the consequences if they make mistakes. This is a feature of economic freedom, a situation complying with the Legal Principle.