What best defines entrepreneurship?

Entrepreneurship is fundamentally about identifying opportunities and creating value through the establishment of new businesses with the goal of generating profit. This definition encompasses the essence of entrepreneurship, which involves taking risks, innovating, and bringing new ideas to market. Entrepreneurs typically seek to fulfill unmet needs or improve upon existing solutions, and the profit motive drives them to create sustainable models for their businesses.

In contrast, establishing a non-profit organization focuses on social impact rather than profit generation and does not align with the core principle of entrepreneurship. Providing consultancy services, while it may involve entrepreneurial elements, is a specific type of business activity that doesn't capture the broader definition of entrepreneurship. Buying and selling existing businesses does not entail the creation of a new entity or the innovation that characterizes true entrepreneurial endeavors. Thus, the emphasis on profit generation from setting up a new business distinctly defines entrepreneurship.