Entrepreneurship is the process of starting a business, typically a startup company, based around an innovative product, process or service. The term "entrepreneur" is often conflated with the term "small business." While most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term.
Many small businesses are sole proprietor operations consisting solely of the owner, or they have a small number of employees, and many of these small businesses offer an existing product, process or service, and they do not aim at growth. In contrast, entrepreneurial ventures are based around an innovative product, process or service, and the entrepreneur typically aims to scale up the company by adding employees, seeking international sales, and so on, a process which is financed by venture capital and angel investments.
The entrepreneur develops a business plan, acquires the human, financial and other required resources, and is responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem which includes government programs and services that support entrepreneurs, not-for-profit entrepreneurship resources (e.g., incubators and accelerators), entrepreneurship education and training and financing (e.g., loans, venture capital, and grants).