An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws.
The exploitation of entrepreneurial opportunities may include: Economist Joseph Schumpeter (1883–1950) saw the role of the entrepreneur in the economy as "creative destruction" – launching innovations that simultaneously destroy old industries while ushering in new industries and approaches.
Forty-four of the 143 economies that participated in the Entrepreneurship project provided some sex-disaggregated data for 2016.
The paper finds that the gender gap in business ownership remains high in many economies around the world.
While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand, or a combination of all of these." A broader definition of the term is sometimes used, especially in the field of economics.
In this usage, an Entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technologies into products and services: "The entrepreneur is able to recognize the commercial potential of the invention and organize the capital, talent, and other resources that turn an invention into a commercially viable innovation." Entrepreneurs act as managers and oversee the launch and growth of an enterprise.In the majority of the analyzed economies, less than one-third of new limited liability company owners are women. Although sole proprietorships are more frequently used by female entrepreneurs, only three economies have similar or equal number of women business owners relative to men. For Schumpeter, the changes and "dynamic disequilibrium brought on by the innovating entrepreneur [were] the norm of a healthy economy".While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government.Entrepreneurs create something new, something different—they change or transmute values.Regardless of the firm size, big or small, they can partake in entrepreneurship opportunities.In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth.The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics.The opportunity to become an entrepreneur requires four criteria.First, there must be opportunities or situations to recombine resources to generate profit.