Entrepreneurship

Business

Identifying an opportunity and organising resources to exploit it through a new venture or organisational transformation; associated with creative destruction (Schumpeter).

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This entry names a field of study, not a term an authority defines. There is no body that owns the meaning of a discipline, so there is nothing to cite in the way a regulation or a standard can be cited. The description above is this lexicon’s own summary of how the subject is generally taught and practised. Where a specific model, framework or figure inside the field has a traceable origin, that belongs with the individual term rather than with the discipline.

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Identifying opportunity and building a venture under uncertainty; effectuation (Sarasvathy) has expert entrepreneurs reason from their means rather than fixed goals, while lean startup (Ries) tests a minimum viable product through a Build-Measure-Learn loop.

From the AJG lexicon archive (July 2026).

Entrepreneurship

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