Entrepreneurship is about individuals or groups of individuals taking action that changes people's lives and adds value to them.

The most popular understanding of entrepreneurship is when someone decides to start a new business venture. However entrepreneurship is equally important in many other different contexts. Entrepreneurial people can be found in existing, well-established businesses, in the public sector, in hospitals, in the police service, in churches, in community development projects and in universities, to mention just a few. Whether focused on establishing a new venture or developing an existing enterprise, they are people who have the traits and skills needed to make a difference.

An entrepreneur is a person who by their persistent search for opportunities and keen negotiation skills can bring about changes in other people's lives, that add value. They are people who challenge the traditional way that things are done and seek to do things better. Contrary to folklore, entrepreneurs are not reckless risk takers. They take calculated risks. They are men and women who are not so afraid of failure that they won't take a chance.  They are people who are prepared to have a go. They are people who have courage and self-belief.

Everyone has some of these traits and behaviours to a greater or lesser degree. The challenge for those involved in developing an individual's entrepreneurial potential, particularly those of younger people, is to attempt to draw out those traits and behaviours, to nurture them, as well as to help them to develop appropriate managerial competencies.