What is entrepreneurship primarily concerned with?

Entrepreneurship is primarily concerned with innovating and managing production because it involves creating new products or services and finding effective ways to deliver them to the market. Entrepreneurs identify opportunities, develop ideas, and take risks to establish businesses that can provide value to consumers.

This process often includes not only the innovation aspect—where new concepts are developed—but also the management of production, which entails overseeing the operations, resources, and labor needed to bring those ideas to fruition. By focusing on innovation, entrepreneurs push boundaries and create solutions that drive economic growth.

While handling daily operations is essential for a business to function, it is more a part of the managerial aspect that supports the entrepreneurial vision rather than the essence of entrepreneurship itself. Managing capital is crucial to sustain a business but is more about financial management than entrepreneurship per se. Controlling market prices relates to market dynamics and competition, which entrepreneurs engage with but is not the primary concern of entrepreneurship. Thus, the focus on innovation and production management aligns closely with the core activities and responsibilities of entrepreneurs.