Entrepreneurship is an act in which a person takes risks by adopting new ideas and innovations and changes them into economic goods putting intellectual and professional skills in it. It can be termed as starting a new business or improve a mature business in a new way to seek better opportunity.
Entrepreneurship may not only include creative activities but also may be even part time job and may be creating many job opportunities. Many types of agencies and organizations are present to boost up entrepreneurial activities at every place. Entrepreneurship new emerged forms are social entrepreneurship political entrepreneurship and knowledge entrepreneurship. Entrepreneur is an important factor in microeconomics that was ignored earlier in 17th and 18th century that was shown in the work of Adam Smith and Richard. In 20th century it was studied a lot by lot of scholars and researchers. Entrepreneurship called "the gale of atomic destruction "that means that a minor change in existing products through creative innovation and on the other side creating new business models in an existing economy. Different scholars argued that entrepreneur is the risk bearer but according to Schumpeter it does not but capitalist does so. Entrepreneur is a French word, in English it is termed as a person who has an enterprise, idea and innovation bearing all the risks in any industry. Management skills and strong team building characteristics are needed for becoming a successful entrepreneur. Entrepreneur seeks opportunity available in the market and produce economic benefits for himself or herself and for other common man. Peers have a greater influence on the personality of the entrepreneur as well as they are extrovert kind of personality. There is a lack of clarity in judging the personality of the entrepreneur in different cultures.
In Pakistan innovation and risk taking is severely inhibited by the intrusive role of government in the marketplace. From the early days of planning when protection and subsidy policies determined winners in the market place, entrepreneurship has been diverted to seeking government favors and other illegal paths. Government economic policy also seeks to promote growth through multiple ways.
Basically 'mercantilist' approach where domestic commerce through seriously
neglect is heavily regulated. This sector either employs most of the poor or offers them entrepreneurial opportunities. For service and domestic sector State government has remained extremely indifferent to this very important
Sector that is inadequate and unsatisfactory form, further creating problems for policy.