Reading Comprehension Read and translate the following text. Consult a dictionary if necessary. Entrepreneurship

Entrepreneurship is a social phenomenon reflects the basic conditions that foster the economic development as a result of human creativity, new ideas, and innovations. There is a general agreement among the scholars that entrepreneurship facilitates economic freedom makes available a certain amount of rights that guarantee independent decision-making in choosing the type and field of economic activity and methods of operation. Economic creativity results in the new businesses and jobs being created and the resulting new products and services.

Millions new enterprises start each year despite more than a 50 % failure rate. Starting and managing a new business involves considerable risk and effort to overcome all the inertia against creating something new. In creating and helping a new venture to grow, the entrepreneur has all the responsibility for its development, growth and survival, as well as corresponding risks and reward.

The exploration of the aspects of entrepreneurship from a business (economic), managerial, and a personal perspective is reflected in the following judgments of an entrepreneur. In almost all of the definitions of entrepreneurship, there is an agreement that we are talking about a kind of behavior that includes:

1. initiative taking;

1. the organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical application;

(3) the acceptance of risk or failure (readiness to risk). From an economist’s point of view, an entrepreneur is one who brings

resources, labor, materials, and other assets into combinations that make their value greater than before, and also one who introduces changes, innovations,

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and a new order. From a psychologist’s point of view, an entrepreneur is such a person that is typically driven by certain forces – wish to obtain or attain something in life, to make experiments, or perhaps to escape authority of others (gain independence).

It is a person who creates wealth for others as well who finds better ways to utilize resources, and reduce waste (loss), and who produces jobs others are glad to get.

To one business person, an entrepreneur may appear as a threat, an aggressive competitor, whereas to another business person the same entrepreneur may be an ally, a source of supply, a customer, or someone good to invest in.

Each of these definitions contains similar notions, such as newness, organizing skill, creating ability, wealth increase, and risk taking. To include all types of entrepreneurial behavior, one researcher has proposed the following definition: Entrepreneurship is the process of creating something different (new) with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risk, and receiving the resulting rewards of monetary and personal satisfaction and independence.

Just as the concept of entrepreneurship has developed gradually over time as the world’s economic structure has changed and has become more complex, so it will continue to evolve to embrace new realities. As the need to promote entrepreneurship become more urgent, so does the need to understand what it is and how it operates in a variety of situations.