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the ability to transform the existing human and material resources into the production that
is demanded and required by other people. The choice, frequency and stability of
consumption point to the production demand and its competitive advantages on the
market.
The concept of entrepreneurship has a wide range of meanings. Joseph Schumpeter (1961),
one of the most well-known theorists on entrepreneurship, defined an entrepreneur as one
who reorganizes economic activity in an innovative and valuable way. His definition of
entrepreneurship placed an emphasis on innovation, such as new products, new production
methods, new markets and new forms of organization. J. Schumpeter defined innovation,
creativity and discovery as the vital core subjects [6].
Economic literature provides many definitions of entrepreneurship. Entrepreneurship can
be defined as an initiative of the organization, including the risk behaviour, increasing the
value of the development process, and using innovations. The word entrepreneur originates
from the French word, entreprendre, which means “to undertake”. In a business context, it
means to start a business [1]. The concept is derived from English word entrepreneurship,
which is associated with the ability to discover new opportunities, the opportunity to realize
ourselves and the creation of economic or social value.
Entrepreneurship refers to a characteristic of people who assume the risk of organizing
productive resources to produce goods and services; a resource [2]. Entrepreneurship as
people’s propensity and ability to take the economic activity by combining capital, labour
and other economic resources, in order to obtain a profit and assuming all of the activities
associated risks. Entrepreneurship in a narrow sense is understood as the creation of added
economic value, the ability to make money, attract investment, and make that the business
subject's activities are of interest to potential consumers of goods or services.
Entrepreneurship in a broad sense includes inborn or acquired personal characteristics,
which allow create economic value, but also the creation of social value. Entrepreneurship is
personal, social, managerial excellence, allowing the adaptation of existing knowledge in
everyday life, the specific skills, providing the opportunity not only to organize business, but
also to take the risk for the decisions.” Entrepreneur - somebody who has the idea and
enterprise to mix together the other factors of production to produce something valuable.
An entrepreneur must be willing to take a risk in pursuit of a profit [3].
In the educational services market young people are provided by the unique opportunities,
where they use practical experience and theoretical knowledge in small and medium-sized
enterprises. Promoting youth entrepreneurship is one of the most important objectives of
the educational institutions.
Innovation brings something new or unusual in the market and exacerbates the competitive
process, and generates wealth. New companies, new products and new opportunities for
business development increase the gross added value and improve the quality of life.
Therefore, in the learning process young people must deliberately use their inborn
characteristics and acquire the characteristics which are necessary for their business
development. An entrepreneur is a person who undertakes and operates a new enterprise
or venture and assumes some accountability for the inherent risks. Individual characteristics
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