Being Your Own Boss in Latin America: Challenges, Myths, and Reality

Abstract

Entrepreneurship is the process of designing, launching, and running a new business, which initially results in small businesses. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit." Although definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses are forced to close due to lack of funding, bad business decisions, an economic crisis, lack of market demand, or a combination of some or all of these factors.