The entrepreneurship is the ability to detect an opportunity of the actual environment: economic, political, technologic, social, legal… then to have the willingness and the courage to develop it to manage to launch a business. This is a definition of entrepreneurship from http://www.businessdictionary.com which one I partially disagree:
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
Entrepreneurship is not only about making profit; it can also lead to build up an association or a NGO (non-governmental organization). Entrepreneurship is about begin doing something, and it does not have always to be related with money.
Starting one’s own business is a very intense experience, you have to go through a lot of pressure: in addition to cope with a lot of issues, the stress to fail is persistent. The video watched in class, of a family launching a bakery, it is a good example.
Failing in a business is not only about losing money, even though losing money is a major point. All the capital invested in the start-up if usually injected mainly by the entrepreneurs. There is also the fact that is a business failed, the entrepreneurs end up to be jobless and then, without income.
Failing in a business is dealing with the fact all your energy, hopes and skills use to make something have been useless. It drives to take a new look at oneself and what to do next, which it should be a difficult experience.
There is the social aspect as well. You have to assume in front of all your relatives (family, friends…) that you have failed something you had personally undertaken, and it is never a pleasant thing.
I think that for all the reasons, a person with an entrepreneurial mindset is a person confident and brave...