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Essay from the year 2020 in the subject Business economics - Company formation, Business Plans, , language: English, abstract: This paper summarizes existing literature on entrepreneurship. It deals with the prominent issues related to the planning, creation and execution of a successful startup. Finally, it identifies common issues, problems, challenges, or strategies that exist in literature. There are many definitions of entrepreneurship in the literature that suggest the lack of a standard definition of the notion. Most concepts, however, accept that entrepreneurship consists of creativity, risk taking, identification of opportunities, motives for high growth opportunities and uncommon judgmental decision-making. Entrepreneurship is considered as a combination of planning, creativity, and risk taking. Reuben observed that entrepreneurship refers to a hyper-specialized ability set possessed by a very tiny fraction of the population. Abdulnasir regarded entrepreneurship as a process conducted by an entrepreneur to generate added value and wealth by finding business opportunities, organizing enterprises, undertaking risks, and economic uncertainty and, thereby, contributing to economic growth. The entrepreneurship literature acknowledged the importance of entrepreneurship in job creation and in the contribution of economic growth. In order to fulfil its role, however, entrepreneurship needs a favorable environment that enables innovation and growing entrepreneurial activities to be generated. Krivokapić and Jaško have developed a close relationship between business activities and the business climate in which they are initiated.