Which of the following best describes entrepreneurship?

Entrepreneurship is best described as the pursuit of launching a new business based on an identified opportunity. This definition captures the essence of entrepreneurship, which involves recognizing unmet needs or gaps in the market and developing innovative solutions to address them. Entrepreneurs are often characterized by their willingness to take risks and their ability to create and develop new organizations, products, or services.

This choice reflects the dynamic nature of entrepreneurship, emphasizing creation and innovation rather than merely managing or sustaining existing entities. It underscores the proactive approach entrepreneurs take towards identifying market opportunities and transforming them into viable business ventures, which is key to fostering economic growth and innovation.

In contrast, the other options focus on different aspects of business management or existing organizations. Managing existing businesses is more aligned with established company operations rather than launching new initiatives. Similarly, maximizing profit from an established brand and sustaining an organization through hardship pertain to maintaining and managing existing resources or brands rather than exploring new business avenues. Thus, they do not capture the core essence of entrepreneurship, which centers on innovation and opportunity recognition.