What term describes the process of starting and running a business?

The term that describes the process of starting and running a business is entrepreneurship. This concept involves not only the initiation of new business ventures but also encompasses the willingness to take risks, innovate, and manage resources effectively to ensure sustainability and growth. Entrepreneurs identify market needs and create solutions, which can range from new products to services, while also navigating challenges associated with launching and maintaining a business.

Management refers to the organization and coordination of business activities, but it does not exclusively capture the initial act of creating a business. Investment involves allocating resources, typically financial, with the expectation of generating returns, but it is not specific to the process of establishing and running a business. Franchising is a method of distributing goods or services through permissions to operate a business under an established brand, but it is one of many options available to entrepreneurs, rather than the complete process itself.