The Definition of “Entrepreneurship” in the Context of Modern Geopolitical Situation: New Development Trends

Entrepreneurship, being a determining factor of economic progress under classical capitalism, retains its importance at all stages of the development of a market economy. In the modern geopolitical situation in the world and in the Russian Federation, the factor of entrepreneurship is of particular importance, enhancing the effect of not only its well-known functions, but focusing on the social function, in particular on the social responsibility of the entrepreneur. In this regard, the scientific community has not yet formulated a definition of the category “entrepreneurship”. The purpose of this study is to develop the theoretical and methodological foundations for the study of entrepreneurship from the perspective of its role in the process of expanded reproduction, taking into account its social function and social responsibility of the entrepreneur. Based on an analysis of existing approaches to defining entrepreneurship, the authors identified its characteristic features: initiative, creativity, independence, risk, search for new business opportunities, innovativeness, consumer orientation and social responsibility of the entrepreneur. It is proposed to supplement the definition of entrepreneurship, taking into account its role in ensuring the reproduction of the productive forces of society in the modern geopolitical situation. The characteristic features of entrepreneurship as an economic category are formulated, and its functions are highlighted – reproductive, coordination, organizational, innovative, social and personal. It is shown that entrepreneurship can be carried out in the form of imitation or innovation, depending on the prevailing functions. Both forms are important for economic development. Taking into account the reproductive function of entrepreneurship, the reasons for the state’s economic policy to activate it are highlighted – stimulating economic restructuring, overcoming market failures, supporting the innovation process. The policy for activating entrepreneurship must be comprehensive and coordinated. It is necessary to integrate the efforts of various ministries and departments to stimulate entrepreneurial dynamics and develop the social responsibility of business. Thus, the article substantiates the conceptual provisions of the theory of entrepreneurship, identifies its reproductive function and proposes an approach to the formation of state policy to enhance entrepreneurial activity, taking into account the reproductive and social functions, including the function of social responsibility of the entrepreneur.