____________ is the process of setting up your own business as distinct from pursuing any other economic activity.

Entrepreneurship

The correct answer is option (4)- Entrepreneurship.

Entrepreneurship is the process of setting up your own business as distinct from pursuing any other economic activity.

Entrepreneurship is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. The person who set-up his business is called an entrepreneur. The output of the process, that is, the business unit is called an enterprise. It is interesting to note that entrepreneurship besides providing self-employment to the entrepreneur is responsible to a great extent for creation and expansion of opportunities for the other two economic activities, that is, employment and profession.