Entrepreneurs are those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

Entrepreneurial activity is the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

Entrepreneurship is the phenomena associated with entrepreneurial activity.

Source: OECD Statistics Working Paper STD/DOC(2008)1. Defining Entrepreneurial Activity: Definitions Supporting Frameworks for Data Collection.