This chapter highlights several aspects of entrepreneurship. Entrepreneurship is closely associated with, and dependent on, the type of economic system adopted in a country. The social, psychological, ethical, political, physical, and technological environments of the firm are still important but strictly from the entrepreneur's point of view, he is most intensely aware of the economic system in ... [Show full abstract] which he has to operate. Due to the fact that it is practically almost impossible to maintain absolute free enterprise and free market conditions, it would probably be more correct to refer to a free market ideal or model. It is possible that the individual entrepreneurial person does not possess all the specific traits to fulfil every one of the requirements that make successful entrepreneurship.