Which term refers to the willingness and ability to take the risks involved in starting and managing a business venture?

The term that refers to the willingness and ability to take the risks involved in starting and managing a business venture is "Entrepreneurship".

Step 1: Understanding the question - The question is asking for a term that describes a person's readiness and capability to undertake the risks associated with starting and running a business.

Step 2: Identifying the term - The term that fits this description is "Entrepreneurship".

Step 3: Definition of the term - Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are often referred to as entrepreneurs.

Step 4: Explanation of the term - Entrepreneurship involves the willingness to take risks and the ability to manage those risks in order to start and run a business. This includes the ability to innovate, to handle uncertainty, and to manage resources effectively.

So, the term that refers to the willingness and ability to take the risks involved in starting and managing a business venture is "Entrepreneurship".