It is the process of coordinating resources to take advantage of or exploit opportunities that exist in the environment or that are created through innovation in an attempt to create value.
So this could mean a start-up or not. It could involve a new venture or not. It could take place in a non-profit organization or not.
The point is that it is a process that involves the coordination of resources with the ultimate aim to create value. This value can financial or social; it can be for the customers, for the owners and as a result for society as well.