What concept refers to owning a business that you created or built?

The correct answer is entrepreneurship. This concept encapsulates the process of starting and managing a new business, where the individual takes on the risks and rewards associated with creating their own venture. Entrepreneurship involves not only the inception of a business idea but also the planning, financing, and execution required to bring that idea to fruition. Entrepreneurs are typically characterized by their willingness to innovate, their ability to identify opportunities, and their commitment to building something from the ground up.

The other concepts listed do not specifically center around the creation of a new business. Management focuses on overseeing and directing an organization or its components, while business operations refer to the day-to-day activities that keep a business running efficiently. Franchise development is about creating a business model that allows others to replicate a successful concept under the same brand, which is different from the original entrepreneurial act of building a new business from the ground up.