The process of earning profits and increasing wealth while posing characteristics such as risk taking, management, leadership and innovation is called:

Option 1 -> Business development focuses on growth strategies and market expansion, but doesn't inherently encompass risk-taking and innovation as defining characteristics.

Option 2 -> Entrepreneurship is the comprehensive process that combines profit-earning, wealth creation, risk-taking, management, leadership, and innovation as core elements.

Option 3 -> Planning is a management function concerned with setting objectives and determining action steps, but doesn't involve the full spectrum of risk-taking and wealth creation activities.

Option 4 -> Business Process refers to structured operational activities that produce outputs, but doesn't inherently include entrepreneurial characteristics like risk-taking and innovation.

Hence, Option 2: Entrepreneurship -> Entrepreneurship perfectly embodies all the mentioned characteristics as it is fundamentally about identifying opportunities, taking calculated risks, innovating solutions, managing resources, providing leadership, and ultimately creating wealth and earning profits. These elements form the core definition of entrepreneurship. -> correct