Entrepreneurship

What Is Entrepreneurship?

What is meant by entrepreneurship?
The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since. Many simply equate it with starting one’s own business. Most economists believe it is more than that. To some economists, the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneur’s role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Therefore, government support for entrepreneurship is a crucial strategy for economic development.

In other words, Entrepreneurship is the act of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.


Need of Entrepreneurship -
1. Self employment
2. Monetary Benefits

Entrepreneur : An entrepreneur is a person who takes the risk of setting up his own venture for perceived rewards. he/She is the person who initiates the idea, formulates a plan, organize resources & puts the plan into action to achieve his/her goals. In other words, An entrepreneur is an enterprising individual who builds capital through risk and/or initiative. An entrepreneur is a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome.

Qualities Required to be an Entrepreneur -
1. Need to achieve
2. Perseverence ( stick to the goal )
3. Moderate risk taker
4. Ability to find & explore opportunity
5. Analytical ability
6. Using feedback
7. Facing uncertainity
8. Independence
9. Flexibility
10. Planner
11. Interpersonal skills
12. Motivation
13. Stress taker
14. Positive self concept
15. Orienatation to future



- Rishabh Shukla

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