What Is Entrepreneurship

Entrepreneurship
Development
Module I
What is Entrepreneurship?
Entrepreneurship is the ability and readiness to develop,

organize and run a business enterprise along with any of its
uncertainties in order to make a profit. In economics,
entrepreneurship connected with land, labour, natural
resources and capital can generate a profit. The
entrepreneurial vision is defined by discovery and risk-
taking and is an indispensable part of a nation’s capacity to
succeed in an ever-changing and more competitive global
marketplace.
Definition of Entrepreneurship
Peter F. Drucker- “entrepreneurship is about taking

risk”
Bolton and Thompson- “a person who habitually
creates and innovates to build something of
recognized value around perceived opportunities”
Wo is an Entrepreneur?
The word “entrepreneur” comes from the French

verb entreprendre, meaning “to undertake”
An entrepreneur is an individual who creates a new
business, bearing most of the risks and enjoying most of the
rewards. The entrepreneur is commonly seen as an
innovator, a source of new ideas, goods, services, and
business/or procedures.
Wo is an Entrepreneur?
Entrepreneurs play a key role in any economy, using the

skills and initiative necessary to anticipate needs and bring
good new ideas to market. Entrepreneurs who prove to be
successful in taking on the risks of a startup are rewarded
with profits, fame, and continued growth opportunities.
Those who fail, suffer losses and become less prevalent in
the markets.
– KEY TAKEAWAYS
– A person who undertakes the risk of starting a new business
venture is called and entrepreneur.
– An entrepreneur creates a firm, which aggregates capital and labor
in order to produce goods or services for profit.
– Entrepreneurship is an important driver of economic growth and
innovation.
– Entrepreneurship is high-risk, but also can be high-reward as it
serves to generate economic wealth, growth, and innovation.
Entrepreneurs Help Economies
– Nurturing entrepreneurship can have a positive impact on an

economy and a society in several ways. For starters,
entrepreneurs create new business. They invent goods and
services, resulting in employment, and often create a ripple
effect, resulting in more and more development.
– For example, after a few information technology companies began in
India in the 1990s, businesses in associated industries, like call center
operations and hardware providers, began to develop too, offering
support services and products.
– Entrepreneurs add to the gross national income. Existing
businesses may remain confined to their markets and
eventually hit an income ceiling. But new products or
technologies create new markets and new wealth. And
increased employment and higher earnings contribute to a
nation’s tax base, enabling greater government spending on
public projects.
– Entrepreneurs create social change. They break tradition
with unique inventions that reduce dependence on existing
methods and systems, sometimes rendering them obsolete.
Smartphones and their apps, for example, have
revolutionized work and play across the globe.
– Entrepreneurs invest in community projects and help
charities and other non-profit organizations, supporting
causes beyond their own Bill Gates, for example, has
used his considerable wealth for education and public
health initiatives.
Characteristics of Entrepreneurship:
– Ability to take a risk- Starting any new venture involves a considerable amount
of failure risk. Therefore, an entrepreneur needs to be courageous and able to
evaluate and take risks is an essential part of being an entrepreneur.
– Innovation- It should be highly innovative to generate new ideas, start a
company, and earn profits out of it. Change can be the launching of a new
product that is new to the market or a process that does the same thing but more
efficient and economical way.
– Visionary and Leadership quality- To be successful, the entrepreneur should
have a clear vision of his new venture. However, to turn the idea into reality a lot
of resources and employees are required. Here, leadership quality is paramount
because a leader imparts and guides their employees towards the right path of
success.
– Open-Minded- In a business, every circumstance can be an opportunity and
used for the benefit of a company. For example, Paytm recognized the gravity
of demonetization and acknowledged the need for online transactions would
be more, so it utilized the situation and expanded massively during this time.
– Flexible- An entrepreneur should be flexible and open to change according to
the situation. To be on the top, a businessperson should be equipped to
embrace change in a product and service as and when needed.
– Know your Product-A company owner should be the product offerings, and
also the latest trend in the market. It is essential to know if the available
product or service meets the demands of the current market, or it is time to
tweak it a little. Being able to point on yourself and then alter as needed is a
vital part of entrepreneurship.

What Is Entrepreneurship

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What Is Entrepreneurship

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Entrepreneurship

Entrepreneurship is the ability and readiness to develop,

Peter F. Drucker- “entrepreneurship is about taking

The word “entrepreneur” comes from the French

Entrepreneurs play a key role in any economy, using the

– Nurturing entrepreneurship can have a positive impact on an

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