Entrepreneurship is not personality traits, but a behavior [ Everything about entrepreneurship development ]

  

    Meaning and definition of entrepreneurship  :

Entrepreneurship is the attempt to create value through Recognition of business opportunity, the management of risk-taking appropriate to the opportunity, through the communicative and management skills to mobilize human financial and material resources necessary to bring a project to function .

Entrepreneurship means the function of seeing investment and production opportunity , organizing an enterprise to undertake a new production process, raising capital, hiring labour, arranging for supply of raw material and selecting top managers for day to day operations of the enterprise.'

The nature of Entrepreneurship ; 

(b) Use of a new method of production.

(c) Opening of a new market.

(d) The conquest of new Source of supplying raw material.

(e)A new form of organisations.

Definition of entrepreneurship by professional :

(1) A.H. Coole, 

 Entrepreneurship is a purposeful activity of an individual or a group of associated individual. Undertaken to initiate,maintain profit by production or distribution of economic goods and services.

(2) According to Schumpeter :

Entrepreneurship is based on purposeful and systematic innovation.

(3) Drucker :

 Entrepreneurship neither a science nor an art. It is a practice. It has a knowledge base. Knowledge is entrepreneurship is a means to an end . Indeed , what constitutes knowledge in practice is largely defined by the ends that is ,by the practice.

(4) Lamb, Gaikwad :

Entrepreneurship connotes innovative, an urge to take risk in face of uncertainties, and an intuition i.e., a capacity of seeing things in a way which afterwards proves to be true.

(5) Muscleman and Jackson :

Entrepreneurship is the investing and risking of time, money and effort to start a business and make it successful.

(6) H.N. pathak :

 Entrepreneurship involves a wide range of areas on which series of decision are required which can be grouped into three categories :

(a) Perception of a opportunity 

(b) Organizing an industrial unit 

(c) Running the industrial unit as a profitable, going and growing concern.

Thus Entrepreneurship is defined a commitment to expend and grow which is also one of the major determinant of industrial development.

   Features of Entrepreneurship : 

                                                                                

Entrepreneurship is the tendency of a person to organize the business of his own and to run it profitable, using various trait like leadership, decision making, innovation, managerial calibre etc. 

           

(1) Economic Activity : 

Entrepreneurship is catching up and is primarily becoming an economic function because it involves creation and operations of an enterprise.

(2) Innovative Activity :

Entrepreneurship is essentially a creative and an innovative activity. They are five ways of being innovative which are as follows :

(a) The Introduction of a new good.

(b) The Introduction of a new method of production.

(C) Opening of a new product.

(d) The conquest of a new Source of supply of raw material.

(e) The creation of a new organisation of an industry.

(3) A function of high Achievement :

Mcclelland identified two features of entrepreneurship,

(a) Doing things in a different and better way.

(b) Decision making under uncertainty. People having high need for Achievement are more likely to succeed an entrepreneurs. Davic Mcclelland stressed that entrepreneurs are highly motivated by challenging  and competitive work situations.

(4) Creative and purposeful activity :

Entrepreneurship is virtually a creative, and purposeful activity. Entrepreneurship is a creative response to the changing environment. Earning profit may not be the sole objective but Introduction of something creative and new is the purpose of entrepreneurship. The benefit of this creativity must be enjoyed by people at large.

(5) Entrepreneurship  :

 As J.B. say says, the entrepreneurship function is to combine the productive factors, to bring them together.  

Conclusion ;

1.  Entrepreneurship plays a premium role in promoting development economy. Hence, it is said that an economy is the effect for which entrepreneurship is the cause.Various levels of economic development across the countries and even within the country are attributed to their difference in entrepreneurship development. 

2. Concentration of economic power, regional imbalance, exploitation by monopolists, and many other giant problems find their solution in the development of small scale industry which is another name of entrepreneurship in the developing countries. 

3. As explained above entrepreneurship is a set many activities, the person who does these activities is entrepreneur,thus it is safely concluded that entrepreneur precedes entrepreneurship.

4. in others words, entrepreneurship means the function of creating something new, organizing   

  and coordinating and undertaking risk and handling economic uncertainty.

5. Incidentally, entrepreneurship has engaged the attention of sociologist,psychologist and economists. sociologists analyze the characteristics of an entrepreneur in terms of cast, family, social status, etc. psychologists analyze their attributes on the basis of their personality trait such as need for achievement, affiliation and power, risk taking, decision making, creativity, leadership etc. The economists analyze them on the basis of occupational background, access to capital, business and technical experiences.

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What has inspired you to become an entrepreneur ?