Class 27: Entrepreneurship..

Concept of Entrepreneurship
The process of creating a new Enterprise is called "entrepreneurship". It is the propensity of the mind to calculate risks with confidence to achieve predetermined business or industrial objectives.
Entrepreneurship may be defined as a process of action an entrepreneur undertakes to establish an enterprise
More specifically, entrepreneurship is a function of
  • foreseeing investment and production opportunity,
  • organizing an enterprise to undertake a new production process,
  • raising capital, and hiring labour,
  • arranging for the supply of raw material, and selecting managers for day-today operations of the enterprise
Entrepreneur
An individual who bears the risk of operating a business in the face of uncertainty about the future conditions

Characteristics of an entrepreneur

  • Creativity
  • Innovation
  • Dynamism
  • Leadership
  • Team Building
  • Achievement motivation
  • Problem solving ability
  • Goal orientation
  • Risk taking
  • Commitment

No comments: