Entrepreneurship is gaining importance these days. With the advent of global economy and supporting liberalization process, this is one of the best time for entrepreneurial ventures. Engineering students need to know about this because combined with their technical education and contemporary economic atmosphere, they represent one of the best category to consider entrepreneurship as a professional choice. Entrepreneurship is a process of undertaking a risky venture for an anticipated economic reward. Entrepreneurship has been existing in human business for long time although in different forms and degrees. Broadly we can identify the elements of entrepreneurship in the followings
- Trades who is to buy at certain prices and hope to sell at uncertain, higher prices. e.g. buy grains from farmers and sell in markets
- Inventors seeking financial support to establish business based on their inventions. Thomas Edison commercialising his phone invention
- Wealth creators who used to adopt existing technologies to create a value chain. Iron and oil industrialists of 19th century
- Innovators who create an entirely new business such as Hot mail and Google Founders
BENEFITS of Entrepreneurship's
- every successful industry set up by an entrepreneur acts as a "seed of economic growth" resulting in economic fruits
- creates jobs- enhances standards of living
- Earns revenue for Government
- Helps regional development
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