Entrepreneurship

Meaning of Entrepreneurship : Entrepreneurship is defined as the process of identifying opportunities in the market place, marshalling the resources required to pursue these opportunities and investing the resources to exploit the opportunities for long term gains. It involves creating wealth by bringing together resources in new ways to start and operate an enterprise. Entrepreneurship is a set of activities performed by an entrepreneur. 

Definition of Entrepreneurship:"

Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain and enhance profit by production or distribution of economic goods and services") This definition states that entrepreneurship is a goal oriented process involving production or distribution of product or services. It may be undertaken by one person or by a group of persons. "Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk-taking appropriate to the opportunity and through the communicative and management skills to mobilise human, financial and material resources necessary to bring a project to friction." -A.l. Cale -John Kao 

Nature/Characteristics/Features of Entrepreneurship 

The definitions given above have highlighted various aspects of entrepreneurship, which embodies its charácteristics. The main characteristics of entrepreneurship are given below : M. 

Ability to Create Enterprise : Entrepreneurship is primarily an economic function because it involves the creation and operation of an enterprise. It is basically concerned with satisfying the needs of customer with the help of production and distribution of goods and services.

Greative Activity : 

Entrepreneurship is a creative response to the change in th nvironment It involves innovation or introduction of something riex and better An entrepreneur is an agent to effect change.

 2 APurposeful Activity: 

The entrepreneurwho creates and operates an enterprise seeks to cam profits through satisfaction of customers need. Hence, entrepreneurship is a goal oriented activity. 

4. A Risk Bearing Function :

 Risk is an inherent and nseparable element of entrepreneurship. An entrepreneurship guarantees rent to the andiord wages to employees and interest to investors in the hope of earning more than the expenses He assumes the uncertainty of future. In the pursuit of profits there is possibility of loss also Vs. 

An Organising Function : 

An entrepreneur brings together various available factors of production. He co-ordinates and controls the efforts of all the persons engaged in his enterprise. He harnesses land, labour, capital and other resources for benefit of mankind. Therefore, an entrepreneur is called as an organisation builder

 V6. A Dynamic Process : 

Entrepreneurship is a dynamie function which bring useful opportunities for business. 

A Gap Filling Function : The gap between human needs and the available products and services gives rise to entrepreneurship. An entrepreneur identifies this gap and takes necessary steps to fill the gap. 

V8. An Innovative Function: Entrepreneurship is an innovative fun.ction as it involves doing things in new and better way. Innovation may take several forms, such as z new product, a new source ofraw material, a new market, a new method of production, notyet applied in a particular branch of manufacturing etc.

 9. A Managerial Skill and Leadership Function

 Managerial skills and teadership are the most important facts of entrepreneurship. An entrepreneur must have the ability to lead and manage.