Meaning of entrepreneurship:-
It is a process involving different activities to set-up an enterprise. It starts with discovering
of opportunities, designing a business plan, applying resources and techniques, and finally
implementing the ideas. Not only this, it also involves managing and controlling of various risks and uncertainties, and turning it into a successful business venture.
Definition of entrepreneurship
According to Joseph Schumpeter,"Entrepreneurship as defined essentially consists in doing things that are not generally gone in the ordinary course of business routine".
According to Peter F. Drucker, "Entrepreneurship occurs when resources are redirected to
progressive opportunities not used to ensure administrative efficiency." He further states
that entrepreneurship is not natural, it is not creative.
Features of entrepreneurship
- Economic activity
- Decision Making
- Dynamic Process
- Skilful Management
-Innovation
- Mobilisation of Resources
Types of Entrepreneurship
1) Small Business Entrepreneurship:- it refers to fuel for private entreprises .it provides competitive zeal, creates Job , set up new ventures and Opportunities are others
2) Corporate Entrepreneur :- it refers to the development of new ideas and opportunities within large or established business.
Needs of Entrepreneurship
1) Employment Generation
2) Small business Dynamism
3) Balanced Economic Development
4) Innovations in enterprises
Stages in Entrepreneurial process
There are four stages in entrepreneurial process
1) Identifying and Evaluating Opportunity
2) Developing Business Plan
3) Determining Resources Required
4) Manage the Enterprise
Realities of Entrepreneurship
1) Entrepreneurs Must fit the profile
2) Entrepreneurs do not Fit in academia and Society
3) Entrepreneurs Do not think , They Act
4) Entrepreneurs are Born, Not Made
5) Entrepreneurs aims for success But experience High Rate of failure
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Factors influencing Entrepreneurship
There are two factor influencing in entrepreneurship
Economic factors :- it include all those actions which make the economic activities possible in the country
- Availability of Economic Resources
-Economic Policies
- Labour Policies
- Incentives
- Tariff Policy
- Subsidies
Non - Economic Factors :- it includes Social Factors , Technological factors ,psychological factors that influencing of economic factors on entrepreneurial largely depends upon the existence of non economic factors which are follows
- Social factors
- Culture Factors
- Personality factors
Problems of Entrepreneurship
- Finance
- Weak Management
-Risk of losing Invested Capital
-lower quality of life until business is established
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