Entrepreneurship is willingness to take risks and develop, organize and manage a business venture in competitive global market place that is constantly developing. Entrepreneurs are pioneers, leaders and inventors.
People who are thinking to start their own business must really be aware that successful entrepreneurship involves much more than having a great concept.
Entrepreneurship is the mindset that allows you to see opportunities everywhere. It could be a business idea, but it could also be seeing the possibilities in the people that can help you to grow your business. This ability to see many options in every situation is critically important for success in business.
Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that create many jobs.
Entrepreneur is a word adopted from French word entreprendre, which means “to undertake “Entrepreneur is first used in 1723. This anyone who wants to work for himself or herself is considered to be an Entrepreneur.
Entrepreneurship is the process of designing a new business, i.e. a startup company offering a product, process or service. The entrepreneur perceives a new business opportunity and often exhibits biases in their perception and subsequent decision to exploit the opportunity.
Entrepreneurial development today has become very significant, in view of its being a key to economic development. The objectives of industrial development, regional growth, and employment generation depend upon entrepreneurial development.
Entrepreneurs are the seeds of industrial development and the fruits of industrial development are greater employment opportunities to unemployed youth, increase in per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, sales tax, export duties, import duties, and balanced regional development.
The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive.