Week-1

Discussion post

The first week of the course session is peek to the general insights of Entrepreneurship in Nepal

and as well as Global scenario. What it really takes to be an entrepreneur, challenges, Insights of

Startup-success and failure etc.

General Insights

In simple term, we can refer Entrepreneurship as the process of action an entrepreneur undertakes

to establish an enterprise or run the venture. The concept of Entrepreneurship plays a vital role in

identification of opportunities in the existing market place and arrangement of necessary resources

which are required to exploit the opportunities for long term profit and gains. The concepts

presented in the course session supports business students, managers and future entrepreneurs in

making prior planning, Organizing, functioning, forecasting and assumption of risk and success of

business venture. In my opinion, the concept of Entrepreneurship involves major elements like;

opportunity, Resources, Organization, Entrepreneur, Environment.

Entrepreneurship for Business Students as applied to Entrepreneurial

Endeavor and Economic Development

Entrepreneurship plays a vital role for the economic development basically, least developed and

developing nations like Nepal. The major reasons that Entrepreneurship and its study sustaining

entrepreneurial behavior has strong impact on the economy’s strength and stability can be:
--Innovation: Key aspect of entrepreneurial activity which aids in developing economy of the

nation.

--Job Creation: The problem of unemployment can be unrooted with the support of

Entrepreneurship creating more job opportunities and exploring one’s skills.

For Instance: referring the example of successful entrepreneur, Ritesh Agarwal, founder and CEO

of OYO hotel rooms. With prior Entrepreneurial knowledge and insights started a venture and

been a successful one. As learned from him, with prior knowledge and skills in the related field,

patience, Innovation and Creativity, Risk Taking ability, Commercialization, Determination one

can be successful entrepreneur.

Hence, the study of Entrepreneurship helps business managers and entrepreneurs in taking prior

decisions and solving complex business problems and the concepts presented in the course helps

MBA students who aspire to be good entrepreneur and sustaining future entrepreneurial endeavor.

To be more precise the study of the field aids business Student like me to be good entrepreneur in

following aspect:

 Identification of Opportunities underlying the market place

 Evaluation of Opportunities

 Developing Business plans and policies

 Building good Organization with prior team work

 Determining the required Resources

 Management of New Venture

References
Kuratko, D., & Rao, T. (2012). ENTREPRENEURSHIP; A South-Asian Perspective. Cengage Learning
India Pvt. Ltd.

Fernandes, P. (2019, May 15). Retrieved from Entrepreneurship Defined: What It Means to Be
an Entrepreneur: https://www.businessnewsdaily.com/7275-entrepreneurship-defined.html