It involves not only the process that leads to the setting up of a business entity but also the expansion

and development of an on going concern. The study of entrepreneurship is concerned with the entrepreneurial behavior, the dynamics of business set up and expansion and development. It is a process of innovation and new venture creation. Process of creating something new and assuming the risks and rewards.

Propensity of mind to take calculated risks with confidence to achieve a predetermined business or industrial objective. Requires correct decision making.
Entrepreneur Person Entrepreneurship Process of action Enterprise Object

Richard Cantillon ( 1730); Self-employment of any sort. They buy at certain prices in the present and sell at uncertain prices in the future. He bears uncertainty. Jean Baptiste Say (1816); Entrepreneur is an agent "who unites all means of production and who finds in the value of the products...the reestablishment of the entire capital he employs, and the value of the wages, the interest, and rent which he pays, as well as profits belonging to himself. Frank Knight (1921); They attempt to predict and act upon change within markets. Knight emphasize his role in bearing the uncertainty of market dynamics. They are required to perform such fundamental managerial functions as direction and control.

Entrepreneurship is the process of creating something new with value --- By devoting the necessary time and effort --- Assuming the accompanying financial, psychic, and social risks ---- Receiving the resulting rewards of monetary and personal satisfaction of independence.

Robert Hisrich

Entrepreneurship is an act of initiative, drive, commitment, diligence, perseverance, organized effort, and achievement outlook, to undertake some specific functions of performing productive activities and the capacity to bear and associated with the investment. Economic Policy Paper on Entrepreneurship Development through Educational Reform-Bangladesh

Institutes of national importance that have been setup through an act of parliament (IITs, IIMs, NITs, AIIMS, IISc etc.) are the main leaders in the field of knowledge transfer.
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Examples: Organizing Competitions like Great Idea, helping and incubating ideas.

IIT Kharagpur: Nina Saxena Excellence in Technical award (Yearly).

1. Centre for Innovation, Incubation& (CIIE) - IIM Ahmedabad Set up in 2001

Since

Entrepreneurship

inception CIIE has 15-odd innovations grow out of the incubation centre in varied technologies

2. Society for Innovation and Entrepreneurship (SINE)- IIT Bombay

Set

up in 2004

3. Technology Business Incubator (TBI) - BITS Pilani

In

association with DST, BITS has established Technology Business Incubator in the area of embedded systems and VLSI design back in 2004 far, TBI has helped spawn ten companies.

So

4. Cell for Tech Innovation, Development & entrepreneurship support- IIT Chennai Set up in 2000 Organises national level competitions, Breakthrough (general business plan competition) and Genesis (social entrepreneurship plan competition) 5. Society for Innovation and Development (SID) - IISc, Bangalore Set up in 2006 The investigator is given a seed capital for Rs 20 lakh a year for two years as soft loan for the approved plan 6. The SP Jain Centre for Entrepreneurship DevelopmentSPJIMR
16-week

'Start Your Own Business' programme-a public

7. Technology Incubation and Entrepreneurial Training Society (TIETS) IIT Kharagpur

Set

up in 2005, So far, the institute has been able to incubate two companies through Concipio over the last three years. Besides, an in house panel has helped 1112 ventures take wing

Biocon Ltd and Indian School of Business (ISB) have launched a cell for innovation management. Hewlett-Packard (HP) India recently announced the winners of the second annual edition of HP innovate 2009. The award has been instituted to recognise and reward outstanding creative ideas of young engineering graduates in India.