CONCEPT OF ENTREPRENEURSHIP

Presented by : Anukriti Srivastava MBA-3rd semester

Index
Introduction to entrepreneurship
Definition History

Entrepreneur- a perspective
Defining entrepreneurship Urges of an entrepreneur

Importance Of an entrepreneur
Writers view For entrepreneur Entrepreneurial combinations

 Elements of entrepreneurship
Example Concept of entrepreneurship- summary

Conclusion
references

Introduction To Entrepreneurship
Entrepreneurship is the act and art of being an entrepreneur, or one who undertakes innovation and introduces new things, finance and business acumen, in an effort to transform innovations into economic goods.

Definition
According to Joseph A. Schumpter:

The entrepreneur in an advanced economy is an individual who introduces something new in the economy-a method of production not yet tested by experience in the branch of manufacture concerned, a product with which consumers are not yet familiar, a new source of raw material or of new markets and the like

History
The concept of Entrepreneurship originated long back in ancient times.

Under British colonization, during freedom struggle and even post independence, entrepreneurship grew at a rapid speed. After the liberalization and during the new economy era, it flourished significantly.

Entrepreneur- A perspective
Entrepreneur is one who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how and

how much of a good or services will be produced.

An entrepreneur supplies Risk capital as a Risk taker,

monitors and controls the business activities.

He is a business leader and innovator of new ideas

and business processes.

Defining Entrepreneurship
The capacity and willingness to develop , organize and manage a business venture along with any of its risk in order to make a profit.
It is an act undertaken by an entrepreneur.

Such act may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.

Urges of an entrepreneur
They are as follow:

Conducive to development

Brings socio-economic changes

Brings new ideas into practice

Importance of an Entrepreneur
They are as follow:
More employment

opportunities
Economic growth and better standard of living

3600 degree benefits

Writers view for entrepreneur

Schumpter's view: According to him, an entrepreneur is who:

Innovates
Raises wealth and brings together the inputs
Selects managers and establishes organization

 Peter ducker's view: According to him, an entrepreneur needs to:

Purposefully search for the sources of innovation

Observe and indicate the changes in opportunity

The symptoms of opportunities

Entrepreneurial combinations
BEHAVIOURS

ATTRIBUTES

SKILLS

Elements of Entrepreneurship
They are as follow:
Innovation- An Entrepreneurship involves conversion of new ideas , new thoughts , new product or new quality into reality. Risk taking- It involves Undertaking of a new venture business or energizing of an existing unit.

Vision- It involves imagination of future and thus planning for the same. An entrepreneur is needed to be optimistic and creative before practicing such ideas

into reality.

Organizing skill- It involves an organizing skill of the entrepreneur. It results in better and handling of

the risk full business.

Example
A classic example can be stated which is 155 years old .

Jamshedji nusserwanji tata- An uncommon man still inspires millions of people now and will forever. He gave life to his dream and today Tata organization occupies one of the prominent position in India.

His philosophy, idea, firm belief, standards of integrity, survival and prosper will continue to motivate the future generations especially the entrepreneurial blood.

Characteristics of Entrepreneurship
Accepting challenges Decision making

Risk taking Innovation Skillful management

Organization Making the enterprise a success

Basics Of An Entrepreneur
ORGANISATION

URGE SKILL VISION GROWTH

INNOVATION RISK ENTERPRISE

MANAGEMENT

Concept Of Entrepreneurship- Summary

ENTREPRNEUR ENTREPRENEURSHIP ENTERPRISE

PERSON

PROCESS OF ACTION

OBJECT

CONCLUSION
It can be concluded in a nutshell that:Entrepreneurship is finding a ray of hope in probably every given situation, tries to take best out of best, art of developing creative ideas, putting it into practice and thus converting risky venture into a profit earning organization.

REFERENCES
Dynamics of entrepreneurial development and management- by vasant desai. Wikipedia
Business dictionary Investopedia