Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.
Is the process of identifying opportunities in the market place, mobilizing resources required to pursue these opportunities and investing the resources to exploit the opportunities for long term gain.
In 19thC Entrepreneurship was associated with economic Example JEAN Baptist – PETER SCHAMPIEG came with a book and have impact in Era economic.
In 20thC Entrepreneurship developed into free Enterprise.
An entrepreneur of 21st century is a customer focused innovator. He uses e– knowledge. Advantage is speed. He is a global thinker even though he may not necessarily be a global player.
Therefore Entrepreneur is someone who identifies opportunity in the market, mobilizes and organizes the factors of production (land, labour and Capital) and produces a product of great value while assuming risks of failures and rewards of success.
Characteristics of entrepreneurship
Calculate risk taking: They are risk takers, but they are not careless. They are normally calculating their chances. They prefer moderate and challenging risks where moderate returns are attainable. Indeed entrepreneurs are not compulsive fortune seekers.
Have self confidence: The believe in themselves and their ability to achieve goals they set.
Are hard workers: Entrepreneurs are hard workers driven by the desire to excel. Successful entrepreneurs can work for a long hours and day without normal sleep. They are tireless.
Tolerate ambiguity and uncertainty: Unlike professional managers, entrepreneurs are able to live with modest to high level of uncertainty concerning job and career decisions. Job security and permanency are considerably lower on the entrepreneurs list of...