Entrepreneurship

A process undertaken by the entrepreneur to augment his / her business interests. y A composite skill of tangible and intangible factors. y Propensity of mind to take calculated risks with confidence to achieve a predetermined business or industrial objective.
y

Meaning

Entrepreneur

Entrepreneurship

Enterprise

Person

Process of Action

Object

Concept of Entrepreneurship

Purposeful activity of an individual or group of associated individual undertaken to initiate, maintain or organise a profitoriented business unit for the production or distribution of economic goods or services. A. H. Cole y Doing things in a new or better way. McClelland
y

Definition

Function of seeing investment and production of opportunity, organising enterprise to undertake a new production process, raising capital, hiring labour, arranging for supply of raw materials and selecting top managers for the day to day operation of the enterprise. Higgins

Definition

1.

2.

Impulse of change, reflecting the developmental urge of society for self reliance and willingness to observe rigorous discipline. Degree of appropriate & intimate relationship established between and/or competing claims of various apparently conflicting objectives.

Link between Economic Development and Entrepreneurship

Ability to restructure economy with the identification of and insistence of economies of scale & operational choice of technologies, resolving to the highest degree possible , the seeming or real conflict of capital versus labour. 4. E D takes place in proportion to the administrative calibre & motivation in the direction of the comprehensive infrastructural facilities - social, educational, fiscal, financial, technical, distributional, medical, logistical & others. 5. E D fosters in relation to the strength & health of the local entrepreneurship & depends upon the rate of its generation & equally to the intensity of its sense of social responsibility, its innovation quotient & its index of managerial abilities.
3.

6. 7.

Economic balance is decisively dependent on balance of trade. E D is directly related to the rate of national savings & of national investment in conformity with national priorities and real needs, based on social justice, economic stability and national security.