DEFINITION

:
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".

CONCEPT:
It has assumed super importance for accelerating economic growth both in developed and developing countries. It promotes capital formation and creates wealth in country. It is hope and dreams of millions of individuals around the world. It reduces unemployment and poverty and it is a pathway to prosper. Entrepreneurship is the process of searching out opportunities in the market place and arranging resources required to exploit these opportunities for long term gains. It is the process of planning, organising, opportunities and assuming. Thus it is a risk of business enterprise. It may be distinguished as an ability to take risk independently to make utmost earnings in the market. It is a creative and innovative skill and adapting response to environment of what is real. Hence, concept involves following points: 1. 2. 3. 4. 5. 6. 7. 8. Acceleration of Economic Growth Promotion of Capital Formation Wealth in Country Reduces Unemployment Reduces Poverty Process of Searching and Exploiting the Opportunities by arranging sources Involvement of Planning, Organising and Assuming Requires Innovative Skill and Adapting Response towards Challenging Environment.

KNOWLEDGE ENTREPRENEURSHIP:
Knowledge entrepreneurship describes the ability to recognize or create an opportunity and take action aimed at realizing the innovative knowledge practice or product. Knowledge entrepreneurship is different from µtraditional¶ economic entrepreneurship in that it does not aim at the realization of monetary profit, but focuses on opportunities with the goal to improve the production (research) and throughput of knowledge rather than to maximize monetary profit. It has been argued that knowledge entrepreneurship is the most suitable form of entrepreneurship for not-for-profit educators, researchers and educational institutions.

But when knowledge about entrepreneurship is asked then just explain the contents of the above model separately. Don¶t forget to prepare DIAGRAM. Culture 2. Knowledge of Entrepreneurship involves following contents: 1. Environmental Awareness Thus after being directed by Organisational Setting and Communication simultaneously Organisational Knowledge leads towards INNOVATION. it is a model. Vision and Strategy d. Risk Tolrence c. . Project Support b. Organisational Learning b. Organisational Setting: a.However. Communication: a. Leadership c.

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