Concept

of
Entrepreneurshi
p
Entrepreneurship
Is a catchword in this era of globalized economy. It is
a foundation and catalyst for economic growth and
innovation across nations. Entrepreneurship is
viewed as change, generally entailing risk beyond
what is normally encountered in starting a business.
 The meaning of entrepreneurship has had a lot of variations.

These are some of the definitions that have been given from early on to the present
times.
KNIGHT (1921)
Having profits from
bearing uncertainty
and risk
 Uncertainty bearing
Coordination of productive
HOSELITZ (1952) resources
Introduction of innovations
and provision of capital.

COLE (1959 Purposeful activity to initiate

and develop a profit- oriented
business
MCCLELLAND
Taking moderate risk.
(1961)

A kind of behavior that includes:

1. Initiative thinking
SHAPERO (1975)
2. Organizing and reorganizing of
social economic mechanism
3. Acceptance of risk failure
 Decisions and judgments
CASON (1982) about the coordination of
scarce resources.

Dynamic process of
RONSTADT (1984) creating incremental
wealth.
 Behavior rather than
personality trait. Its foundation
DUCKER (1985)
lies in the concept and theory
rather than in intuition.

Creation of new
GARTNER (1985) organizations.
 Process of creating something new
with value by devoting the necessary
time and effort; receiving the resulting
rewards of monetary and personal
satisfaction.
HISRICH & BRUSH (1985)

Pursuit of opportunity
without regard to
resources currently
controlled.
STEVENSON & GROUSEBECK
(1989)
 Although each of these definitions view
entrepreneurship from different perspectives, they
all contain the following common elements:

• Innovation
• Opportunity seeking and exploitation
• Resource mobilizing
• Encountering risk and uncertainties
• Economic and personal rewards
THERE ARE A LOT OF FACTORS THAT INFLUENCE THE COUNTRY TO
ENTREPRENEURS.
CULLED FROM VARIOUS SOURCES, HERE ARE EXAMPLES OF
ENTREPRENEURSHIP IN THESE 10 COUNTRIES.
1. UNITED STATES
Noted to be one of the friendliest countries for entrepreneur s in the world, a
home to thousands of successful entrepreneurs as shown by companies like
Apple, Google, Starbucks, Walmart, and Walt Disney.

2. CHINA
Home to budding entrepreneurs who's manufacture different
products that range from toys, gadgets, electronics and cars.

3.SINGAPORE
This is literally a small country that
controls a significant portion of the economy in Asia. Many of their entrepreneurs
innovate on existing services for local and international use.
4. CANADA
Entrepreneurs in Canada are exploring opportunities over the internet. For
example, people from a region called Sanikiluag, known for their wood carving
skills and selling their products online.

5.INDIA
Entrepreneurship plays a dominant role in the country’s economic
landscape, with the government providing a venue, called delhi huts, to
start up entrepreneurs which promotes local handicrafts.

6.TAIWAN
Entrepreneurs hip is encouraged here through the small and medium
enterprise incubation centers for the purpose of nurturing young firms, new
products and technologies.
7. HONGKONG
With a knowledge-based economy. It utilizes its human resources to make its
economy the best possible through entrepreneurship. Entrepreneurial activities related to
tourism and agricultural exports have likewise continually received strong support both
from government and private sectors. Hong Kong is known as a “shopping haven”.

8.THAILAND
The extent of government support to entrepreneurs is very evident, for example, in its
international airport in Bangkok, where a huge section is subsidized by the Bureau of Small
and Medium Enterprises for the promotion of local products marketed by entrepreneurs.
Tourism for the international markets and agricultural exports are two major sources of
income generated by Thai entrepreneurs.

9. MALAYSIA
This country is becoming friendlier to entrepreneurs and this is apparent in
the number of businesses, both international and local, which decided to locate
in Malaysia. Its current emphasis on tourism as business venture for
entrepreneurs is gaining popularity.

10.SOUTH KOREA
emerged from the Asian financial crisis better than any other country in the region.
The enterprising spirit is quite obvious in such companies as Samsung and Kia that have
now become well-known even outside the country.
Relevance of Entrepreneurship
and Entrepreneurs in
Economic Development and
Society
 Entrepreneurship has an enormous impact on the economy
and in the society. Globally, the level of entrepreneurial activity
has contributed significantly to the national level of economic
growth of many countries.
Specifically, entrepreneurship has these contributions to the
economy and society:
 Creates Employment Improves the quality of life

Develops new market Serves as role models

Introduces innovation Brings social benefits to the people

Utilizes and mobilizes indigenous

Generates new sources of materials
resources

Stimulates investment interest in the Provides more alternative for

new business ventures being created consumers