Entrepreneurship

By- yachana sharma

Entrepreneurship:

Entrepreneurship:
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.
Definition involves four aspects –
(a) The creation process
(b) Devotion of time and efforts
(c) Assumption of risks
(d) Rewards of independence, satisfaction, money.
According to musselman and Jackson, “ entrepreneurship is the
investing and risking of time, money and efforts to start a business and
make it successful.”
Characteristics of entrepreneurship:
Economic and dynamic activity.
Related to innovation.
Profit potential.
Risk bearing.
Skillful management.
Accepting challenges.
Goal-oriented activity.
Value creation.
Dynamic process.
Uniqueness.
Interest and vision.
Risk and rewards.
Factors affecting entrepreneurship:
Personal factors.
Environmental factors.
Political factors
Socio-economic factors.
Economic factors.
Other factors: these are
 Entrepreneurial education.
 Impact of service sector.
 Increasing demand for variety.
 Impact of ethical value system.
 Internal control system.
Entrepreneur :
Word “Entrepreneur” stems from French Verb Entreprendre – means between; taker or go between.
“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.”


Skills of an entrepreneur:
1. Full of determination
2. Risk taking
3. High level of confidence
4.Craves learning
5. Adaptability and flexibility
6.Money management
7. Network abilities
8.Ability to sell and promote
9.Planning
10.Creativity and persuasiveness
11.Interpersonal skills
12.Time orientation
13.Leadership
14.Internal locus of control
15.Integrity and reliability
16.Tolerance for failure.
Difference between entrepreneur and
manager
Functions of entrepreneur:
Thank you