Summary Entrepreneurship Development and Nature of Entrepreneurship
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Module
Finance
Institution
Indian Institute Of Management
Entrepreneurship development refers to the process of enhancing the skills, knowledge, and resources of individuals to undertake entrepreneurial activities. This can include training programs, mentorship, access to funding, and networking opportunities to support aspiring and existing entrepreneurs...
Entrepreneurship Development
Entrepreneurship and Entrepreneurship Development: The concept of
entrepreneurship is an age-old phenomenon that relates to the vision of an
entrepreneur as well as its implementation by him. Entrepreneurship is a
creative and innovative response to the environment. It is also the process of
setting up a new venture by entrepreneur. Entrepreneurship is the mixture of
many qualities and skills such as imagination, risk taking ability to harness
factors of production i.e. land, labour, technology and various other intangible
factors. Entrepreneurship can be described as process of establishing an
enterprise. Entrepreneurship is a creative activity. It is the attitude of mind to
seek opportunities, take calculated risk and derive benefits by setting up a
venture. It is the process of identifying opportunities in the market place,
collecting and arranging the resources to exploit these opportunities for long
term gains.
Entrepreneurship is the ability of a person to minimise the use of resources
and to put them into the process and get the maximum benefit of out it. He
should take into consideration quality, excellence and consumer awareness
for the sustainability of his business. Therefore, entrepreneurship is the
, product of team work and ability of an entrepreneur to create, build and work
as a team. Thus, entrepreneur is person, entrepreneurship is a process and
enterprise is the object.
● Definitions of EntrepreneurshipEntrepreneurship is meant the function
of seeking investment and production opportunity, organizing an
enterprise to undertake a new production process, raising capital, hiring
labour, arranging the supply of raw materials, finding site, introducing a
new technique, discovering new sources of raw materials and selecting
top managers for day to day operations of the enterprise.
– B. Higgins
● Entrepreneurship is the investing and risking of time, money and effort
to start a business and make it successful.
– Musselman and Jackson
● Entrepreneurship is defined as anticipating the future requirements of
society and successfully meeting these needs with new, creative and
imaginative combinations of resources.
– Franklin Lindsay
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