Lesson 1

• Entrepreneur comes from the French word “entreprendre” which means “to undertake” and refers to the individuals who have initiated the establishment of a business enterprise.
• The entrepreneurial process includes discovery, development of a business concept, organizing resources, and implementation.
• Characteristics of entrepreneurship include the ability to take a risk, innovation, visionary leadership, open-mindedness, flexibility, and knowledge of the product.
• Types of entrepreneurship include small business entrepreneurship, scalable startup entrepreneurship, large company entrepreneurship, and social entrepreneurship.
• Small business entrepreneurship involves running or owning a business that is able to feed a family and not make 100 million business or take over an industry.
• Scalable startup entrepreneurship involves starting a business with the vision of changing the world and attracting investors who think out of the box.
• Large company entrepreneurship involves growing and sustaining by offering new and innovative products that revolve around their main products.
• Social entrepreneurship focuses on producing products and services that resolve social needs and problems and their only motto and goal is to work for society and not make any profits.
• Discovery – recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.
• Development of a business concept – gives more details on how the business can be realized.
• Organizing resources – process of identifying, sourcing, financing and other resources needed for the conduct of the business.
• Implementation – a process of carrying out the business plan.
• Entrepreneurship- process of creating something new of value devoting (giving) the necessary time and effort. accepting and acknowledging the necessary financial, psychological, and social risk. -Receiving the resulting rewards
• Different outcomes of engaging in entrepreneurship: Innovation or newness, organizing resource, creating new product or service, generating wealth, taking risk in a business venture, prepared to face uncertainty, creat job opportunity, increased the abundance of wealth generation for the nation.
• Ability to take a risk- Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.
• Innovation- It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change can be the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and economical way.
• Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of his new venture. However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is paramount because leaders impart and guide their employees towards the right path of success.
• Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognized the gravity of demonetization and acknowledged the need for online transactions would be more, so it utilized the situation and expanded massively during this time.
• Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on the top, a businessperson should be equi
• Know your Product- A company owner should know the product offerings and also be aware of the latest trend in the market. It is essential to know if the available product or service meets the demands of the