(G12) Entrep.

• Entrepreneurship refers to the process of creating a new enterprise and bearing any of its risks, with the view of making a profit.
• The person who created a new enterprise and embraces every challenge for its development and operation is known as Entrepreneur.
• The undertaking or organization, typically a start-up company set up by the entrepreneur, is called an enterprise.
• Entrepreneurship is an economic activity, as it involves designing, launching, and running a new business enterprise to earn a profit, by ensuring the best possible use of resources.
• Entrepreneurship involves discovering new ideas and implementing them in business.
• The entrepreneur continuously evaluates current modes of running a business and identifies new methods and techniques for operating a business more efficiently and effectively.
• The activity of entrepreneurship is undertaken with the sole objective of making a profit.
• The reward of the efforts made and the risk taken by the entrepreneur is profit.
• “Willingness to assume the risk” is the essence of entrepreneurship without which he/she cannot succeed.
• Risk bearing occurs due to the creation and implementation of new ideas.
• Uncertain ideas may or may not result in a positive and instant outcome.
• Business management skills include forecasting, budgeting, planning, decision making, negotiation, goal setting, human relations, marketing, finance, etc.
• Entrepreneurship operates under an entrepreneurship ecosystem, also known as an entrepreneurship system.
• Technical skills required in entrepreneurship include oral communication, ability to organize, productive ability, technical business management, coaching, network building, monitoring and interpersonal skills.
• Personal skills required for entrepreneurship include ability to manage change, leadership, persistence, self-reliance, foresightedness, innovativeness, risk-taking, self-reflection, discipline, self-confidence, honesty, patience, intelligence, tactfulness, emotional stability, etc.
• The entrepreneurship ecosystem consists of government programs and schemes which encourage entrepreneurship on-government organization.
• Entrepreneurship is not just about starting a new business but about facing challenges at every step.
• Creation of entrepreneurial ideas involves problem identification, market research, industry trends, and innovations.
• Identification of entrepreneurial opportunities involves feasibility analysis, SWOT analysis, and customer validation.
• Opening of entrepreneurial ventures involves business planning, legal structure and registration, funding and financing, market launch, and continued improvement.
• Sources of opportunities for entrepreneurship can emerge from a variety of sources, including changes in the environment, technological discovery and advancement, and government’s thrust, programs, and policies.
• Changes in the environment can be a significant source of entrepreneurial opportunity, as entrepreneurs who can identify and adapt to these changes are often able to innovate and create successful new ventures.
• A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology.
• The priorities, projects, programs, and policies of the government are also good sources of ideas.
• For example, the use of firecrackers to celebrate New Year’s Eve is strictly prohibited.
• People without entrepreneurial interest will view the ordinance as a plain restriction.
• However, for an entrepreneur, it is a business opportunity to come up with a new product that will serve as a substitute for firecrackers.
• The interest, hobbies, and preferences of people are a rich source of entrepreneurial ideas.
• Like the increasing number of Internet Café at present could be lead to the strong attachment of young people to computers.
• The expertise and skills developed by a person who has worked in a particular field may lead to the opening of related business enterprise.
• For example, an accountant who has learned the appropriate accounting and management skills and techniques in a prominent accounting firm can start his/her business venture by opening his/her own accounting firm.
• Businesses are the backbone of the economy.
• Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment.
• Entrepreneurs are encouraged by the economy because they can provide a lot of opportunities for the unemployed young people.
• Entrepreneurship can increase per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development.
• One of the benefits an entrepreneur gets is to develop his managerial skills.
• Entrepreneurship can lead to the creation of many organizations.
• Entrepreneurship can lift up the economic status of an individual.
• Entrepreneurship can contribute to economic development not only the life of the entrepreneur is improved but also the society where the business is located.
• The word “entrepreneur” was derived from the French verb enterprendre, which means “ to undertake”.