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ENTREPRENEURSHIP - CONCEPT Prepared by CHARAK RAY firstname.lastname@example.org
Entrepreneurship is the act of being an entrepreneur, whichcan be defined as "one who undertakes innovations, financeand business acumen in an effort to transform innovations intoeconomic goods". This may result in new organizations or maybe part of revitalizing mature organizations in response to aperceived opportunity. The most obvious form ofentrepreneurship is that of starting new businesses (referredas Startup Company); however, in recent years, the term hasbeen extended to include social and political forms ofentrepreneurial activity. When entrepreneurship is describingactivities within a firm or large organization it is referred toas intra-preneurship and may include corporate venturing,when large entities spin-off organizations.According to Paul Reynolds, entrepreneurship scholar andcreator of the Global Entrepreneurship Monitor, "by the timethey reach their retirement years, half of all working men inthe United States probably have a period of self-employment
Concept of EntrepreneurshipIt has assumed super importance foraccelerating economic growth both indeveloped and developing countries. Itpromotes capital formation and creates wealthin country. It is hope and dreams of millions ofindividuals around the world. It reducesunemployment and poverty and its a pathway toprosper. Entrepreneurship is the process ofsearching out opportunities in the marketplace and arranging resources required toexploit these opportunities for long termgains. It is the process of planning, Charak Ray 12/15/2012 3
An entrepreneur is a person who has possession of a newenterprise, venture or idea and is accountable for the inherentrisks and the outcome. The term was originally a loanword fromFrench and was first defined by the Irish-French economistRichard Cantillon. Entrepreneur in English is a term applied toa person who is willing to launch a new venture or enterprise andaccept full responsibility for the outcome. Jean-Baptiste Say, aFrench economist, is believed to have coined the word"entrepreneur" in the 19th century - he defined an entrepreneuras "one who undertakes an enterprise, especially acontractor, acting as intermediary between capital and labour".A broader definition by French Economist J.B. Say (1800)"The entrepreneur shifts economic resources out of lower andinto higher productivity and greater yield." Charak Ray 12/15/2012 4
The spirit of entrepreneur ship helps theindividual to grow. It brings out the multifacetedtalents latent in him. It helps in the art practicing innovative ideas, products andservices out of the knowledge available in himFacing challengesPlanning enterprisesImproving the inter-personals killsStudying markets Charak Ray 12/15/2012 7
Understanding financial systemsManagement of products and servicesDeveloping administrative and managerialskillsUnderstanding and appreciating the concept ofqualitySocial transformationBeing a part of a dynamic and competitivesocietyFurther ,he is contributing indirectly to the socialprogress, national economy, in improving thestandard and the quality of the people. Charak Ray 12/15/2012 8
Action it within 24hrs to make sure you never lose the original idea.Your attitude determines your altitude.Think BIG start small.Change is constant.It is up to me if it is going to be.You get what you think about most of the time.Whether you believe you can or you believe you can’t, you’re right.A man with no plan is likely to get there.Whatever can be conceived and believed in the mind of man can be achieved. Charak Ray 12/15/2012 17