The supply of entrepreneurship is limited firstly by the
scarcity of the requisite personal qualities, and secondly
by
the difficulty of identifying them when they are
available.
What is Entrepreneurship?
Entrepreneurship is the propensity of mind to take
calculated riskwith confidence to achieve a
pre-determined business or industrial objective.
(Decision Making)
The capacity to take risk independently and individually
with a view to making profits and seizing an opportunity
to make more earnings in the market oriented economy
is the dominant characteristic of modern entrepreneurship
Entrepreneurship in India has to sub-serve the national
objectives.
Apparent conflict between social objectives and economic
imperatives has to be first resolved by the individual
entrepreneur in his own mind and initiate economic growth
2. Entrepreneur Person EntrepreneurshipProcess of
ActionEnterpriseObject CONCEPT OF ENTREPRENEURSHIP Operating
Definition of Policy Entrepreneurship: 1. Policy Innovations -
Availability of equity - Efforts to assemble public and/or private
equity - Willingness of local developers to risk some of their
resources on small or new firms - Creation of incubator facilities
- Availability of technical assistance 2. Policy Commitment -
Support of local governmental bodies for economic development. 3.
3. Small Business Targeting - Presence of explicit small business
component inlocal development. - Amount of staff resources devoted
to small firms concerns. - Percentage of capital funds channeled
throughdevelopment organizations into young ventures. 4.
Characteristics of Public Support - Level of funding - Cooperation
of national and local municipalofficials on economic development. -
Working relations between economic developers and elected
officials. Entrepreneurship: A. H. Cole :Entrepreneurship is the
purposeful activity ofan individual or a group undertaken to
initiate, maintain or organize a profit-oriented business unit.
4.
David McClelland:
Innovative characteristics of an individual doing things
in a new and better way.
Peter Drucker : Entrepreneurship is neither a science nor
an art. It is a practice. It has a knowledge base. Indeed
what constitutes knowledge in practice is largely defined
by
the ends, that is by practice.
An ideal Entrepreneur:
Combines values in the market economy; that profits do not
some how preclude ethical behavior.
The growth is possible even if political patronage is not
used
to bend rules and cut corners.
Pursuit of wealth can be a mannerly one.
Supports people, country, natural resources, ecology and
sees
that his enterprise becomes a catalyst agent for
development.
Success depends on the degree of his vision, leadership,
5. CHARACTERISTICS OFENTERPRENEURSHIP ACCEPTING CHALLENGES
DECISIOIN- MAKING ORGANIZATION RISK-TAKING SKILLFUL MANAGEMENT
INNOVATION MAKING THE ENTERPRISE A SUCCESS ENTREPRENEURSHIP
