“ 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 risk with confidence to achieve a
pre-determined business or industrial objective.
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
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
Entrepreneur Person Entrepreneurship Process of Action Enterprise Object 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. Small Business Targeting - Presence of explicit small business component in local development. - Amount of staff resources devoted to small firms concerns. - Percentage of capital funds channeled through development organizations into young ventures. 4. Characteristics of Public Support - Level of funding - Cooperation of national and local municipal officials on economic development. - Working relations between economic developers and elected officials. Entrepreneurship: A. H. Cole : Entrepreneurship is the purposeful activity of an individual or a group undertaken to initiate, maintain or organize a profit-oriented business unit.
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,