Entrepreneurship involves identifying opportunities, assembling resources to pursue opportunities, and investing resources to exploit opportunities for long-term gains. It is the process of creating value for customers by exploiting untapped opportunities. Entrepreneurship requires an entrepreneur, or person, working with an enterprise, or business, to facilitate production and assume risks in exchange for potential profits through unique combinations of resources.

2. Concept of
Entrepreneurship

3.  In the words of Stevenson and others, “
entrepreneurship is the purpose of
creating value by bringing together a
unique package of resources to exploit an
opportunity “
 According to A H Cole, “ entrepreneurship
is the purposeful activity of an individual
or a group of associated individuals
undertaken to initiate, maintain or
organise a profit oriented business unit for
the production or distribution of economic
goods and services”

4. According to D.C McClelland,
“entrepreneurship is doing things in
a better way and decision making
under the conditions of uncertainty”
Muscleman and Jackson defines
“entrepreneurship is the investing
the risking of time, money and
effort to start a business and make
it successful”

5. J A Timmoans has defined
entrepreneurship as “the ability to
create and build something from
practically nothing”
Thus entrepreneurship is the
process of identifying opportunities in
the market place, arranging the
resources required to pursue these
opportunities and investing the
resources to exploit the opportunities
for long term gains

6.  Entrepreneurship is mathematically
defined as follows:
 Entrepreneurship (Process) =
 Entrepreneur +Enterprise
 (Person) (Object)

7.  Entrepreneurship is a function
of innovation
 Function of leadership
 Organisation building function
 Function of high achievement

8.  Economic activity because it
involves creation and operation of
an enterprise
 Entrepreneurship involves
assuming the risk associated with
the facilitation of production in
exchange for profit
 It is concerned with unique
combinations of resources that
make existing methods or
products obsolete

9.  It is concerned with employing
managing and developing the
factors of production
 Entrepreneurship is a process of
creating value for customers by
exploiting untapped
opportunities
 It is a process of creating value
for customers by exploiting
untapped opportunities

10.  It is strong and positive orientation
towards growth in sales, income,
assets, and employment
 Research scientists like Edward De
Bono ( the father of thinking about
thinking ) have pointed out that the
most important variable required
for entrepreneurship is not
innovation but value addition.

11.  According to Robert Ronstadt, “
entrepreneurship is the dynamic
process of creating incremental
wealth”
 Entrepreneurship is not a one-time
phenomenon; it occurs over time.