Entrepreneurship refers to starting and running a business or enterprise, and an entrepreneur is someone who does this. Some key points about entrepreneurship covered in the document include: - An entrepreneur is a creator, organizer, decision-maker, leader, and risk-taker who establishes and manages a new business. - Entrepreneurship generates profits by combining resources with an entrepreneurial vision and willingness to take risks. - Successful entrepreneurs include Dhirubhai Ambani, who built Reliance Industries in India, and Jehangir Ratanji Dadabhoy Tata, who founded Tata Airlines, which became Air India. - Some challenges for Indian entrepreneurs are raising funds,

1. Concept of an Entrepr
eneur :
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It refers to a Person
It refers to a Creator
It refers to a Organizer
It refers to a Decision Maker
It refers to a Initiator
It refers to a Leader
It refers to a Motivator
It refers to a Risk Taker

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Meaning of Entrepreneu r
The entrepreneu r is defined as someone who has the
ability and desire to establish, administer and succeed
in a startup ventu re along with risk entitled to it, to
make profits.
The best example of entrepreneu rship is the starting
of a new business ventu re. The entrepreneu rs are often
known as a sou rce of new ideas or innovators, and
bring new ideas in the market by replacing old with a
new invention.
It can be classified into small or home business to
multinational companies. In economics, the profits
that an entrepreneu r makes is with a combination of
land, natu ral resou rces, labou r and capital.
In a nu tshell, anyone who has the will and
determination to start a new company and deals with
all the risks that go with it can become an
Entrepreneu r.

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Concept of Entrepreneu rship
Entrepreneu rship is the ability and readiness to develop,
organize and run a business enterprise, along with any of its
uncertainties in order to make a profit. The most prominent
example of entrepreneu rship is the starting of new
businesses.
In economics, entrepreneu rship connected with land, labou r,
natu ral resou rces and capital can generate a profit. The
entrepreneu rial vision is defined by discovery and risk-
taking and is an indispensable part of a nation’s capacity to
succeed in an ever-changing and more competitive global
marketplace.

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Characteristics of
Entrepreneu rship
Entrepreneu rship is a multi-dimensional concept and it is
necessary to consider many factors and perspectives.
The distinctive featu res of entrepreneu rship are
su mmarized below:-
Ability to take a risk
A Function of High Achievement
Innovation
Organization Building Function
A Function of Group level Pattern
A Function of Managerial Skills and leadership
Gap Filling Function
A function of Status withdrawal
A function of Social, Political and Economic structu re
A Function of Religious Beliefs

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Importance of Entrepreneurship
Creation of Employment- Entrepreneu rship generates employment. It
provides an entry-level job, requ ired for gaining experience and training
for u nskilled workers.
Innovation- It is the hu b of innovation that provides new produ ct ventu res,
market, technology and qu ality of goods, etc., and increase the standard
of living of people.
Impact on Society and Commu nity Development- A society becomes greater
if the employment base is large and diversified. It brings abou t changes
in society and promotes facilities like higher expenditu re on edu cation,
better sanitation, fewer slu ms, a higher level of homeownership.
Therefore, entrepreneu rship assists the organization towards a more
stable and high qu ality of commu nity life.
Increase Standard of Living- Entrepreneu rship helps to improve the
standard of living of a person by increasing the income. The standard of
living means, increase in the consu mption of various goods and services
by a household for a particu lar period.
Supports research and development- New produ cts and services need to
be researched and tested before lau nching in the market. Therefore, an
entrepreneu r also dispenses finance for research and development with
research institu tions and u niversities. This promotes research, general
constru ction, and development in the economy.

6. Entrepreneurship: the activity
of organizing, managing,
and assuming the risks of a
business or enterprise.
Entrepreneur: an
entrepreneur is a person who
engages in the activities
mentioned above.

8. Introduction, Identifying Ideas &
Business Opportunities

9. Learn the tools of setting up new
enterprises.

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Dhiru bhai Ambani
Dhiru bhai Ambani (1932–2002) is an Indian businessman
who started ou t hu mbly by selling traditional snacks to
re lig iou s p ilg rims. H is b u sin ess soon g re w, a n d h e
expan ded an d diversified into in du stries in clu din g
telecommu n ica tions, power genera tion, informa tion
technology, consu mer goods, and logistics.
Toda y, Relia n ce In du stries is In dia's la rgest p riva te
company and is listed on the Fortu ne 500.Ambani's son
n ow ru n s Re lia n ce a n d is on e of In d ia's we a lt h iest
p e op le; M u kesh A m b a n i, 65, is wo rt h $92.5 b illion,
according to Forbes.

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Jehangir Ratanji Dadabhoy Tata
Jehangir Ratanji Dadabhoy Tata or JRD Tata
(1904–1993) was born in Paris to Indian and
French parents. He was trained as an aviator in
Eu rope and later became India's first
commercial airline pilot. Working for the
family business, TATA group, he set ou t on his
own and bu ilt TATA Airlines, which u ltimately
became the modern Air India.
By the time of JRD Tata's death, TATA owned
nearly 100 different businesses across many
industries. Notably, his au tomobile ventu re, Tata
Motors (TTM), produces economical
au tomobiles that nearly all working Indians
can afford to own. JRD Tata is descended from
Jamsetji Tata who founded the TATA group of
companies in the mid-1800s.

15. ENTREPRENEUR ENTREPRENEURSHIP
• PROCESS
• VISION
• CREATION
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ORGANISATION
INNOVATION
• PLANNING
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PERSON
VISUALIZER
CREATOR
ORGANIZER
INNOVATOR
PLANNER
LEADER
• LEADERSHIP

16. Theories of Entrepreneu rial

23. Theory of social Change

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Challenges for Indian Entrepreneu rs
The Female Entrepreneu rs:- The
entrepreneu rial wave is also being driven by
women entrepreneu rs who are carving a niche
for themselves. Start-ups like Zivame, Kaaryah,
You r Story and POP xo have become
successfu l ventu res. Led by women founders,
they are answering the market needs in their
respective segments.
Raising Funds for the Business:- The challenge
for any start-up lies in raising funds for the
business. To do so, they need to have a
dependable business plan and a strategy on
how they want to enter the market. Start-ups
get funds from ventu re capitalists once they
have convinced them abou t the ventu re’s
potential for success.

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Knowledge on How to Run a Business:- As simple as it may
seem, any ventu re needs to have a good plan to begin
with.
Various business schools have started entrepreneu rship
cou rses to answer the requ irements of interested
students who seek to become an entrepreneu r.
These cou rses help the students get their expectations
right and prepare themselves for a career in
entrepreneu rship.
Keeping Up with Technology:- This point is important for
start-ups in the technology sector. It is important for them
to keep track of the latest technology and stay ahead of
the cu rve.
These days, technological innovations are happening
every day leading to technology getting obsolete qu ickly.
They need to keep on improving their products and give
new and innovative products to their customers.
The innovations need to be usefu l for the customers. They
need to have good research backing their product
launches. If the product does not answer any need gap in
the market, then it will not be successfu l in the market
even if there is cu tting edge technology behind it.

31. 5. Higher Risks
6. Lack of Work life balance
7. Self Motivation
8. Legal Consideration
9.Corruption
10. Regional Sentiments
11. Social Capital
12. Hiring Employees and team bu ilding
13. Cash Flow management