Entrepreneurship involves creating new organizations or innovations and involves risk taking. It includes starting new businesses but also social or political innovations within organizations. Entrepreneurship requires creating value, devoting time and effort, and accepting financial and psychological risks, but provides rewards like independence and satisfaction. Qualities of successful entrepreneurs include a desire to succeed, calculated risk taking, seizing opportunities, analytical skills, planning abilities, and a positive self-concept.

1. 08/29/10 08:36 by Dr.Rajesh Patel New Entrepreneurship & Innovation Management An Introduction

2. 08/29/10 08:36 by Dr.Rajesh Patel Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.

3. 08/29/10 08:36 by Dr.Rajesh Patel “ Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial , psychic and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence”. Modern Definition of Entrepreneurship

4. 08/29/10 08:36 by Dr.Rajesh Patel The definition stress four basic aspects of being an entrepreneur regardless of the field : 1. Entrepreneurship involves the creation process – creating something new of value.

5. 08/29/10 08:36 by Dr.Rajesh Patel 2. Entrepreneurship requires the devotion of the necessary time and efforts

6. 08/29/10 08:36 by Dr.Rajesh Patel 3.Assuming necessary risk is the third aspect of entrepreneurship: risk of financial, psychological, and social in nature.

7. 08/29/10 08:36 by Dr.Rajesh Patel 4. Reward of being an entrepreneur: the most important rewards is independence, followed by personal satisfaction.

9. 08/29/10 08:36 by Dr.Rajesh Patel Desirability of new venture formation:

10. 08/29/10 08:36 by Dr.Rajesh Patel So you want to be an entrepreneur (qualities of an entrepreneur)

11. 08/29/10 08:36 by Dr.Rajesh Patel 1. Strong desire to be a winner

12. 08/29/10 08:36 by Dr.Rajesh Patel 2. ‘stick on to quality’.

13. 08/29/10 08:36 by Dr.Rajesh Patel 3. Moderate and calculated risk taking.

14. 08/29/10 08:36 by Dr.Rajesh Patel 4. Alertness to opportunities – seizing and converting them to your advantage.

15. 08/29/10 08:36 by Dr.Rajesh Patel 5. Analytical ability

16. 08/29/10 08:36 by Dr.Rajesh Patel 6. Using feedback

17. 08/29/10 08:36 by Dr.Rajesh Patel 6.Hope for success.

18. 08/29/10 08:36 by Dr.Rajesh Patel 7. Independence.

19. 08/29/10 08:36 by Dr.Rajesh Patel 8. Systematic planning .

20. 08/29/10 08:36 by Dr.Rajesh Patel 9. Positive self concept.

21. 08/29/10 08:36 by Dr.Rajesh Patel Thank You !