The document discusses the concept of entrepreneurship. It defines entrepreneurship as taking calculated risks to achieve business objectives and seize opportunities to make profits. Entrepreneurship requires personal qualities like the capacity to take independent risks. Successful entrepreneurship combines business goals with ethical behavior and supporting broader development goals. The document also provides definitions of entrepreneurship from different scholars and lists key characteristics like accepting challenges, decision-making, risk-taking, and innovation.

1. THE CONCEPT OF ENTREPRENEURSHIP “ 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. (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 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. 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.

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, competitiveness, talent, self-reliance, connections, communication and resourcefulness.

5. CHARACTERISTICS OF ENTERPRENEURSHIP ACCEPTING CHALLENGES DECISIOIN- MAKING ORGANIZATION RISK-TAKING SKILLFUL MANAGEMENT INNOVATION MAKING THE ENTERPRISE A SUCCESS ENTREPRENEURSHIP