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.

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.

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