The document discusses three approaches to understanding entrepreneurship: process approaches, an integrative approach, and entrepreneurial assessment approach. The integrative approach models the entrepreneurial process as having inputs like opportunities, the entrepreneur, organizational context, and resources that get combined through stages to outputs like value creation, new products/services, and economic growth. The entrepreneurial assessment approach examines assessments of the entrepreneur, venture, and environment at different career stages. A multidimensional approach views entrepreneurship as involving the individual, environment, organization, and venture process through specific related factors.

1. Entrepreneurship Awareness and Assessment Introduction: Although the knowledge and research available in this area are in an emerging stage, it is still possible to piece together and describe current school of thought in the field. Number of theories are used to understand the growth and development of entrepreneurship. Process Approaches: Three popular process approaches are discussed to examine the activities involved in the entrepreneurship. An “Integrative” Approach: It is developed by Morris et al. which is presented in the following figure. The input component focuses on entrepreneurial process itself and identifies five key elements that contribute to the process. The entrepreneur develops some type of business concept to capitalize on the opportunity ( e. g. a creative approach to solving a particular customer need). Implementing this business

3. Finally, a wide variety of financial and non-financial resources are required on an ongoing basis. These key elements are then combined throughout the stages of the entrepreneurial process. Stated differently, the process provides a logical framework for organizing entrepreneurial inputs. The output component includes the level of entrepreneurial intensity. The process can result in any number of events and can produce events that vary considerably in terms of how entrepreneurial they are. Final outcomes can include one or more going ventures, value creation, new products and/or services, processes, new technologies, profit, jobs, and economic growth. The outcome can certainly be failure and thereby bring about the economic, psychic, and social costs associated with failure. The model not only provides a fairly comprehensive picture regarding the nature of entrepreneurship, but can also be applied at different levels.

5. Entrepreneurial Assessment Approach Model Type of Venture Qualitative, Type Quantitative, Type of Strategic, of Entrepreneur and Environment Ethical ASSESSMENTS Do the results of Assessments Make sense Given Stage of Entrepreneurial Career Prior Experience Early Mid-career Late and Education Career Career Career