entrepreneurship concept
TRANSCRIPT
ABOUT ENTREPRENEURSHIPEntrepreneurship is the act of being an entrepreneur, which can be defined as "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.According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." And in recent years has been documented by scholars such as David Audretsch to be a major driver of economic growth in both the United States and Western Europe.
It has assumed super importance for accelerating economic growth both in developed and developing countries. It promotes capital formation and creates wealth in country. It is hope and dreams of millions of individuals around the world. It reduces unemployment and poverty and its a pathway to prosper. Entrepreneurship is the process of searching out opportunities in the market place and arranging resources required to exploit these opportunities for long term gains. It is the process of planning, organizing, opportunities and assuming. Thus it is a risk of business enterprise. It may be distinguished as ability to take risk independently to make utmost earnings in the market. It is a creative and innovative skill and adapting response to environment of what is real.
Concept of Entrepreneurship
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Who is an Entrepreneur?An entrepreneur is a person who has possession
of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome. The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to launch a new venture or enterprise and accept full responsibility for the outcome. Jean-Baptiste Say, a French economist, is believed to have coined the word "entrepreneur" in the 19th century - he defined an entrepreneur as "one who undertakes an enterprise, especially a contractor, acting as intermediary between capital and labour". A broader definition by French Economist J.B. Say (1800) "The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield."
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What is the process of entrepreneurship?
The word is derived from a french word, commonly used in the 17th century ‘entreprendre’ referring to the individuals who were basically “undertakers", who took the risk of anew enterprise. In many form of french, British and Australian literature in economics, the word was used in the context of “change agent”. Entrepreneurship is basically an activity that helps in sensing the opportunities, resourcing “innovation "and realizing the “pay-off’ through the actions performed by him or her.
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Why seek an enterprise?A person seek entrepreneurship
because world full of happiness, joy, comfort and peace. Whenever and wherever problems occur, the individual seeks to eliminate the problems so that the world could be a better place to live in, a life worth living. In order to make it happens, one has to think of such processes that would yield products and services that would enable and bring happiness, joy, comfort and peace. Therefore he seeks such ventures that would bring about this change. He looks for opportunities for converting the challenges into comforts. Therefore he sees an enterprise.
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How does the spirit of entrepreneurship help?The spirit of entrepreneur ship
helps the individual to grow. It brings out the multifaceted talents latent in him. It helps in the art practicing innovative ideas, products and services out of the knowledge available in him
Facing challenges Planning enterprises Improving the inter-personals kills
Studying markets
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Understanding financial systemsManagement of products and services
Developing administrative and managerial skills
Understanding and appreciating the concept of quality
Social transformationBeing a part of a dynamic and competitive society
Further ,he is contributing indirectly to the social progress, national economy, in improving the standard and the quality of the people.
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Why do we need entrepreneurs?History is profuse with
examples of the progress and achievements made by many countries where there have been a substantial increase in the number of entrepreneurs. The increase in the number of entrepreneurs is indicative of the increasing sensitivity of the national product of the country through increased productivity and pursuit of excellence and cost effectiveness.
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Definitions of entrepreneurshipThere many definition of
entrepreneurship which differ from person to person but as In our text there are definition of 5 persons who are experts in this subject entrepreneurshipWho are 1.Richard Cantillon2.Adam Smith3.Jean Baptiste say4.Joseph Schumpeter5.Peter Drucker
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Definition -1
Richard cantillon “As a person who pays a certain price to a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise”
Richard cantillon
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Definition - 2
Adam smithAdam smith Entrepreneur as an
individual, who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and thereby acts as an economic agent and transforms demand into supply.
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Definition - 3
Jean Baptiste Say
Jean Baptiste Say He makes a clear distinction that capitalist as a financier and the entrepreneur as a coordinator and organizer of resources to design a business enterprise.
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Definition - 4
Joseph
Schumpeter
{1833-1950}
Joseph Schumpeter According to him, the entrepreneurs are innovators who use this process of shattering the status quo the existing products and services, to set new products ,new services. He describes entrepreneurs as innovators.
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Definition - 5
Peter Drucker
{1909-2005} Peter Drucker He describes the entrepreneur in a befitting manner as “ one who is involved in gathering and using resources to opportunities to produce results.”He also argues that innovation is a specific instrument of an entrepreneur. Hence an effective entrepreneur converts a source into a resource.
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SOME PICTURES
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Some Do’s for an entrepreneurAction it within 24hrs to make sure you never lose the original idea.
Your attitude determines your altitude.
Think BIG start small.
Change is constant.
It is up to me if it is going to be.
You get what you think about most of the time.
Whether you believe you can or you believe you can’t, you’re right.
A man with no plan is likely to get there.
Whatever can be conceived and believed in the mind of man can be achieved. 05/03/2023 17Charak Ray
Some Great Entrepreneurs
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THANK YOU…
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