1. Introduction Entrepreneurship is the process of setting up one’s own business. The person who sets up a business is called an entrepreneurship.
2. Meaning Entrepreneurship is a systematic purpose full and creative activity of identifying a need, mobilising resources and organising production with a view to delivering value to the customers.
According to Peter Drucker, “Entrepreneur-one who is involved in gathering and using resources to opportunities to produce the result.”
3. Characteristics of Entrepreneurship
- Systematic activity
- Lawfull and purposeful activity
- Creative activity
- Organisation of production
4. The relationship between Entrepreneurship and Management
- Entrepreneurship is concerned with starting of a new business venture, management assures efficiency and success of business starts by the entrepreneur.
- In developing countries, entrepreneurs remain attached to day-to-day activities also and managers also remain in touch with strategic divisions of entrepreneurs.
5. Functions of Entrepreneurs in Relation to Economic Development
- Contribution to gross domestic product
- Capital formation
- Employment generation
- Generation of business opportunities for others
- Improves economic efficiency
- Increasing the scope of economic activities
- The growth of local communities
- Boosting the spirit of exploration, experimentation and daring
6. The process of Setting Up a New Enterprise The steps involved in setting up of a business are
- Scanning the environment
- Development of product/service
- Feasibility analysis
- Appraisal by funding agencies (financial institution)
- Resource mobilisation
- Project commissioning and counselling (establishing of an enterprise)
- Adoption and management of growth
7. The Process of Entrepreneurship Development
- Individual Personality of Entrepreneur It means competence, motivation, values and attitude of the entrepreneur.
- Environment Factors It refers to economic Framework. industrial and trade policy, institutional framework of our country.
8. Role of Environment in Entrepreneurship Development
Environment conditions have Entrepreneurship Development. Inflation good infrastructures entrepreneurship development.
9. The Role of Individuals in Entrepreneurship Development
- Entrepreneurial competencies
- Entrepreneurial motivation
- Entrepreneurial values and attitudes
10. Entrepreneurial Competencies
- Recognising and grabbing the opportunities
- Collecting information
- High quality work
- Problem solving
- Self confidence
- Use of influence strategies
- Concern for employees welfare
11. Entrepreneurial Motivation
- Need for achievement
- Need for power
- Need for affiliation
- Need for autonomy
12. Entrepreneurial Values
- Theoretical doctrinal values
- Social values
- Aesthetic values
- Political values
- Economic values
- Moral values