Entrepreneurship
Definition:
The word “entrepreneur” is derived from a French word “entre” that was originally used to refer to leaders of military expeditions. Early entrepreneurs provided men and materials needed by feudal lords to wage wars. Entrepreneurship refers to a skill or ability to mobilise the factors of production, i.e. land, labour, capital and ability to use them to produce new good and services. The entrepreneurial function may be performed by a single individual or a sole proprietor, or by several individuals’ i.e., partners and companies.
Various authors have given various definitions on entrepreneurship. It is the knack for sensing an opportunity where others see chaos, contradiction and confusion. It is the know-how to find, marshal and control resources and to make sure the venture does not run out of money when it is needed the most.
According to J.A Timmons: Entrepreneurship is the ability to create and build something from practically nothing. Fundamentally, a human creative ability, it is finding personal energy by initiating, building and achieving an enterprise or organisation rather then by just watching, analysing or describing one. It requires the ability to take calculated risk and reduces the chance of failure. It is the ability to build a founding team to complement the entrepreneurial skill and talent.
A. H Cole defined entrepreneurship as the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain, or earn profit by production and distribution of economic good and services.
According to Higgins, it is the function of seeking investment and production opportunity, organising an enterprise to understand a new production process, raising capital, hiring labour, arranging the supply of raw materials and selecting top managers of day –to-day operations.
According to Peter Drucker entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base. Knowledge
The word “entrepreneur” is derived from a French word “entre” that was originally used to refer to leaders of military expeditions. Early entrepreneurs provided men and materials needed by feudal lords to wage wars. Entrepreneurship refers to a skill or ability to mobilise the factors of production, i.e. land, labour, capital and ability to use them to produce new good and services. The entrepreneurial function may be performed by a single individual or a sole proprietor, or by several individuals’ i.e., partners and companies.
Various authors have given various definitions on entrepreneurship. It is the knack for sensing an opportunity where others see chaos, contradiction and confusion. It is the know-how to find, marshal and control resources and to make sure the venture does not run out of money when it is needed the most.
According to J.A Timmons: Entrepreneurship is the ability to create and build something from practically nothing. Fundamentally, a human creative ability, it is finding personal energy by initiating, building and achieving an enterprise or organisation rather then by just watching, analysing or describing one. It requires the ability to take calculated risk and reduces the chance of failure. It is the ability to build a founding team to complement the entrepreneurial skill and talent.
A. H Cole defined entrepreneurship as the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain, or earn profit by production and distribution of economic good and services.
According to Higgins, it is the function of seeking investment and production opportunity, organising an enterprise to understand a new production process, raising capital, hiring labour, arranging the supply of raw materials and selecting top managers of day –to-day operations.
According to Peter Drucker entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base. Knowledge