Meaning and Definitions of Entrepreneurhip

Meaning:
Entrepreneurship is the propensity to take calculated risks with confidence to achieve a pre-determined business or industrial objective. In substance, it is risk-taking ability of the individual, broadly coupled with correct decision-making. When one witnesses a community, who engage themselves in the industrial or commercial pursuits and appear to take risk and show enterprise, it is acknowledged to be a commercial class. The commercial class is a myth just like that of the so-called martial race.

Definitions:

Entrepreneurship is an elusive concept that cannot be defined precisely. How ever, people having different interests have defined 'Entrepreneurship' in a number of ways:

• Economists focus on "what happens when entrepreneurs act".
• Psychologists and Sociologists are interested in way they act.
• Management experts focus on how the entrepreneurs act, in the characteristics of entrepreneurial managers and the manner in which entrepreneurs achieve their goals.

"An entrepreneur is one who always searches for change, responds to it and exports it as an opportunity. Innovation is an instrument of 'entrepreneurship'."
                                                                                            ---- Peter F. Drucker.

"Entrepreneurship is a dynamic process of creating Inver mental wealth."
                                                                                            ---- Robert Ronstand

"The entrepreneur has a role of an industrialist in Adam Smith`s book, Wealth of nations he described the entrepreneur as an individual who forms an organisations for commercial purpose."

"Entrepreneur is an individual who bears the risk of operating a business in the face of uncertainity about future conditions."
                                                                                             ---- Encylopedia Britannica


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