Entrepreneurship as Career Option

An educated person has broadly two career options. One is called wages or salary employment, Wherein people are employed in government service, public and private sectotrs and get fixed wage or salary. The other career option is entrepreneurial employment under which people set up their new venture. Wage employment is self-saturating. Once a valid, it blocks the employment opportunity to other for another ten years. On the other hand, the latter contributes towards national wealth and has a unique characteristic of self-generation.  Their...

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Entrepreneurship as a Process!!

In the last decade and a half there has been a resurgence of entrepreneurship in higher education. This revival is not from the traditional discipline of economic but from the discipline of business management. The business schools have instituted new courses in entrepreneurship. While entrepreneur is a person who sets up a business, `Entrepreneurship` is considered as the process or action of setting up of the new venture and the venture so set-up is called the `enterprise`. Entrepreneurship has been considered as the propensity of mind to take...

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Concept of Entrepreneurship

    From the classical economists to the post-keynesian analysts, The topic of the entrepreneur has been surveyed, and observations, theories and pronouncements advanced. Not only were pure economists involved in the endeavors but also prominent social theorists such as Marx, Weber, Sombard and Veblen.   In general, contemporary economists agree that the entrepreneur is a business leader and that his role in forecasting economic growth and development is a pivotal one. At present, however, there is...

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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...

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Limitations of Planning

Despite of many advantages of planning there may be some obstacles and limitations in this process. The follow are some of the planning. 1. Lack of Reliable data: Planning is based on various facts and figures supplied to the planners, which are difficult to procure absence of accurate data will upset the plan. 2. Expensive: Planning is an expensive process. The gathering of information and testing of various courses of action, setting up the planning machinery, require huge amount of money. Small companies can not afford to...

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Significance of Planning

1. Minimizes uncertainty: Planning certainly minimizes future uncertainties by basing its decisions on past experiences and present situations. 2. Better utilisation of resources: All the resources are first identified and then operations are planned. All resources are put to best possible uses. 3. Economy in operation: The operations selected being among possible alternatives, there is an economy in operations. 4. Better co-ordination: Planning will lead to better co-ordination in the organisation which will...

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Techniques of Planning

Planning will be useful only when it is effectively implemented. The following techniques makes the planning effective. 1. Consciousness for Planning: Planning will be effective only when there is proper climate for it. The superiors should try to set objectives, review various goals and redraft them as is required for their effective implantation. The hurdles in the ways of planning should be removed. Every body should extend willing and co-operation for making the plans successful. 2. Initiative at top level: The initiative...

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