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Title: Entrepreneurship Introduction
Description: It contains a Brief Introduction to the Entrepreneurship with Definitions, Characteristics, and Theories in points format.
Description: It contains a Brief Introduction to the Entrepreneurship with Definitions, Characteristics, and Theories in points format.
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Entrepreneurship
The term "Entrepreneurship" comes from the French verb "ENTERPRENDRE
...
The term entrepreneur was first used in the late 1700s to describe architects and
public-works contractors
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"Innovation is the specific tool of entrepreneurs, how they exploit changes as an
opportunity for a different business or a different service," says Peter
...
Drucker
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They ought to be capable of anticipating changes
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Clear Objectives: Entrepreneurs must have specific goals regarding the type of
business or goods manufactured
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To keep a good relationship, they should be
emotionally stable, have personal relationships, be tactful, and be considerate
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Technical Knowledge: Entrepreneurs should be knowledgeable in the field
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Motivation:
Motivation is critical for sustaining the whole level of energy,
creativity, and steering
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Moderate risk-taker: Entrepreneurs who succeed take calculated risks
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Initiative: The ability of individuals to put their ideas into action
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High energy level: Entrepreneurs should work long hours, which requires a high
energy level
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These can be both long- and short-term objectives
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Self-confidence: Self-assurance is an essential entrepreneurial characteristic
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Confidence refers to one's self-esteem
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Uncharted territory, risk, and difficult decisions are not afraid of him
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H
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"
In the words of Peter
...
Drucker, " "Entrepreneurship is neither a scientific nor an
artistic endeavour
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It is a source of knowledge
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"
Theories of Entrepreneurship
Economist's View
￭
According to the economist, entrepreneurship and economic growth will occur in
favourable economic conditions
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B
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￭
Cantillon defines an entrepreneur as a bearer of uncertainty who purchases at a fixed
price and sells at an uncertain price
...
￭
Small industry is the Entrepreneurs' natural habitat, where their role is similar to that
of a striker who keeps the fire burning
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Sociologist's View
￭
It develops within a particular social culture
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￭
The most significant aspects of attitudes and role expectations are societal values
...
￭
According to Flavia, an entrepreneur's role is to coordinate operations at all stages,
including startup, maintenance, and expansion
...
￭
For example, a new industrialist class emerges from the West's Protestant ethic,
Japan's Samurai, Lebanon's Christians, Pakistan's Halai Memon industrialist, and
India's Marwaris and Parsis
...
￭
Entrepreneurship is often fueled by a person's intense desire to succeed
...
￭
An entrepreneur is endowed with three qualities like the institutional ability to see
things in a way that later proves to be true, a mental and will effort to overcome
ingrained ways of thinking, and finally, the ability to overcome social opposition
against attempting something novel
...
￭
According to T
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Rao, entrepreneurs are the persons who use creativity and
innovation to adapt to their surroundings
...
￭
Entrepreneurship is the outcome of a wide range of socioeconomic, psychological,
and other elements
Title: Entrepreneurship Introduction
Description: It contains a Brief Introduction to the Entrepreneurship with Definitions, Characteristics, and Theories in points format.
Description: It contains a Brief Introduction to the Entrepreneurship with Definitions, Characteristics, and Theories in points format.