Published by: Mandira
Published date: 20 Jan 2022
Entrepreneurship is the process of discovering new ways of combining resources. It has traditionally been defined the process of designing, launching and running a new business.
An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise.It refers to a person who organizes and manages any enterprise especially a business usually with initiative and risk
The word entrepreneur originates from the French Word "entreprendre", which means " to understand". In the business context, it means to start a business. An entrepreneur is typically in control of a commercial undertaking, directing the factors of production.
The Merriam- Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages and assumes the risk of the business or enterprise.
Similarly, an entrepreneur doesn't work as an employee but an employer runs a business and faces all the risks. He/she is ready to face all the possible challenges, seeks the opportunities,identifies the sources and make the investment.
Major tasks of an entrepreneur
Being an entrepreneur means there’s always more work to do, and not enough time to do it. That’s why the most successful business owners delegate certain tasks to freelance contractors who specialize in providing valuable time-saving services for a fee.
Qualities of a good entrepreneur
Advantages of Entrepreneurship
Motivation
An organization should encourage employees to innovate by providing the right working environment. Some conditions that foster innovation are encouraging new ideas, providing access to resources, supporting trial and error and failure, and multi-disciplinary teamwork.
Increment of Production
It helps to mobilize the existing resources and people also get employment. Due to this, human resources and natural resources will be utilized and economic activities in society increase. The entrepreneurship culture helps to increase the production.
Sharing resources
Entrepreneurs can try out their ideas directly. Consider the business owner who starts a printing business. He orders printers, toner and copies paper from other providers, negotiating deals to manage his costs. He also provides a valuable service to customers.
Means of Change
Entrepreneurship is a means of change. Every entrepreneur comes with something new or creative so do the other entrepreneurs. This is how the news things or ideas or production keep on coming. This ultimately brings direct or indirect change in this society on different aspects.
Job Creation and Management
A group of homogeneous tasks related by similarity of functions is called a job. Every person needs a job for their fulfilled needs and wants and to increase their living standard too. But,in our country, many of youth are not getting proper employment according to their qualification so that they do unproductive work like playing cards,carom board,ludo, and other unsocial activities.
Due to this they tremendously,increased fighting, clamour, looting, robbery, domestic violence, destruction and insecurity. The entire village was badly disgraced. It became the matter of great abomination to the people. We have to change this or our youths will destroy that lives realization made old people act strictly. But,in the task was very hard .so,a level of management was needed.Some youth and old people formed the committee and used brains of old people and strength of young people. People were trained to do productive work. Education for all was introduced. Technical education helped people to earn money. To start a new job much commercial organization should be established.
Now, the community generates money, with money provided by the banks people started farming, knitting, piggery and much more. Now,the community is independent and is sustainable on many resources.The development of the community has to provide occupation for many people. Selling products from their local industry and training people are getting richer and they also invest in infrastructure that helps in community development.