In recent years, "entrepreneurship" has been
extended from its origin for-profit in the business world. The word
“entrepreneur” means ‘to undertake’. This refers to those who “undertake” the
risk of new enterprises. An enterprise is created by an entrepreneur. The
process of creation is called “entrepreneurship”. Entrepreneurship is a process
of actions of an entrepreneur who is a person always in search of something new
and exploits such ideas into gainful opportunities by accepting the risk and
uncertainty with the enterprise. The entrepreneur
develops a business plan, acquires the human and other required resources, and
is fully responsible for its success or failure. He is willing to take
risk and exercise initiative, taking advantage of market opportunities by
planning, organizing, and employing resources, often by innovating new or improving existing products. Entrepreneur is a
multi-tasking capitalist. An entrepreneur is a person always in search of
something new and exploits such ideas into gainful opportunities by accepting
the risk and uncertainty with the enterprise. The essence of entrepreneurship
is the ‘willingness to assume risk’ arising out of the creation and
implementation of new ideas. An entrepreneur studies a problem, identifies its
alternatives, compares the alternatives in terms of cost and benefits
implications, and finally chooses the best alternative. This is done by an entrepreneur.
An entrepreneur finalizes an idea only after considering a variety of options,
analyzing their strengths and weaknesses by applying analytical techniques,
testing their applicability, supplementing them with empirical findings, and
then choosing the best alternative. Entrepreneurship is Economic, Creative
purposeful, innovative activity. The role Entrepreneur is increasing day by
day. He has become a heart and soul for the successful running of the business
enterprise.
