Entreprenuership concept

Entreprenuership concept

Entreprenuership concept

ENTREPRENEURSHIP CONCEPT.

Prof. Vinayak. Gopal.Patil,

Lecturer, YTSBM, Bhivpuri Road, Karjat.

The concept of entrepreneur as a micro economic factor and entrepreneurship goes back to the period of Richard Cantillon and Adams Smith in the late 17th & 18th century. Till that date it was totally ignored. But in 19th and 20th century and empirically until a profound resurgences not only in business but also in economic since last 40 years. The entrepreneurial concept has been changed in nature and concepts over the years. Entrepreneurial development & Management has come to be recognized globally as the key or important factor to generate effective and sustainable development as well as the welfare and progress of all mankind. There are 5 main factors that also play towards economic development. Out of these one is entrepreneurship. The main actor in the development process is entrepreneur, whose contribution is as an innovator, coordinator and who always thinks or gives the 1st preference for the economic development of the country. Entrepreneurism and entrepreneurship are the lifeblood of any country and the economy. More so in the developing the economy. The word entrepreneur, intraprenuer and entrepreneurship have been acquired important place in the context of economic growth in a fast, ever changing socio- economic and social cultural climate. Especially in industries both developed and under developing countries. An Entrepreneur is one of the important segments of economic growth basically he is a person who is responsible for setting up a business or an enterprise. Of course, he is one who has the initiative, skill of innovation and also looks for the high achievements. He is a catalytic agent of change and works for the good of people. He is a person who is duly engaged in putting up new green field projects which creates wealth as well as opens up many employment opportunities and leads towards the growth of other sector.

Who is Entrepreneur ? The term Entrepreneur is being defined in variety of ways. The concept of entrepreneur varies from country to country as well as period to period and the level of economic development thoughts and perception. The word Entrepreneur' is derived from the French word Enterprendre'. It means to undertake. In the early 16th century, the Frenchman who recognized military expeditions was referred to as entrepreneur. Around 1700 A.D the term was for architects and contractors of public work. To be successful entrepreneur, he or she must possess the qualities which are :1. Good grasping power.2. Creativity. 3. Taking initiative. 4. Determination. 5. Open minded. 6. Strong people skills. 7. Passion. 8. Confidence. 9. Discipline. 10. Hard working. 11. Action oriented.

What is Enterprise ? The enterprise is an object. The object may be business which generates the economic growth of the country. This business may be either manufacturing unit or service sector or both.

What is Entrepreneurship ? The last 4 words i.e ship' denotes or reflects the qualities, skills possessed by the person or entrepreneur. An entrepreneurship is a contribution of skills, knowledge, innovation, creativity etc.

In briefly, we can say entrepreneur is one who innovate, raises many assembles the inputs, choose managers and set the organization going with his ability to identify them. Innovation occurs through the introduction of a new quality in a product, a new product, discovery of fresh demand and fresh sources of supply and by change in the organization and management.

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