Entrepreneurship. the process of designing, launching, and running a new business which often initially a small business.

Entrepreneurship. also defined as “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit”.

Role of Entrepreneur. Is Initiator, Innovator, Coordinator, Leader, Development Agent, Social Worker.

Initiator. Key man who envisages new opportunities, new lines of production, new products & co-ordinates all other activities.

Innovator. Brings in overall change thru innovation from maximum social good.

Coordinator. He has firm belief in social betterment & carries out this responsibility with conviction; accelerates personal development.

Leader. He is visionary & an integrated man with outstanding leadership qualities; desire to excel.

Development Agent. He contributes in development of country by way of providing employment & building up nation’s economy; raising standard of living of people.

Social Worker. Always works for the well-being of the society.

Characteristics of Entrepreneurship. Economic Activity, Creativity and Innovation, Profit, Risk Bearing.

Economic Activity. It involves designing, launching and running a new business enterprises in order to earn profit; ensuring best possible use of resources.

Creativity and Innovation. It involves discovering new ideas and implementing it in business; continuously evaluates current modes, identifies new methods on operating the business.

Profit. The activity of entrepreneurship is undertaken with the sole objective of making the profit; the reward of efforts.

Risk Bearing. Willingness to assume the risk, is the essence of entrepreneurship without which he/she cannot succeed; occurs due to the creation and implementation of new ideas. May or may not be positive or instant.

Entrepreneurship Types. Social, Solopreneur, Lifestyle, and Serial

Social Entrepreneurs. Are individuals with innovative solutions to society’s most pressing problems; persistent and ambitious, tackle major social issues.

Solopreneurs. Are individuals who start up their own enterprise alone, take care of the daily activities; known to manage the tasks related to the entire business.

Serial Entrepreneurs. An individual that stars many new business in a short period of time; tends to pursue new ideas constantly and work on them simultaneously.

Home-based Entrepreneur. Usually self-employed, either they are working alone, or it’s a group of employees working together.

Entrepreneurial Process. can be expressed as a set of procedures and methodologies that are followed by entrepreneurs for establishing a new business or venture.

Discovery. An entrepreneurial process begins with the idea generation’ wherein the entrepreneur identifies and evaluates the business opportunities.

Developing a Business Plan. Involves developing a successful business plan to exploit the identified opportunity; setting goals, standards, methods, and techniques.

Resourcing. The entrepreneur identifies the sources from where the finance and the human resource can be arranged; also finds the investors for its new venture.

Managing the company. After resourcing the funds and employees, an entrepreneur must decides the management structure or the hierarchy that is required to solve the operational problems when they arise.

Harvesting. The final step in the entrepreneurial process, wherein an entrepreneur decides on the future prospects of the business; the actual growth is compared against the planned growth.