Meaning of Enterpreneurship

Well, it is being one of the hot topics in the current situation. However, it is the process of creating new ventures. It usually embarks on with some innovative idea. The matter of fact is, it identifies opportunities, mobilizes and invests resources to exploit those opportunities which basically involves innovation. Entrepreneurship is the process of exploiting opportunities by creating new venture through resource pulling, risk taking, innovating and managing for rewards. Entrepreneurship results in the creation and management of business for growth and profit. It focuses on the startup process and capacity to create new opportunities products and technology. However, the entrepreneurial process consists of certain elements:

Creation of new venture:

Entrepreneurship is concerned with creation of new ventures and ideas. Generally, such ventures start as a small business and satisfy unfulfilled needs in the market. They create new market and customers, They provide impetus for change. Whatsoever, opportunity for new venture is identified; Inventions are transformed into innovations that result in new products or processes.

Devotion of time and efforts:

Entrepreneurship requires devotion of energy, time and efforts. Hard work with enthusiasm is needed to make new ideas operational. A business plan is developed. Resource requirements are determined and acquired. The new venture is effectively managed. Most entrepreneurs start as owner-manager

 Assumption of risks

Entrepreneurship requires taking risks. Risk implies awareness about available alternatives but ignorance about their consequences. Probability estimates of the risk are made. Entrepreneurship involves assumption of risks. The risks can be financial, psychological, career and social. New ventures tend to have high risk.

Reaping of rewards

Entrepreneurship provides rewards. They can be monetary, benefits in terms of profit. They can be non-monetary in terms of personal gratification, self-development, recognition, status and independence in work. It fulfills the personal needs of the entrepreneur to be one’s own boss. It is the symbol of achievement. It also provides opportunities for social recognition.