THE CONCEPT OF ENTREPRENEURSHIP

The concept of entrepreneur concerns to the vision of an entrepreneur as well as its transforming into action by him. Entrepreneurship is a creative and innovative response of an individual to the environment. It is also the process of establishing a new venture by the entrepreneur. Thus, an entrepreneurship is a composite skill  a combination of many qualities and traits such as imagination, risk taking, ability to utilize factors of production, i.e, land, labour, technology and several intangible factors.

ENTREPRENEURSHIP DEVELOPMENT

Joseph Schumpeter did a pioneering work on entrepreneurship. For him entrepreneurship is essentially a creative activity consisting in doing such things as are generally not done in the common conduct of business. An entrepreneur is one who carries out new combinations or enterprise. Entrepreneurs are highly motivated and talented class of people and key figures in development.

ENTREPRENEURSHIP, INNOVATION AND CREATIVITY

The entrepreneurs bring about change by persuasion thereby shifting economic resources away from settled endeavors into areas of higher yield and increased productivity. Entrepreneurship is the process of wealth creation rather than wealth accumulation. A very important dimension of wealth creation and every new venture is innovation. A blend of innovation and the creative endeavor leads to entrepreneurship. Entrepreneurs build new ideas from which they establish new enterprises that increase value to society.

EVOLUTION OF CONTEMPORARY ENTREPRENEURSHIP

A very long time ago, our ancestors invented a hand ax, made the wheel a reality, and discovered new ways to grow crops. Much later, sails mounted on boats made seafaring trade possible. Still later, Robert Fulton’s steam engine revolutionized sea and land transportation. These were watershed events in human history, but it was 19th-century entrepreneurs who dramatically thrust the world into industrialism.

SCHUMPETER ON ENTREPRENEURSHIP

Joseph Schumpeter has done pioneering work on entrepreneurship. For him entrepreneurship is essentially a creative activity consisting in doing such things as are generally not done in the ordinary course of business. An entrepreneur is one who innovates i.e. carries out new combinations or enterprise. Entrepreneurs are especially motivated and talented class of people and key figures in development.