Explain the Concept of Entrepreneurship in Detail.

1.	Explain the Concept of Entrepreneurship in Detail.
Answer» Entrepreneurship is the process of searching and exploiting the profitable opportunities, creating new utilities and values by transforming resources and by bearing risk of innovative decision so that society’s expectations and needs can be fulfilled and wealth can be created to mobilize economic growth. In other words, entrepreneurship is an activity of establishing an enterprise with the element of risk present in functioning or running it. In words of Prof. Udai Pareek and Manohar Nadkarni: “Entrepreneurship refers to the general trend of setting up new enterprises in society.” In words of Peter Kilby : “Entrepreneurship involves a wide range of activities which includes perception of market opportunity, comparing and managing the factors of production and introduction of new production technique and products.”

Answer»

Entrepreneurship is the process of searching and exploiting the profitable opportunities, creating new utilities and values by transforming resources and by bearing risk of innovative decision so that society’s expectations and needs can be fulfilled and wealth can be created to mobilize economic growth. In other words, entrepreneurship is an activity of establishing an enterprise with the element of risk present in functioning or running it.

In words of Prof. Udai Pareek and Manohar Nadkarni:

“Entrepreneurship refers to the general trend of setting up new enterprises in society.”

In words of Peter Kilby :

“Entrepreneurship involves a wide range of activities which includes perception of market opportunity, comparing and managing the factors of production and introduction of new production technique and products.”

Discussion

No Comment Found

Related InterviewSolutions

Who said that “Entrepreneurs are dedicated to goals of high achievements and do no get satisfied unless they achieve them.”
Generally which entrepreneurs are the role models of today’s youngsters?
Entrepreneurship risk is (a) certainty (b) Commercial uncertainty (c) continuity (d) None of these
Write down the meaning of risk.
Explain the social qualities of an entrepreneur.
Enlist the characteristics of entrepreneurship.
Explain the physical and mental qualities expected in an entrepreneur.
Elucidate any five traits of a successful entrepreneur.
Quote any one definition of an entrepreneur?
“Entrepreneurship is an innovative function. It is leadership rather than ownership.” This was said by: (a) Joseph A. Schumpter (b) Peter Kilby (c) Howard Johnson (d) Franklin Lindsay