Overview of entrepreneurship, Concept of Entrepreneurship, Nature of Entrepreneurship

Entrepreneurship is the process of creating new ventures. it involves creativity and innovation. It requires assumption of risk and reaping of rewards. It brings together resources. it provides option for self-employment to an individual. It creates employment opportunity for others.

 Entrepreneurship is a mind set of creativity and risk taking. it is the process of identifying opportunities. it results in creating of new ventures. It plans, organizes, operates and assumes the risk of new venture. It aims for innovation, profitability and growth.

 The entrepreneurial spirit has appeared as the engine of economic development. Entrepreneurship has resulted in millions of economic development. Entrepreneurship has resulted in millions of new ventures in the world it has appeared as the driving force for economic development. The interest in the concept of entrepreneurship is growing.

Definitions from scholar:

"Entrepreneurship is based on purposeful and systematic innovation. It essentially consists in doing things that are not generally done in the ordinary course of business routine.-Joseph Schumpeter 

"Entrepreneurship is gathering and using resources to produce results it is allocating resources to opportunities rather than problems."-Peter Drucker

"Entrepreneurship is the process of innovation that reallocates resources to new opportunities through unusual combinations of resources and the skills of risk taking. " David Holt

"Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions."- Kuratko & Hodgetts

Entrepreneurship is the creative process of exploiting opportunities by starting a new ventures, resource pulling, risk taking, innovating and managing for rewards. It is a change from present life style.  

Author Credit: Dr. Govind Ram Agrawal