Entrepreneurship Development

ENTREPRENEURSHIP DEVELOPMENT FOR RURAL FAMILIES 4(1+3)

Lesson 1 : Concepts and Definitions of Entrepreneur, Entrepreneurship, Enterprise

Entrepreneurship

• Entrepreneurship can be described as a process of action an entrepreneur undertakes to establish his/her enterprise.
• It is a creative activity. It is the ability to create and build something from practically nothing.
• Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise.
• It is an outcome of complex socio-economic, psychological, technological, legal and other factors. It is a dynamic and risky process. It involves a fusion of capital, technology and human talent.
• Entrepreneurship is a philosophy- it is the way one thinks, one acts and therefore it can exist in any situation be it business or government or in the field of education, science and technology or any others.