Scribd
Upload
68 views5 pages

Understanding Entrepreneurship Essentials

Entrepreneurship is a multi-dimensional concept that involves creativity, innovation, risk-taking, and value creation. It plays an important role in economies by generating employment, increasing wealth and national income, dispersing economic power, and promoting overall economic growth through the introduction of new technologies and methods. The term "entrepreneur" originated from French and refers to those who undertake the risk of new business enterprises.

Uploaded by

Hannan Wani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
68 views5 pages

Understanding Entrepreneurship Essentials

Entrepreneurship is a multi-dimensional concept that involves creativity, innovation, risk-taking, and value creation. It plays an important role in economies by generating employment, increasing wealth and national income, dispersing economic power, and promoting overall economic growth through the introduction of new technologies and methods. The term "entrepreneur" originated from French and refers to those who undertake the risk of new business enterprises.

Uploaded by

Hannan Wani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

ENTREPRENEUR?

Derived from french word “undertakers”


meaning those who undertook the risk of new
enterprise.
Richard Cantillion
ENTRENEURSHIP
• It is an elusive concept that cannot be defined precisely .
• It is multi dimensional concept.
• Economists focus on what happens when entrepreneurs
act
• Psychologists and sociologists are interested in “why they
act”
• Management experts focus on “how the entrepreneurs
act” in the characterstics of entrepreneurial managers and
the manner in which entrepreneurs achieve their goals.
Five Core Elements of Entrepreneurship
• Creativity and innovation
• Ability to apply the creativity
• Drive and passion
• Focus on creating value
• Take risk
Importance of Entrepreneurship for a
nation
• Employment Generation
• National Income
• Dispersal of Economic power
• Balanced Regional Development
• Corporate Application of Entrepreneurship
Role of Entrepreneurship in the
economy:-
• Increasing opportunities for employment
• Additional wealth creation
• Introduction and dissemination of new methods and
technology
• Overall economic growth

You might also like