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What is the concept of Entrepreneurship?

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Entrepreneurship is a process of actions of an entrepreneur who is a person always in search of something new and exploits such ideas into gainful opportunities by accepting the risk and uncertainty with the enterprise.

Entrepreneurs are, thus, the seeds of industrial development and the fruits of industrial development are greater employment opportunities to unemployed youth, increase in per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, sales tax, export duties, import duties, and balanced regional development.

An Entrepreneur is an entity which has the ability to find and act upon opportunities to translate inventions or technologies into products and services.

 

Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

Entrepreneurship is basically an activity in which a person or a group set up business and take financial risk in the hope of getting some profit.

If we look in broad term Entrepreneurship is related to solving social problem, creation of innovative products and commercializes it.

If we look at the functions of Entrepreneurship it involves from generation of idea to introduction of product in the market, also from raising funds for the proper working of operations to dealing with officials.

What is the concept of Entrepreneurship?

This flow chart shows how an entrepreneur does an Entrepreneurship and with the objective of creating an Enterprise.

The Entrepreneurship can be categories in various fields some of them are as follows:

 1). Women Entrepreneurship: In this type the owner or the entrepreneur is woman, all the major work is done by a woman Entrepreneur. 

2). Rural Entrepreneurship: In this the root of the enterprise lies in rural area, various policies and plans has been formulated by governments to encourage more such entrepreneurship.

3).Social Entrepreneurship: This type of enterprise creates products that are for the social welfare, this type of enterprise is generally non-profit, but they can be profitable. Their sole purpose is for the welfare of the society. 

Conclusion:

Entrepreneurship is a process through which an entrepreneur takes financial risk and creates an enterprise in hope of generating profit through it.

Entrepreneurship can be categorized in various ways according to from where and how an enterprise is formed.

There are various factors that can affect Entrepreneurship, it involves taxes, legal issues, the management team, Capital availability, Political Factors  ,etc.