what is Entrepreneurship: Definition, Barriers and culture the Indian Perspective

If you want to understand of what is Entrepreneurship?, So first you should know that about entrepreneur. You can read my previous article to know everything of entrepreneur.

• Entrepreneur: Definition, Function, type and their behavior

What is Entrepreneurship?

Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition.

Entrepreneurship is an elusive concept. The concept of entrepreneurship has been a subject of much debate and is defined differently by different authors.

Definition of Entrepreneurship

There are many authors has different defined about entrepreneurship Just as

According to A.H. Cole has defined “ The purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or earn profit by production and distribution of economic goods and services.” That called entrepreneurship.

Joseph A Schempeter called Entrepreneurship is essentially a creative activity. It consists of doing such things are not generally done in ordinary course of business. An entrepreneur is one who innovates i.e., carries out new business.

According to Heggins “Entrepreneurship is meant the function of seeking investment and production opportunity, organizing and enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials and selecting top manager’s of day to day operations.

“There are two characteristics of entrepreneur: first is doing a thing a new and better way, Second is decision making under uncertainty” are called by Mc Clelland.

Basic Elements of Entrepreneurship

The various definitions of entrepreneurship identify two basic elements of entrepreneurship namely innovation and risk bearing.

In other words, if we want to understand of entrepreneurship that you can see below images.

In above mention images you can see entrepreneur is addressed of a person and when a person action of his thinking for any enterprises to earn profit that called Entrepreneurship.

Relationships between Entrepreneur and Entrepreneurship.

There are below mention 08 points whose show relation between entrepreneur and entrepreneurship.

Barriers to Entrepreneurship

A large number of entrepreneurs particularly in the small enterprises fail due to several problems and barriers. The greatest barrier to entrepreneurship is the failure of success.

Entrepreneurship is purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or earn profit by production and distribution of economic goods or services.

Karl. H. Vesper has identified the following entrepreneurship barriers:

• Lack of a viable concept
• Lack of market knowledge
• Lack of technical skills
• Lack of seed capital
• Lack of business know how
• Complacency – lack of motivation
• Social Stigma
• Time presence and distractions
• Legal constraints and regulations
• Monopoly and protectionism
• Inhibitions due to patents

Entrepreneurship Culture : The Indian Perspective

A recent survey published in The Time of India describes the Indian youth as cool confident and even a little complacent. The Survey found only 7 percent of the Gen-X Indians worried about finding employment and a mere 5 per cent anxious about financial stability.

The finding of the global market research company synovate, through a survey conducted across eight countries during July 2005, may be significant pointers to what India may become in the next score or more years.

Another Survey, a Times-CNN poll conducted by the market research firm TNS in the four metros, finds people rather confident that India is going to be a superpower in the next 25 years.

At last words, In all ages than entrepreneurship has been regarded as an important determinant of wealth creation. It was trading in the ancient times, labour-dominated production in the medieval age, technology-enabled manufacturing in the modern times and services and knowledge oriented in the past-modern era.

Read More :-

• What is Management? Definition, Level & Function of management

• Entrepreneur: how to become a successful entrepreneur?

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