Introduction to

Entrepreneurs
hip
Perspectives on
Entrepreneurship

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Definition of
Entrepreneurship
ENTREPRENEURSHIP is the process of designing and running a
new business venture for earning profits.

• It is a process that brings innovation that is new ideas, products,

and services in the market.

• It is the ability to create, manage and operate a new business

and bears all risks with a view to earn profits.

A person who develops new business and undertakes all risks and
challenges associated with it is termed as ENTREPRENEUR

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 Other concepts of
Entrepreneurship
The word “entrepreneur” was derived from the French verb “enterprendre”, which means
“ to undertake”.

Entrepreneurship is a process of actions of an entrepreneur who is always in search of

something new to exploit new ideas into gainful opportunities by accepting
the risk and uncertainty of the enterprise.

Entrepreneurship employs what Schumpeter called “the gale of creative destruction” to

replace wholly or partly inferior innovations across markets and industries.

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 Nature of
Entrepreneurshi
p

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 Entrepreneurship is a process
that refers to the creation and
running of a new enterprise. It
is an activity under which a
person called an entrepreneur
starts a new venture using a
new idea.

Creation of Enterprise
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 Entrepreneurship is an
economic activity as it involves
creating and running a new
business through optimum
utilization of all combined
resources. It ensures that all
scarce resources are
efficiently used for deriving
better returns in the form of
profit

Economic Activity

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 It is the process of discovering
new ideas and concepts and
implementing them in business
ventures. Entrepreneurship
involves bringing innovation
into the market by introducing
new products or process that
delivers better service.

Innovation And Creativity

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 It is an activity that involves huge
risks which every entrepreneur
needs to undertake for starting a
venture. New ideas developed
and implemented by the
entrepreneur are uncertain and
may result in losses.

Risk Bearing
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 Profit potential is the level of
return or compensation to the
entrepreneur for taking the risk
of developing an idea into an
actual business venture..

Profit Potential

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 Entrepreneurship is a process of
recognizing and filling the gap
between customer needs and
available products or services. It
focuses on removing the deficiencies
from the currently available products
to fulfill the needs of customers.

Gap Filling
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 It is an organizing function that
brings together different factors
of production like land, labor,
and capital. Entrepreneurship
is concerned with coordinating
and managing all resources
engaged within the enterprise.

Organizing Function
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Entrepreneurship
• is an economic process where an idea is generated or
an opportunity is created, refined, developed and
implemented, while exposed to uncertainty to realize a
profit by effective utilization of resources.

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 Determinants of
Entrepreneurship
Personal Level Factors -these are personal and psychological characteristics individuals that
have effects on entrepreneurship environment .

Social Level Factors -these are various aspects and perspectives of the society that influences
entrepreneurial culture.

Economy Level Factors -these are various macroeconomic factors that play a vital role in
the development of entrepreneurship in an economy.

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Personal Level Factors

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Social Level Factors

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Economy Level Factors

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 Importance of
Entrepreneurship
1. Development Of Managerial Capabilities
2. Creation Of Organizations
3. Improve Standards Of Living
4. Means Of Economic Development

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My Relevant
Experience
on
“Gain Ownership Of
Entrepreneurship
Learning”

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Featured
Entrepreneur

Foodpanda is an
online food delivery
platform that allows
customers to order meals,
beverages, or groceries
from restaurants and other
shops nearby or connects
users to thousands of local
food points

Ralf Wenzel

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Sustainable Business
Strategy

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