Entrepreneurship Entrepreneurship is the act of creating a new and innovative enterprise/ product or service. The function of entrepreneurs is to change the pattern of a production or design of a product through innovations / invention or even attempting new technological methods/modifications for producing a new commodity or producing an old one in a new way . An entrepreneur is a person who undertakes the creation of such changes in an enterprise or business. Entrepreneurs use their acumen to assemble resources and/ or finances and aim to make a livelihood.
This may even result in new organisations or may be part of revitalising existing organisations. An entrepreneur is a person who can take risks for converting a novel idea into reality. An entrepreneur is innovative, creative, organised, and risk taker. India has excellent examples of entrepreneurs who had the vision and thought e.g., Mr.
Narayan Murthy, JRD Tata, Dhirubhai Ambani to name only a few. Entrepreneurial activities differ depending on the type of organisation that is being started. Entrepreneurship ranges from small individual projects / micro units, sometimes involving the entrepreneur only part- time, to major undertakings which give jobs to many people in addition to the entrepreneur himself / herself. Many kinds of organisations now exist to support aspiring entrepreneurs, including government agencies, scientific institutes and organisations, financial institutions, such as banks and some voluntary organisations.
Entrepreneurs make things happen: May be a concept, product, policy or institution. They become champions of new process(es), engineers of change