Entrepreneurship Development: basic Concept

Concept of Entrepreneurship Development:
Meaning
Definition
Characteristics
Difference Between Entrepreneurship & Intrapreneurship

1. ENTREPRENEURSHIP DEVELOPMENT Concept of Entrepreneurship Development: Meaning Definition Characteristics Difference Between Entrepreneurship & Intrapreneurship

2. Meaning of Entrepreneurship “Entrepreneurship” is a dynamic process of vision, change and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. An entrepreneur is an individual who takes on the initiative, risks, and responsibilities of starting and managing a business or venture. A vision or an innovative idea drives them, and they are willing to invest their time, effort, and resources to make it a reality. Entrepreneurship is now regarded as the “Pioneer ship” of business. Entrepreneurship is a discipline with a knowledge base theory and is an outcome of complex socio-economic, psychological, technological, legal, and other factors.

3. Definition According to Peter F. Drucker “Entrepreneurship is defined as a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation”. According to Ricardo Cantillon “Entrepreneurship entails bearing the risk of buying at a certain price and selling at uncertain prices.”

4. Features It is a dynamic and risky process. It involves a fusion of capital, technology, and human talent. Entrepreneurship is equally applicable to big and small businesses and to economic and non-economic activities. Different entrepreneurs might have some common traits but all of them will have some different and unique qualities. It is the purposeful and organized search for change, conducted after a systematic analysis of opportunities in the business environment. Entrepreneurship is a philosophy and is the way one thinks, one acts, and therefore it can exist in any situation, be it business or government or in the field of education, science, and technology.

5. Features Entrepreneurship is a creative activity. It is the ability to create and build something from practically nothing. It is a knack of sensing opportunity where others see chaos and confusion. Entrepreneurship is the attitude of the mind to seek opportunities, take calculated risks, and derive benefits by setting up a venture. It is made up of activities to conceive, create, and run an enterprise.

6. Difference Between Entrepreneurship & Intrapreneurship Definition Entrepreneurship is the process of starting and managing a new business, while intrapreneurship is the process of developing new ideas within an existing organization. Dependency An entrepreneur is independent in his/her operations, but an intrapreneur is dependent on the entrepreneur or owner. Resources Entrepreneurs seek external resources and support by himself or herself, while intrapreneurs use company resources.

7. Difference Between Entrepreneurship & Intrapreneurship Risk Entrepreneurs assume financial risk and bears the risk involved in business, while intrapreneurs generally don't bear the risk. Decision-making Entrepreneurs have more decision-making freedom, while intrapreneurs may have less decision-making authority. Benefits Entrepreneurs can earn financial rewards for success, while intrapreneurs may receive benefits like career advancement and personal satisfaction.

8. Difference Between Entrepreneurship & Intrapreneurship Impact Entrepreneurs drive economic growth by creating new businesses and jobs, while intrapreneurs contribute to the growth of existing organizations. Entrepreneurship and intrapreneurship can complement each other, as large organizations can benefit from the creativity and innovation of intrapreneurs. Operation An entrepreneur operates from outside, whereas an intrapreneur operates from within the organization itself.  

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