You must be aware of the fact that earning is necessary for living. Your father, mother, brother, and others may be engaged in activities through which they earn a livelihood for the family. How do you plan to earn your livelihood? Would you like to take up a job in an organization or would you like to start your own business?
The assumption of risk and responsibility in designing and implementing a business strategy or starting a business is called entrepreneurship.
A teacher teaches in a school, a worker works in a factory, a doctor practices in a government hospital, a clerk serves in a bank, a manager works in a business concern to earn his living. These are examples of people who are employees and earn money through salaries or wages given by their employers. This is known as wage-employment.
On the other hand, a shopkeeper, a factory owner, a businessman, a doctor having his own clinic, earn money by running their own concerns. These are examples of people who are self-employed. However, there are several self-employed individuals who not only create jobs for themselves but also generate jobs for many others. They may be termed as ‘entrepreneurs’.
Entrepreneurship is the act of being an entrepreneur, which can be defined as “one who organizes, operates and assumes the risk of a business venture.
An entrepreneur is a person who perceives a need and then brings together manpower, material, and capital required to meet that need.
The most obvious form of entrepreneurship is that of starting a new business.
Entrepreneurship is a composite skill that is a mixture of many qualities and traits such as imagination, risk taking, ability to harness factors of production, i.e., land, labor, technology and various intangible factors.