Entrepreneurship:
The entrepreneurship concept has always been the subject matter of the debate among the scholars just alike the other economic concepts. Entrepreneurship is the deeds an entrepreneur does to achieve his as well as the firm’s goal. Elaborately we can say that, the performance of combining the land, labor and capital, and having the mentality of uncertainty of profit whatever an entrepreneur does is entrepreneurship.
Some of the scholars view points will be helpful for the Clearance of the definition of the entrepreneurship. The scholar’s views and worldwide recognized definitions have precisely gleaned below:-
“Entrepreneurship is the process of searching out opportunities in the market place and arranging resources required to exploit these opportunities for long term gains.”
– Wikipedia, the Free Encyclopedia.
“Entrepreneurship is the process of being an entrepreneur, of gathering and allocating the resources—financial, creative, managerial, or technological—necessary for a new venture's success.”
–Answers.com
“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”
– Conference on Entrepreneurship, USA.
“Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services”
– A.H. Cole
“Entrepreneurship is based on purposeful and systematic innovation. It included not only the independent businessman but also company directors and managers who actually carry out innovative functions.”
– Joseph Schumpeter
From the above discussion on different scholar’s views and web postings it is clear that for the purpose of making profit whatever an entrepreneur does is entrepreneurship.
Source: Here
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