WHAT IS ENTREPRENEURSHIP?

Entrepreneurship is the propensity of mind to take calculated risks with confidence to achieve a pre-determined business or industrial objective. In substance it is the risk taking ability of the individual, broadly coupled with correct decision-making.

Entrepreneurship is the process of creating something new with value, by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence. Entrepreneurship is often viewed as a function, which involves the exploitation of opportunities, which exist within a market. Such exploitation is most commonly associated with the direction and/or combination of productive inputs. Entrepreneurs usually are considered to bear risk while pursuing opportunities, and often are associated with creative and innovative actions.

According to A. H. Cole

“Entrepreneurship is a purposeful activity of an individuals or group of individuals undertaken to initiate, maintain and aggrandize profits by production and distribution of associated goods and services.”

 According Robert D. Hisrich and Michael P. Peters (1998)

“Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.”