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Entrepreneurship.

. Meaning of Entrepreneurship. Evolution of concept. Functions of entrepreneur.

Contd.
Entrepreneurial development is of special significance in any economy as it plays a vital role in industrial development, regional growth and employment generation.They are seeds of industrial development and fruits of industrial development are greater employment opportunities, increase in per capita income, higher standard of living, increased individual saving, revenue to government and balanced development.

Contd.
Entrepreneurs have altered direction of national economies, industries, markets. New products, new technologies, reallocation of resources, innovations which have altered pattern of living. Entrepreneur is a manager but manager is not an entrepreneur. Entrepreneur is a person who create an enterprise. The process of creation is called entrepreneurship.

Why entrepreneur?
Own boss make decisions that are crucial. Gets a chance to put own ideas into practice. Will make money for self/enterprise. Variety of disciplines. Satisfaction of creating and running one enterprise. Work in field and area you enjoy. Build own organization. CONCEPT: In economics and commerce an entrepreneur is an economic leader who possesses the ability to recognize opportunities for -

Contd.
- for the successful introduction of new commodities, new techniques and new sources of supply, and to assemble the necessary plant and equipment, management and labor, and organize them to a running concern. Entrepreneurship is essential for economic development. Entrepreneurship can be defined as a process of action an entrepreneur undertakes to establish an enterprise.

Contd.
Definition by D.C. McClelland, Peter F. Drucker. Knowledge in entrepreneurship is a means to an end. Walkers views. Francis A. Walker: Is endowed with more than average capacities in the task of organizing and coordinating the various other factors of production. Amore efficient entrepreneur receive a surplus over and above the marginal wages and opportunity cost of capital due to superior talent.

New concept.
One conceives of an enterprise, for the purpose, displays considerable imitative, grit and determination in bringing his project to fruition, and in the process, performs one or more of the following.(i) perceives opportunities for profitable investment. (ii). Explores the prospects of starting such a manufacturing enterprise. (iii) obtains necessary industrial licenses. (iv). Arrange initial capital.

Contd.
(v). Arrange finance/ offer guarantee from FI. (vi). Meet shortfalls in project finance. (vii). Technical knowhow. Functions: The term entrepreneur is now attributed to all small industrialists, small business, traders and industrialists. All persons gainfully engaged in work, manufacturing, distribution, or service or other sectors are called entrepreneurs. Even founder creator and risk takers.

Contd.
Each of these terms focus on some aspect of entrepreneur. Creators, risk takers, imitators. People indulging in unlawful activities. The term can be understood with a bearing on economic, psychological, sociological, and cultural bearing. Peter Kilby: Exchange relationship; perception of market opportunities (novel or imitative). Gaining command over scare resources. Purchasing input.

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Marketing of the products and responding to competition. Political administration. Dealing with public bureaucracy. Managing human relations, Customer and suppliers. Financial management. Production management. Technology: Acquiring and overseeing assembly of the factors, industrial engineering, upgrading process and product quality, introduction of new technique and products.