Entrepreneurship

Concept

The term ‘entrepreneurship’ refers to the functions performed by an entrepreneur. It is the process involving various actions to be undertaken by the entrepreneur in establishing a new enterprise. In fact, what an entrepreneur does is regarded as entrepreneurship. Thus, entrepreneurship can be viewed as a function of:

i) identifying and using the opportunities exist in the market;

(ii) converting the ideas into action;

(iii) undertaking promotional activities to launch an enterprise;

(iv) striving for excellence in his/her field of work;

(v) bearing the risk and uncertainties involved, and

(vi) harmonising.

Entrepreneurships can be described as a creative and innovative response to the environment and the process of giving birth to a new enterprise. Such response can take place in any field of social endeavour, business, agriculture, education, social work etc.

“Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking, and through the communicative and management skills to mobilize human, financial, and material resources necessary to bring a project to fruition.”