According to Professor Howard Stevenson, the godfather of entrepreneurship studies at Harvard Business School “Entrepreneurship is the pursuit of opportunity beyond resources controlled.”

In defining Entrepreneurship here,

“Pursuit” implies a singular, relentless focus.

“Opportunity” implies an offering that is novel in one or more of four ways.

“Beyond resources controlled” implies resource constraints.

The whole process of entrepreneurship is rooted in creation and exploration of new ideas. It essentially consists in creating things that are not generally done in the ordinary course of business routine. Creativity helps develop new ways of improving an existing product or service and optimizing a business. Entrepreneurship employs what Schumpeter called "the gale of creative destruction". He opined that in a way it is also a “process of creative destruction”, implying that while this process creates something new, it simultaneously replaces, rather destroys, existing but outdated ideas, products or methodologies.

Concept of Entrepreneur: The term ‘entrepreneur’ is derived from the French verb ‘entreprendre’. The term ‘entrepreneur’ was applied to the leaders of military expeditions in the early 16th century.

An entrepreneur is an individual who organizes and operates a business or businesses, taking on financial risk to do so. According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they:

• greatly value self-reliance,
• strive for distinction through excellence,
• are highly optimistic, and
• always favor challenges of medium risk

Question to Consider: 

1. What do you mean by entrepreneurship?
2. “Entrepreneurship is a creative process”. Explain this statement.
3. Explain the concept of Entrepreneur?