The industrial health of a society depends on the level of entrepreneurship existing in it. A country might remain backward not because of lack of natural resources or shortage of capital but because of lack of entrepreneurial talents or it inability to tap the concealed entrepreneurial talents existing in that society.
Entrepreneurs historically have altered the direction of national economies, industry or markets- Japan, Singapore, Korea, Taiwan to name a few.
Entrepreneurship starts a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones.
Entrepreneurship can be described as a process of action an entrepreneur undertakes to establish his enterprise. Entrepreneurship is a creative activity. It is the ability to create and build something from practically nothing. It is a knack of sensing opportunity where others see chaos, contradiction and confusion.
Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise.
According to Peter Drucker, entrepreneurship is defined as ‘a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation.’
Entrepreneurship is a discipline with a knowledge base theory. It is an outcome of complex socio-economic, psychological, technological, legal and other factors. It is a dynamic and risky process. It involves a fusion of capital, technology and human talent.
Entrepreneurship is equally applicable to big and small businesses, to economic and non- economic activities. Different entrepreneurs might have some common traits but all of them will have some different and unique features.
Entrepreneurship is a process. It is the purposeful and organized search for change, conducted after systematic analysis of opportunities in the environment.