Page 6 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Hitesh Jhanji, Lovely Professional University
Unit 1: Entrepreneurship: A world of Opportunity

Unit 1: Entrepreneurship: A world of Opportunity Notes

CONTENTS
Objectives

Introduction
1.1 Meaning of Entrepreneurship
1.2 Importance of Entrepreneurship

1.3 Concepts: Entrepreneur and Entrepreneurship
1.4 Characteristics of an Entrepreneur
1.5 Factors Influencing Entrepreneurship

1.6 Summary
1.7 Keywords
1.8 Review Questions

1.9 Further Readings
Objectives

After studying this unit, you will be able to:
Explain the meaning of entrepreneurship
Discuss the importance of entrepreneurship

Explain the concepts of entrepreneur and entrepreneurship
Discuss the characteristics of an entrepreneur
Describe the factors that influence entrepreneurship

Introduction

Everyone is aware of the term ‘entrepreneurship’ which refers to a process by which individuals
launch and manage their business and industrial enterprises. Entrepreneurs are the ones who
risk and invest their own capital into the business and industrial-ventures.

The word ‘entrepreneur’ immediately conjures up images of business tycoons like L.N. Mittal or
Bill Gates. While these rich, famous and successful individuals can be inspirational for some,
most of us would find it difficult to associate our own lives, personalities or abilities with them.
But the fact is that virtually everybody is entrepreneurial in some part of his or her life.
Entrepreneurial in terms of self-development (an athlete constantly practicing to improve his/
her performance and stamina), in terms of self-decision making (a man deciding not to marry
and devoting the rest of his life in the service of God), in terms of creativity (a housewife using
waste material for making a piece of art), risk-taking (a teenage boy trying bungee jumping).
Hence, anyone who exhibits the characteristics of self-development, creativity, self-decision
making and risk-taking can be rightly called as a person with entrepreneurial traits. When these
traits are exhibited by a person running a business he can rightly be called an entrepreneur. The
reverse is also true – a businessman who does not take risks, or does not aim for self-development,

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