Table of Contents
What is an Entrepreneurial Venture?
Entrepreneurial ventures provide independence, and autonomy to entrepreneurs. Entrepreneurship enables them to be their own masters. They get an opportunity to achieve something on their own.
They pursue their dreams and ambitions through their enterprises and get the pleasure of fulfillment, self-expression, and self-actualization. Their vision, and creativity, are manifested through their enterprises.
They get an opportunity to stand out in the crowd and get recognition for their contribution. They get an opportunity to enjoy their work and thus are relieved of boring, unchallenging, uninteresting, and unexciting work.
They need not bother about the stress of working under a boss. It makes them free from depression and frustration arising out of a dull working environment.
Entrepreneurship enables them to work in a lively environment where there is pleasure, enjoyment, and an opportunity to exercise their ideas and explore their worth. It increases their self-esteem and builds up self-confidence.
Entrepreneur and Entrepreneurship
An entrepreneur is a person who develops a new idea and takes the risk of setting up an enterprise to produce a product/service that satisfies consumer needs. All entrepreneurs are business persons, but not all business persons are entrepreneurs. An entrepreneur acts as a catalyst for growth and development in the modern world.
He introduces innovative changes in the business and society. He evaluates perceived opportunities and strives to make the decision that will enable the firm to realize sustained growth. According to Webster’s Dictionary –“ An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit.”
Entrepreneurship is an innovative and risk-taking activity. It is a process of creating, a new and innovative product/service by assuming the risks and rewards. Entrepreneurship is different from normal production and distribution activity, as it involves innovation, creativity, risk, and uncertainty. According to “Robert Hisrich”- “ Entrepreneurship is the process of creating something new and assuming the risks and rewards”
- Entrepreneurship according to Joseph Schumpeter is concerned with,
- Development of new technology,
- Introduction of a new product,
- Creation of a new form of organizational structure,
- Development of new sources of raw materials,
- Entry into a new market.
It results in the reduction and optimum utilization of resources, capital formation, employment generation, and infrastructure development and also generates revenue for the Government.
