INTRODUCTION TO ENTREPRENEURSHIP The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved

ever since. Many simply equate it with starting ones own business. Most economists believe it is more than that. To some economists, the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. Others emphasize the entrepreneurs role as an innovator who markets his innovation. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how the entrepreneurs drive for innovation and improvement creates upheaval and change. Schumpeter viewed entrepreneurship as a force of creative destruction. The entrepreneur carries out new combinations, thereby helping render old industries obsolete. Established ways of doing

business are destroyed by the creation of new and better ways to do them. Business expert Peter Drucker (1909-2005) took this idea further, describing the entrepreneur as someone who actually searches for change, responds to it, and exploits change as an opportunity. A quick look at changes in communications from typewriters to personal computers to the Internet illustrates these ideas. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Therefore, government support for entrepreneurship is a crucial strategy for economic development. Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as

intra-preneurship and may include corporate venturing, when large entities spin-off organizations (Shane, 2004). An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its development. Entrepreneurship is the practice of starting a new business or reviving an existing business, in order to capitalize on new found opportunities. Generally, entrepreneurship is a tough proposition as a good number of the new businesses fail to take off. Entrepreneurial activities differ based on the type of business they are involved in. It is also true that entrepreneurial ventures create a number of new job opportunities. A large number of entrepreneurial projects look for venture capital or angel funding for their startup firms in order to finance their capital requirements. Besides, government agencies and some NGOs also finance entrepreneurial ventures. Entrepreneurship is often associated with uncertainty, particularly when it involves creating something new for which there is no existing market. Even if there is a market, it may not translate into a huge business opportunity for the entrepreneur. A major aspect in entrepreneurship is that entrepreneurs embrace opportunities irrespective of the resources they have access to. Entrepreneurship involves being resourceful and finding ways to obtain the resources required to achieve the set objectives. Capital is one such resource. Entrepreneurs need to think out-of-thebox to improve their chances of obtaining what they need to succeed (Shukla, 2009). According to management experts, vast majority of entrepreneurs desire to be in control of their own life and they cant find this beyond entrepreneurship. Studies have demonstrated that people derive great satisfaction from their entrepreneurial work. A number of entrepreneurs are of the opinion that managing their own business offers far greater security than being an employee elsewhere. They feel entrepreneurship enables them to acquire wealth quickly and cushion themselves against financial insecurity. Additionally, an entrepreneurs future is not at peril owing to the faulty decisions of a finicky employer. So, while some people feel that being employed is less risky, entrepreneurs feel that they are better off starting a business of their own.

Today, there is the increasing awareness about entrepreneurship. People arent confining themselves to one business. They are following one business with another. Such entrepreneurs are referred to as serial entrepreneurs. Sometimes these entrepreneurs become angel investors and invest their money in startup companies. As a person gains greater insight into business and entrepreneurship, his chances of succeeding in business improve.