What is Entrepreneurship Development?

Entrepreneurship Development is a vast topic in Management Science and Business Administration. We must know the meaning of word “Entrepreneur”. This word is derived from a French word ‘enterprende’. It means “to undertake”.

Entrepreneurs are always associated with risk taking and Entrepreneurship is that art of risk taking which leads to a successful business. It deals with Financial, psychological and social risks. Rewards of successful entrepreneurship are financial benefits, personal satisfaction and an individual / independent life.

What are key functions of an Entrepreneur?

  1. Entrepreneur must possess Innovative thinking.
  2. He must have knowledge of changes in the industry and market structure.
  3. He must have knowledge of latest technology that can improve overall efficiency of the enterprise.
  4. Entrepreneurs must have sound knowledge about activities involved in marketing of company’s products and services.
  5. He must have knowledge about managing optimum resources for manufacturing and production assembly.
  6. He must have expertise of dealing with the bureaucrats.
  7. Knowledge of Financial Accounting
  8. Knowledge of Production Management
  9. Basic Knowledge of Maintenance and Testing of produced goods.
  10. He must have excellent leadership qualities.

What are different types of Entrepreneurs?

Considering type of Business Activity:

  • Business, Trading, Agricultural, Corporate and Industrial Entrepreneurs.

Considering the kind of technology used:

  • Technical, Non-technical, Professional and High-Tech Entrepreneurs.

If stages of Development are considered:

  • Classical, Modern and First Generation Entrepreneur.

 

Table of Entrepreneur and It’s Related Entrepreneurship Development Term:

 

Entrepreneur Entrepreneurship
Administrator Administration
Communicator Communication
Technician Technology
Planner Planning
Manager Management
Creator Creation
Innovator Innovation
Organizer Organization
Person Process
Visualizer Vision

 

What is the Process of Entrepreneurship Development?

  • Analysis of Opportunity
  • Company Setup planning and developing models.
  • Analytics and acquisition of Investors and Sources of Finance.
  • Resource determination and implementation of plan.
  • Scaling up.

I can share details of some challenges that were faced when we are setting things up:

  1. Finding a suitable office space.
  2. Finding suitable candidates for our organization.
  3. Sustaining candidates in our organization.
  4. Buying electronics equipments and Furniture for our office wasn’t fun at all. It was time taking.
  5. Getting a stable internet connection was very difficult when we were starting things.
  6. Finding Investors

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