call ‗enterprise‘,‖ and ― the individuals whose function it is to carry them out we call ‗ entrepreneurs ‘ . ‖ Schumpeter tied entrepreneurship to the creation of five ba s ic ― ne w combination s ‖ namely: introd uction of a new product, introduction of a new method of production, opening of a new market, the conquest of a new source of supply and carrying out of a new organization of industry. Peter Drucker proposed that ‗entrepreneurship‘ is a practice. What this means is that entrepreneurship is not a state of being nor is it characterized by making planes that are not acted upon. Entrepreneurship begins with action, creation of new organization. This organization may or may not become self-sustaining and in fact, may never earn significant revenues. But, when individuals create a new organization, they have entered the entrepreneurship paradigm. The study of entrepreneurship has relevance today, not only because it helps entrepreneurs better fulfill their personal needs but because of the economic contribution of the new ventures. More than increasing national income by creating new jobs, entrepreneurship acts as a positive force in economic growth by serving as the bridge between innovation and market place. Although government gives great support to basic and applied research, it has ot had great success in translating the technological innovations to products or services. Although entrepreneurships offers a promise of marriage of those research capabilities and business skills that one expects from a large corporation, the results have not been spectacular. This leaves the entrepreneur, who frequently lacks both technical and business skills, to serve as the major link in the process of innovation development, and economic growth and revitalization. The study of entrepreneurship
and education of potential entrepreneurs are essential parts of any attempt to strengthen this link so essential to a country‘s economic w ell-being. Questions: 1. What are the approaches to entrepreneurship? 2. Explain the revolution impact ofentrepreneurship. 3. Distinguish between ‗entrepreneur‘, Entrepreneurship‘ and ‗Enterprise‘ Discuss the role of an entrepreneur for economic development. 4. How can an organizational development be aided by having a good entrepreneurial mindset. 5. What are the new trends you have noticed in Entrepreneurship during 21 st century?
UNIT - 2 The Entrepreneurial Mindset and Personality: The Entrepreneurial Mindset refers to a specific state of mind which orientates human conduct towards The Entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation. Characteristics include the ability to take calculated risks and accept the realities of change and uncertainty.
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