In this respect, entrepreneurship may be seen as an aspect of the theory of choice. But frequently, the truth is that in a situation of high unemployment, and/or other deprivations of a social or economic nature, persons are frequently forced to choose entrepreneurship as the only alternative to no job and no income. In this scenario individuals may be pushed into entrepreneurship. Thus, it is important to recognize that the routes towards entrepreneurship may be various – a response to a crisis situation, exploitation of a market opportunity, or both.
9 Thus, we take a broader definition of entrepreneurship than Schumpeter‟s. Our entrepreneur is the person who perceives an opportunity and creates an organization to pursue it. And the entrepreneurial process involves all the functions, activities and actions associated with perceiving opportunities and creating organizations to pursue them. Our entrepreneur‟s new business may, in a few r are instances, be the revolutionary sort that rearranges the global economic order but it is much more likely to be of the incremental kind that enters an existing market. c. The Entrepreneurial Process The Process of Entrepreneurship The process of entrepreneurship is recognized as being at the heart of an economic development task and driven by the motivations of individuals, who are seeking to satisfy their personal goals. As such, the ultimate aim of economic development is to create opportunities for personal fulfilment through economic activity. This implies a partnership between policy-makers and entrepreneurs in order to achieve economic renewal and prosperity. However, there is no universally accepted definition of what constitutes entrepreneurship, and traditionally attempts have been made to describe it relative to: an economic function; ownership structure; degrees of entrepreneurship; size and life-cycle of firm; and as a resource base. It is not considered to be a productive pursuit to pigeonhole the process of entrepreneurship relative to any one specific perspective. The process is much more holistic and dynamic in nature. At the heart are entrepreneurs, their persistent search for opportunities, and their efforts to marshal the resources needed to realize them. The essence of entrepreneurship is the initiation of change, through creation and/or innovation. This is the effort to create purposeful, focused change in a firm‟s economic or social potential, plus the application of distinct entrepreneurial strategies and entrepreneurial management. This perspective is significant in that it serves to emphasize the creation of both material and immaterial wealth.
10 Def. : Entrepreneurship is the innovatory process involved in the creation of an economic enterprise based on a new product or service which differs significantly from products or services in the way its production is organized, or in its marketing.
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