The ability and action of an entrepreneur are known as entrepreneurship. On the other hand, Entrepreneurship is the study of taking a calculative risk in both creating new enterprise and managing the enterprise effectively and efficiently.
According to Khanka – “Entrepreneurship is a process involving various actions to be undertaken to establish an enterprise.”
Entrepreneurship is the process of designing, launching and running a new business it has been defined as the “…capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Entrepreneurship is now a matter of debate and discussion. It is defined differently by different authors.
The objective of entrepreneurship: The objectives of entrepreneurship are –
- Develop and strengthen the quality of entrepreneurship.
- Removing unemployment.
- Enhancing industrial development.
- Developing industrially backward region.
- Select a project/product.
- Formulate the project.
- Understand the process and procedure involved in setting up small units.
- Know the sources of help and support available for starting a small-scale industry.
- Acquire the necessary managerial skill required to run the industrial unit.
- Know the pros and cons of being an entrepreneur.
- Helping the person to understand environmental changes and opportunities.
- Acquaint and appreciate the needed social responsibility/entrepreneurial discipline.