What is the meaning of enterprenuership?

Answer 1

It can be the act of one who organizes, manages, and assumes the risks of a business or enterprise." Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the majority risks in terms of equity, time, and/ or career commitment of providing value for some products or services. The product or service itself may not be new or unique but value must somehow be infused by he entrepreneur by securing and allocating the necessary skills and resources." (Ronstadt, 1984:28)

According to Shapero (1975)

"In entrepreneurship, there is the agreement that we are talking of a kind of behaviour that includes :

• initiative taking
• the organizing or reorganizing of socio-economic mechanisms to turn resources and situations to practical accounts, and
• the acceptance of the risk of failure"

In effect, an entrepreneur is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable ideas; adds value through time,effort, money or skills; assume the risks of the competitive marketplace to implement these ideas, and realizes the rewards from these efforts. (Ronstadt, 1985)