1.

Define the following terms:

1. Entrepreneurship- Entrepreneurship is the capacity and willingness to create,
organize, and operate a business venture despite its inherent risks in order to
generate a profit. The most common example of entrepreneurship is starting a
new business. In economics, land, labor, natural resources, and capital can yield a
profit through entrepreneurial activity. The entrepreneurial vision is based on
discovery and taking risks, and it is an important part of a country's ability to
succeed in a global market that is always changing and getting more competitive.
2. Enterprise- A legal entity that possesses the right to conduct business on its own,
such as the ability to enter into contracts, own property, incur liabilities, and open
bank accounts, is referred to as an enterprise. An enterprise could be a company, a
quasi-corporation, a non-profit organization, or even a business that is not
incorporated.
2. What are the principles of entrepreneurship?
1. It is always not the case that Entrepreneurs should make money fast and this
should not be the goal
Entrepreneurs must test the waters before starting a business. This involves
embracing entrepreneurship and trying new company models and ways of doing
business.
Thus, entrepreneurs must understand entrepreneurship and not rush to gain money.
For instance, entrepreneurs should focus on game-changing ideas rather than dead
ends, so they must be in it for the long haul.
2. It is always better to find the right opportunity even if it takes time instead of
chasing mirages
This means waiting for and grasping the perfect chance. Entrepreneurs shouldn't wait
forever for the proper opportunity. Instead, entrepreneurs must guarantee they have
the foundation to capitalize on the chance and have an idea and business strategy that
would offer possibilities if they are having trouble starting the venture. For instance,
the cliches about how opportunity knocks only once and if you don't discover an
opportunity, build a door so you're ready might be interpreted to suggest that
entrepreneurs must create and seize opportunities. Entrepreneurs must be prepared to
fish in "blue oceans" if the river, sea, or lake is saturated.
3. Invest in people and build successful teams
As with the previous principle, entrepreneurs must ensure that they have the right
team in place before they start the venture. After all, unless there is a team in place,
the venture would not be able to capitalize on the opportunities.
Further, entrepreneurs must ensure that the team is passionate, committed, and most
importantly, shares the vision and mission of the founders. In other words, unless
there is a buy-in from the team with the founder’s ideas, the venture would flounder.
 Apart from these, getting the right people who have focus, drive, loyalty,
determination, courage, and consistency in addition to being motivated and creative
are some requirements that the entrepreneurs can ill afford to ignore.
4. It is always not enough to have everything in place. Execution and Delivery are
what matters
Have you ever felt like a salesperson is using glib rhetoric to sell you an untested
product? Entrepreneurs must walk the talk and deliver on their promises to succeed
in the new enterprise.
Without execution skills, a game-changing idea and a brilliant team are useless.
Many firms with brilliant ideas and great staff promised the moon during the
Dotcom boom. Their enterprises collapsed owing to the gap between ideas and
implementation. Thus, the entrepreneur must lead by example and grasp execution.
Leadership requires entrepreneurs to overcome hardship and use failure as a
springboard to success. Great entrepreneurs trust their instincts and back themselves
when the venture fails. Thus, if you think you have a fantastic idea and are
executing it well with the correct team, you must persist even when common
wisdom says you're wrong.
5. Entrepreneurs must be self actualizing visionaries
Any successful entrepreneur will tell you that money and profits are crucial, but
they are not the only things that matter.
Instead, excellent entrepreneurs listen to their inner voice, create jobs and
opportunities for people, consider the venture's impact on society, and most
crucially, turn their idea into reality.
Many of us have heard of people who left comfortable employment to pursue their
passions. Thus, successful entrepreneurship involves changing the world and
becoming a social messiah who transforms societies.
Finally, entrepreneurship is a way to alter oneself and become a change agent. The
entrepreneur must meet environmental, social, and economic demands from the
system while pursuing their aspirations.

3. What are the key concepts oF entrepreneurship?

In a nutshell, concept of entrepreneurship can be understood as under:
(i) Entrepreneurship involves decision making, innovation, implementation,
forecasting of the future, independency, and success.

(ii) Entrepreneurship is a discipline with a knowledge base theory and is an outcome

of complex socio-economic, psychological, technological, legal and other factors.

(iii) It is a dynamic and risky process.

(iv) It involves a fusion of capital, technology and human talent.

(v) Entrepreneurship is equally applicable to big and small businesses, to economic
and non-economic activities.

(vi) Different entrepreneurs might have some common traits but all of them will have
some different and unique qualities.

(vii) Entrepreneurship is a process. It is not a combination of some stray incidents.

(viii) It is the purposeful and organized search for change, conducted after systematic

analysis of opportunities in the environment.

(ix) Entrepreneurship is a philosophy and is the way one thinks, one acts and therefore
it can exist in any situation, be it business or government or in the field of education,
science & technology.

(x) Entrepreneurship is a creative activity.

(xi) It is the ability to create and build something from practically nothing.

(xii) It is a knack of sensing opportunity where others see chaos and confusion.

(xiii) Entrepreneurship is the attitude of mind to seek opportunities, take calculated

risks and derive benefits by setting up a venture.

(xiv) It is made up of activities to conceive, create and run an enterprise.

(xv) Entrepreneurship is a dynamic process of vision, change and creation.

To sum up, “Entrepreneurship is a dynamic process of vision, change and creation .

It requires an application of energy and passion towards the creation and implementation
of new ideas and creative solutions. Essential ingredients include the willingness to take
calculated risks-in terms of time, equity, or career, ability to formulate an effective
venture team, creative skill to organize needed resources, the fundamental skill of
building a solid business plan and, above all, the vision to recognize opportunity where
others see chaos, contradiction, and confusion.’’

REFERENCES:
https://www.managementstudyguide.com/principles-of-entrepreneurship.htm
https://www.taxmann.com/post/blog/entrepreneurship-concept-functions-need-and-its-relevance-in-
indian-society#:~:text=The%20various%20functions%20of%20entrepreneurship,Resistance%20to
%20Change%20and%20Research.