IMPORTANCE OF ENTREPRENEURSHIP

ENTREPRENEURSHIP is derived from the French word 'Entreprendre,' which means 'to undertake,' 'to
pursue opportunities', or 'to fulfill needs and wants through innovation and starring businesses. ' The
word first appeared in the French dictionary in 1723.

An entrepreneur is a person who starts a new business and usually risks his own money to start the
venture. Examples of well-known entrepreneurs include Bill Gates, Steve Jobs, Mark Zuckerberg,
Pierre Omidyar, Arianna Huffington and Caterina Fake

Importance of entrepreneurship
Entrepreneurship is frequently credited as a major driver of economic growth, spurring
transformation, the creation of new markets, innovation, and building wealth. Entrepreneurs are
often key to developing ideas and solutions to problems while creating new products.

Father of entrepreneurship:

Joseph Schumpeter is best known for his theories on business cycles and the development of capitalist
economies, and for introducing the concept of entrepreneurship

As per a previous study (Burnett, 2000) the term "entrepreneur" was first introduced by the early 18th
century French economist Richard Cantillon. In his writings, he formally defines the entrepreneur as
the "agent who buys means of production at certain prices in order to combine them" into a new
product.

 The history of entrepreneurship started with bartering, as people traded goods for other
goods. However, the barter system relied on each party having something the other party
needed: enter the invention of money. Monetary systems provided a way to assign objective
value to items and exchange them at that price.

 Entrepreneurship in human history started as far back as 20,000 years ago using trade by
Batter as means of exchange till the present evolution of banknote and digital currency.

QUALITIES OF AN ENTREPRENEUR
 DISCIPLINED

 Focused on making their business work and eliminate any hindrances or distractions to their
goals. They have overarching strategies and outline the tactics to accomplish them.
Successful entrepreneurs are disciplined enough to take steps every day toward the
achievement of their objectives.

 CONFIDENCE

 The entrepreneur foes not ask questions about whether they can succeed or whether they
are worthy of success. They are confident with the knowledge that they will make their
businesses succeed. They exude that confidence in everything they do
OPEN MINDED

Entrepreneur realize that every event and situation is a business opportunity. Ideas are constantly
being generated about workflows and efficiency, people skills and potential new business. They have
the ability to look at everything around them and focus it toward their goals.

SELF-STARTER

Entrepreneur know that if something needs to be done, they should start it themselves. They set the
parameters and make sure that projects follow that path. They are proactive, not waiting for someone
to give them permission.

COMPETITIVE

Many companies are formed because an entrepreneur knows that they can do a job better than
another. They need to win at the sports they play and need to win at the businesses that they create.
An entrepreneur has their own company’s track record of success.

CREATIVITY

One facet of creativity is being able to make connections between seemingly unrelated events or
situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They
will repurpose products to market them to new industries.

DETERMINATION

Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success.
They are determined to make all of their endeavors succeed, so will try and try again until it does.
Successful entrepreneurs do not believe that something cannot be done.

STRONG PEOPLE SKILLS

The entrepreneur has strong communication skills to sell the product and motivate employees. Most
successful entrepreneurs know how to motivate their employees, so the business grows overall. They
are very good at highlighting the benefits of any situation and coaching other to their success.

STRONG WORK ETHIC

The successful entrepreneur will often be the first person to arrive at the office and the last one to
leave. They will come in on their day off to make sure that an outcome meets their expectation. Their
mind is constantly on their work, whether they are in or out of the workplace.

PASSION

Passion is the most important trait of the successful entrepreneur. The genuinely love their work.
They are willing to put in those extra hours to make the business succeed because there is a joy their
business gives which goes beyond the money. The successful entrepreneur will always be reading and
researching ways to make the business better. Successful; entrepreneurs want to see what the view is
like at the top of the business mountain. Once they see it, they want to go further. They know how to
talk to their employees, and their businesses soar as a result.
Its importance can be expressed in the form mentioned below:

Provides employment to the people.

People often hold a view that all those who do not get employed anywhere jump into
entrepreneurship, but in reality, now a days most of the business are set by those who have other
options available with them.

Contributes towards research and development system.

Almost 2/3rd of all innovations is due to the entrepreneurs. Without the boom of inventions, the world
would have been a much dry place to live in. inventions provide an easier way of getting things done
through better and standardized technology

Creates wealth for the nation and for the individuals as well.

All individuals who search business opportunities usually, create wealth by entering
entrepreneurship. The wealth created by them plays a significant role in the development of the
nation. The entrepreneurs contribute to the company, in the form of products, and services. Their
ideas, thought, and inventions are also of a great help to the nation

FUNCTIONS OF AN ENTREPREUR

An entrepreneur frequently has to wear many hats. He has to perceive opportunity, plan, organize
resources, and oversee production, marketing, and liaison with officials. Most importantly he has to
innovate and bear risk.

The main functions of an entrepreneur are grouped in three categories:

1. Risk bearing function

2. Administrative and Decision-Making Functions

a. Conceiving the Idea of Business

b. Estimation of Details of Business and Implementation of the Same

c. Supervision and Control of Business Activities

d. Innovations

3. Distributive Functions