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Entrepreneurship BCA Unit-1
Entrepreneurship BCA Unit-1
Balances Economic Development- Both the urban sector and the rural sector will
be balanced economically due to entrepreneurship. It means that enterprises
help in reducing the gap between the rich and the poor. Entrepreneurs start the
business by going to the rural sectors, they provide jobs to the people of the rural
areas and help in the development of that area.
Elements of an Entrepreneurship
Innovation
• Innovation is considered as the key factor in the concept of
entrepreneurship. An entrepreneur adds to the economy in
terms of innovation and discrepancy and the degree of these
assures a positive outcome. The entrepreneurs carry out
imaginative and unique thoughts on the available situations
and strive to foster something new. It can be in terms of a
new product, production technique, technology, marketing
strategy, and so on.
Organization
• The organization is another key element of successful
entrepreneurship. Without organization, everything will
become disorganized and unmanageable which further will
cause losses, decreasing business goodwill, unsatisfied
customers, and mental stress to the staff due to which the
workers may leave the organization Hence it is insignificant
to maintain a decent organizational structure within the
company, which defines who will perform a specific task and
the way that task would be performed.
Risk
• All businesses involve risks and in entrepreneurship, it
is the sole responsibility of the entrepreneur only as it
is a “one-man-show”. Without taking risks, a business
cannot flourish but on the other hand, indulgence in
excessive risk-taking may lead to severe losses. Risk-
taking is another word for exploiting opportunities and
gaining a competitive edge over others performing in
the same market. This way, the business and the
economy both are facilitated.
Vision
• An entrepreneur must have a strong vision if he wants
to succeed in the business. The foresight of the
entrepreneur determines how the business and other
business policies will run. The way the entrepreneur
visualizes his business in the coming years is how the
business moves forward and the profitability is earned.
Keeping the vision in the head, the tasks are identified,
performed, risks are taken and organizational culture is
brought forth. It is important to set long-term and
short-term goals for a business so that the
organizational objectives are learned.
DETERMINANTS OF
ENTREPRENUERSHIP