Meaning, concept and definition of Entrepreneurship

Before defining the meaning of entrepreneurship, we should know the concept of entrepreneur.  
        "The word entrepreneur, refers to a person who is able to take risk of a new enterprise. Primarily, this word was used for leaders and military personnel. Richard cantilon, used this word to refer to economic activities. According to him, "An entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain prices."
        So entrepreneur is the person, and entrepreneurship is the process of setting up one's own business as distinct from persuing ant other other economic activitiy, be it employment or practicing some profession. On the other hand, the output of the process of entrepreneurship is called enterprise. Now, we can clear the meaning and concept of entrepreneurship out of its following definitions given by different experts. 

       According to J.A. Timmons, "Entrepreneurship is the ability to create and build something from practically nothing. Fundamentally, a human creative activity, it is finding personnel energy by initiating, building and achieving an enterprise or organisation rather than by just watching, analysing or describing one. It recuires the ability to take calculated risks and reduce the chance of faliure. It is the ability to build a foundation till complement the enterpreneurial skill and talents." 

      According to A.H Cole, "Enterpreneurship is the purposeful activity of an individual or group of associated individuals undertaken to initiate, maintain or earn profit by production and distribution of economic goods and services."

     According to Heggins, "Entrepreneurship meant the function of seeking investment and production opportunity, organising an enterprise to undertake a new production process, Raising capital, hiring labour, arranging the supply of raw materials and selecting top managers to day - to - day opperation."

    According to A Schempeter, "Entrepreneurship is essentialy a creative activity. It consists of doing such things as are generally not done in ordinary course of business. An entrepreneur is one who innovates i.e. carries out new combination or enterprise."

   According to Mc. Clelland, "The two important characteristics of entrepreneurship are, firstly, it is doing thing in a new and better way and secondly, it is decision-making under uncertainty."

   In a conference on entrepreneurship held in United States, the term 'entrepreneurship' was defined as follows:

      "Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk - taking appropriate to the opportunity, and through the communicative and management skills to mobilise human, financial and material resources to bring a project to friction."

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