Page 95 - Design Thinking C11

• Improving business performance is essential for achieving growth and maintaining competitiveness.
Motivation plays a key role not only in enhancing aspiring entrepreneurs' drive for success but also in
developing crucial skills such as coping with challenges, tolerating ambiguity, and influencing others
effectively.
The National Institute for Entrepreneurship and Small Business Development is a flagship organisation of the
Government of India's Ministry of Skill Development and Entrepreneurship that provides training, consulting and
research to encourage entrepreneurship and skill development. The Institute's main activities include trainer
training, management development programmes, entrepreneurship-cum-skill development programmes,
and cluster intervention.

Entrepreneur and Entrepreneurship
The term ‘entrepreneur’ is derived from the French word entreprendre, meaning “to undertake.”
Entrepreneurship, according to Cole, is “the process of starting, maintaining, and growing a business to
achieve profit.”
Entrepreneurship, according to Stevenson and Jarillo, is “the process by which individuals seek opportunities
regardless of the resources they now possess.”
Thus, entrepreneurship can be defined as “an economic process in which an idea or an opportunity is
generated, improved, developed and implemented while being exposed to uncertainty in order to realise a
profit through effective resource utilisation.”
Economists define an entrepreneur as someone who combines resources, labour, materials and other assets
to make a profit. Psychologists describe an entrepreneur as someone driven by a psychological impulse,
often characterised by a strong desire to achieve or attain specific goals. Sociologists define an entrepreneur
as an individual whose actions influence social status and play a significant role in driving societal progress.
Management experts define an entrepreneur as someone who has a goal and creates a plan of action to
realise it.

Entrepreneurship Characteristics
The following are some of the characteristics of entrepreneurship based on the definitions provided:

• Economic Activity: Entrepreneurship involves establishing, developing, and sustaining a profit-driven
organisation.
• Opportunity Identification: It begins with recognising potential opportunities to sell products or services
and generate profit in the market.
• Resource Optimisation: It focuses on the efficient utilisation of resources to maximise outcomes.
• Risk-Taking: It reflects the willingness of both the entrepreneur and the organisation to take calculated
risks.

Entrepreneurship—Science and Art
Entrepreneurship is seen as an art as much as a science. To be termed scientific, a subject must have a
gradual progression supported by reliable proof, such as chemistry or physics. Some steps must be taken in
order to achieve a specific result. On the other hand, some subjects are classified as art, where no exact
method of achieving a result is required and the ability to use the subject matter is essential. Music is an
example of art. A musician can use any combination of musical notes to create calming and heartfelt music.
Entrepreneurship is the perfect combination of art and science because it involves definite progression and
procedures to be followed as well as the ability to deviate whenever necessary while still making the entire
activity profitable and growth-oriented.

Entrepreneurial Skills-IV
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