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4.1 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.
                 An entrepreneur is someone who has the ability to establish a business by organising the numerous resources
                 needed to make a business possibility a reality. Profit is not always motivating for entrepreneurs, but it can
                 serve as a yardstick for assessing performance or success.












                                                                                            Entrepreneurial Skills-IV  101
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