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    ENTREPRENEURIAL

                    SKILLS-IV

                                                                                           04

                              Learning Outcome

                           4.1  Entrepreneur and Entrepreneurship   4.2  Types of Entrepreneurs
                           4.3  Functions of an Entrepreneur       4.4  What Drives an Entrepreneur's Motivation?
                           4.5  Identifying Possibilities and Taking Risks   4.6  Startups
                           4.7  Barriers to Entrepreneurship       4.8  Entrepreneurial Attitudes
                           4.9  Entrepreneurial Competencies       4.10 Entrepreneurial Competencies in Particular

                Entrepreneurs recognise an invention in order to capitalise on an opportunity, mobilise money, raise capital, and take
                calculated risks in order to establish a market or start a new firm. The process of boosting entrepreneurial skills and
                expertise through systematic training and institution-building programmes is called entrepreneurship development.
                It focuses on a single person who aspires to establish or extend a business. Entrepreneurs with great potential need
                to be nourished and supported in order to act as role models as well as community mentors. An entrepreneurship
                development programme acts as a means of assisting budding entrepreneurs in recognising and designing one-of-a-
                kind distinctive business possibilities by an examination of local conditions and their own abilities.
                Training in entrepreneurship development should include support for:

                a.  Entrepreneurship orientation and awareness.
                b.   Development of competencies (knowledge, skills and attitudes) required to recognise a market opportunity and
                   organise resources to meet it and take corrective actions to achieve goals.

                c.   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.

                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.”

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