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WHO IS AN ENTREPRENEUR?
The word “Entrepreneur” is derived from the French verb ‘entreprendre’ which means "to undertake". An Entrepreneur
is a person who invests his time, energy and money to initiate an exclusive idea for a new venture. He starts his
own start-up with the desire to establish it. He may earn profits or bear losses and is wholly responsible for the
unpredictable failures and risks.
They are the innovators of the market who see opportunities where others see roadblocks. The success of these
business innovators is undoubtedly essential to change our economy for the advancement of our societies.
Entrepreneurship is the act of executing an innovative idea in a business.
The output of this innovative process of setting up a business is called an enterprise.
Entrepreneur Entrepreneurship Enterprise
Person Process Outcome
Let's take an example:
Go Green Company is a successful entrepreneur project where a group of 5 college students decides to give plants in
their locality at cheaper price to support the Green Economy. In a year they got a wonderful response, so they decided
to open up their own nursery and supply plants in the whole city.
So in this example:
Group of college students is an Entrepreneur.
Innovative ways of running their own business is Entrepreneurship.
The output of this innovative process is GoGreen Company, which is the Enterprise.
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is setting your own business in an innovative manner which may have great risks and desires to earn
more profits. Entrepreneurship, thus involves taking risks with innovation, planning and decisions so as to increase
productivity in any field business, agriculture, social work, education, etc. It thus plays an important role in the process
of economic development. Entrepreneurship can be at small scale, medium scale or large scale in terms of products
and services. There are four main elements of entrepreneurship:
• Innovation: It means doing something in a creative and different way. This is the key element of entrepreneurship.
Opening a roadside restaurant is just like opening a business but bringing the element of “Home cooked food for the
people in a Food Truck" is called an innovation in business.
• Organisation: This plays an important role if a startup is launched at a large scale with a big investment. Though
an entrepreneur is a person leading the whole business with his ideas but the other employees working in an
organisation are equally important for the success of the startup.
• Risk bearing: Doing a business with a new idea is always associated with risk. But taking a calculated risk is an
important element of entrepreneurship. This will bring change in the society by bringing new products and services.
• Perception: Entrepreneurship should have a strong perception of running a business in an innovative manner. An
entrepreneur should implement his plans and ideas in such a way that helps him achieve long term goals of his
business with greater profits.
Entrepreneurial Skills-I 107

