Ch 3Entrepreneurship Development — Class 12 Commerce, concept-first.

Entrepreneurship is the process of setting up one's own business, as distinct from pursuing any other economic activity such as taking up employment or practising a profession.

Entrepreneurship is regarded as one of the four major factors of production, the other three being land, labour and capital.

From the definition above, entrepreneurship displays the following characteristics.

Entrepreneurship is essentially about business start-ups and renewals. It appears when a new business is started, recedes for a while as the venture stabilises into an ongoing business, and reappears…

Every country, whether developed or developing, needs entrepreneurs. A developing country needs entrepreneurs to initiate the process of development, while a developed country needs entrepreneurship t…

Entrepreneurs organise the production process; in the absence of this function, land, labour and capital would all remain idle.

In relation to their own enterprise, entrepreneurs are, all at once, the composer of the musical score, the conductor of the orchestra and a one-man band.

Entrepreneurship does not emerge spontaneously. It is the outcome of a dynamic process of interaction between a person and his or her environment.

Over the past few decades, intellectual property rights have grown into a major factor in the development of the global economy.

Every opportunity and every role has a competence requirement, and entrepreneurship is no exception. Competence refers to a composite of knowledge, skills and a host of psycho-social attributes (inclu…

People who have a sense of their own capability but are not yet interested in being on their own form a potential future source of entrepreneurship.

Taken together, entrepreneurial values and attitudes refer to the behavioural choices individuals make for success in entrepreneurship.

- Entrepreneurship — the systematic, purposeful and creative process of identifying a need, mobilising resources and organising production to deliver value, in keeping with the risks of business.

- The terms entrepreneur, entrepreneurship and enterprise can be understood through the subject-verb-object analogy: the entrepreneur is the person (subject), entrepreneurship is the process (verb), a…