Entrepreneurship: Concepts & Definitions

Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction of independence.
Robert Hisrich

Entrepreneurship is an act of initiative, drive, commitment, diligence, perseverance, organized effort, and achievement outlook, to undertake some specific functions of performing productive activities and the capacity to bear and associated with the investment.
Economic Policy Paper on Entrepreneurship Development through Educational Reform-Bangladesh

Entrepreneurship: Concepts & Definitions (The Revised GEM Model)

Basic Requirements:
Institutions Infrastructure
Economic Stability Health & Primary Education

Entrepreneurship
Perceived Opportunity
Early Stage Growth

Efficiency Enhancer:
Higher Education & Training Goods & Labour Market Efficiency Financial Market

Attitudes: Activity:

Aspiration:

Innovation & Entrepreneurship:

Entrepreneurial Finance Entrepreneurship Education R& D Transfer etc National Economic Growth (Jobs &Technical Innovations)

Entrepreneurship: The Importance

Central to the development of economy The micro and small enterprises (MSEs) constitute over 90% of total enterprises in most of the economies. Employment generation MSE sector accounts for about 39% of the manufacturing output and around 33% of the total export of the India (in term of value).

Entrepreneurship: The Importance

The nation that fosters an infrastructure of linkages among and between firms, universities and government gains competitive advantage through quicker information diffusion and product deployment..US Council on Competitiveness 1998 Leading knowledge based economy in the World (Lisbon Council) and key issue for the EU is to build a climate in which entrepreneurial initiative and business activity can thrive..

Entrepreneurial Initiatives in India

Institutes of national importance that have been setup through an act of parliament (IITs, IIMs, NITs, AIIMS, IISc etc.) are the main leaders in the field of knowledge transfer.

Examples:
o

Organizing Competitions like Great Idea, helping and incubating ideas.

o IIT Kharagpur: Nina Saxena Excellence in Technical award (Yearly).