ENTREPRENEURSHIP

Entrepreneur and entrepreneurship are the acronyms of doing business in the contemporary world. The one in the driving seat in this activity is known as entrepreneur and the myriad of activities done by this person is commonly known as entrepreneurship. But this cannot be called as an academic definition of entrepreneurship. In simple words we can define entrepreneurship as the capacity and willingness of a human being to develop, organize and manage a business venture along with the related risks in order to make profit. The risk and uncertainties are further submerged into ambiguity and true uncertainty. The concept of true uncertainty is used where an entrepreneur wishes to bring something really novel to the earth. The most common example of entrepreneurship is starting a new business by any person. When someone starts a new business he/she will carry out feasibility studies, work out return on investment, formulate a business plan, workout a suitable organization, make a management plan to manage human, financial and material resources etc, this series of activities in a common language will fall in the realm of entrepreneurship. In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace. The land, labor and capital are the indispensable inputs in the process of production but they are not adequate for economic growth. Instead, Human creativeness and productive entrepreneurship are required to merge these inputs in lucrative ways. An institutional background that supports free entrepreneurship becomes the crucial determinant of economic growth. So the entrepreneurship should take center stage in any effort to explain long-term economic development. If entrepreneurship remains as essential to the economy as it was in the early times, then the ongoing breakdown of typical economics to adequately account for entrepreneurship specify that basic doctrine require reexamination. The distinctiveness of an entrepreneurial economy is high stages of novelty joint with high level of entrepreneurship which effect the creation of new ventures as well as new industries. Research on entrepreneurs

suggests that these developing individuals in a community are dependent upon various interconnected economic, technical and organizational skills. An entrepreneur is a risk bearer and an innovator who is given the role of being an innovator and is totally opposite to the capitalist. Because capitalists supply and the entrepreneur the one who is viewed as an individual disrupting the existing equilibrium. On the other hand, Innovation is a chaotic, impulsive economic progression which cannot be modeled using the equilibrium based logical procedures used in typical economic theory. Risk evaluation by the entrepreneur is one of the most essential activities that an entrepreneur undertakes. In this realm falls the analysis of the market risks which includes facets like new entrants to the market, ease of entrepreneur, potential threat to market share etc. Operational risks, staffing risks, availability of skilled workforce, union issues, financial issues, and issues related to investors and managerial risks are also analyzed in depth. After carrying out a detailed analysis the entrepreneur comes out with the risk management plan. Detailed plans are more often found as part of internal plans. Plans written for funders may need to include a high level of description if there are significant controllable risks. Entrepreneurial activities are different for different types of organization. For example an arms manufacturing company will have a different entrepreneurial activities than a shoe making company. Entrepreneurship ranges in scale from solo projects to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business. Angel investors generally seek annualized returns. Many kinds of organizations now exist to support would-be entrepreneurs including specialized government agencies, business incubators, science parks, and some NGOs. In more recent times, the term entrepreneurship has been extended to include elements not related necessarily to business formation activity such as conceptualizations of entrepreneurship as a specific mindset resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged.

In the aforementioned paper the definition of entrepreneurship has been given in the generic terms and some the activities undertaken by the entrepreneur are also explained in a simple manner. It must be kept in mind that these academic definitions and the activities given here by no means are a measure of a success or failure of an entrepreneur. Success will depend upon the individual behavior and the management style that suits a particular type of an organization. Bareera Khan is a student of BS (Hons) Management in Institute of Administrative Sciences, University of the Punjab. She has a special interest in Human Resource Management and is a regular contributor.
Bareera2013@gmail.com