What is Entrepreneurship?
“Entrepreneurs are the motivated and talented class of people who foresee the profitable opportunities and exploit them before anybody else does so. ”
An entrepreneur is an important person in any society because he plays an important part in the development and advancement of a society. He brings new ideas to the fore and works consistently on them. Entrepreneurs are the motivated and talented class of people who foresee the profitable opportunities and exploit them before anybody else does so.In developing countries, productive investment is inhibited not only by genuine shortage of long term finance but also by lack of appreciation. There is always a dearth of enterprising individuals who are ready to take hold of new opportunities and work on them over and over again. This lack of enterprise in a particular environment may be a grave obstruction in any kind of economic development.
Since the development of the country is linked to the quality of entrepreneurs it possesses, it is of interest to study different qualities of an entrepreneur. Entrepreneurship is not a profession or permanent occupation and therefore it cannot create a social class like capitalists or wage earners.
Psychologically, entrepreneurs are not solely motivated by profit. Both interest and profit arise from the urge to progress. These traits are not found in static or stagnant societies.
Innovation is a creative response to a situation. Entrepreneurs are basically innovators who carry new combinations of means of production. They may introduce altogether new goods or may provide existing goods with enhanced quality.
The introduction of new methods of production is not always dependent upon new discoveries and researches. Many a time, it is the manner of handling a particular product or service that leads to commercial success and profit.
This enhances the development of society and helps in raising the standard of living of a considerable number of people. After all, this is the most accepted definition of progress.
This also leads to the opening of a new market many times. It means a market is created into which that particular branch of manufacturer of the company in question has not previously entered.
All this may also lead to monopoly or other such business malpractices but it’s all a part of the game. An entrepreneur is bound to have advantage over others. However, it’s the social responsibility of every successful entrepreneur to always take care of the society of which he is a product.
Author - DeeKay
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