Business Intelligence & Entrepreneurship By:

Transcript:Business Intelligence & Entrepreneurship By::
Business Intelligence & Entrepreneurship By: Computer Engineering SIET Nilokheri Concept of Entrepreneurship Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses. Entrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo to pursue growth while generating wealth, employment and social good. In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace. The word entrepreneur is borrowed from the French language. It is derived from ‘entreprendre’ meaning to ‘undertake’. Thus, entrepreneur is an ‘undertaker’ in the literal sense of the word. Its usage in French language can be traced much before the emergence of activities generally associated with entrepreneurs today. Initially, the concept was used in the military sphere and later on it began to be applied to construction, engineering, and other related activities. It was only in the 18th century that the term entrepreneurship was applied almost exclusively to economic activities in general. Like many other terms, entrepreneurship as a concept remains rather vague. Definition of Entrepreneurship Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk-taking appropriate to the opportunity, and through the communicative and management skills to mobilize human, financial and material resources necessary to bring a project to fruition (Kao and Stevenson 1984)." In the opinion of A. H. Cole (1959: 44), "Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services". According to Joseph A. Schumpeter (1939), "Entrepreneurship is based on purposeful and systematic innovation. It includes not only the independent businessman but also company directors and managers who actually carry out innovative functions." Entrepreneurship is a process involving various actions to be undertaken to establish an enterprise. It is, thus, process of giving birth to a new enterprise. Innovation and risk-bearing are regarded as the two basic elements involved in entrepreneurship. ROLE of Entrepreneurship In Economic Development