Entrepreneurship as the Vantage Point

Entrepreneurship as the Vantage Point

Madhu Kishore Raghunath Raghunath Kamakula (GVP College of Engineering (Autonomous), India) and Chandra Sekhar Patro (GVP College of Engineering (Autonomous), India)
Copyright: © 2018 |Pages: 11
DOI: 10.4018/978-1-5225-2255-3.ch263

Abstract

Entrepreneurship is the impetus for development of any nation. Entrepreneurship is a revolution to ignite the minds of low spirited youth and would be considered as a means to revolutionize enterprises. Industrialization and entrepreneurship go on same lines as the former created foundation for current modernized Indian enterprises, so does later. ‘Ideas are many but execution is a cup of few'. There are many people who come up with different ideas at every point, but entrepreneurs are the one who pull off rabbit out of the magic hat. In today's world, entrepreneurship has become an act of inspiration which eventually have a compounding effect on society, benefiting the mankind. India is going through a new phase where one is going to witnesses old wine in a new bottle i.e., start-ups, which is nothing but an act of entrepreneurship, being the vantage point to all businesses. The purpose of the chapter is to articulate the potential importance the word entrepreneurship holds and the tools of IT used in entrepreneurial development.
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Introduction

Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or exceptional but value must somehow be infused by an entrepreneur (Shapero, 1975). Entrepreneurship is an elusive concept and has been defined differently by different authors. Some of them view it as ‘risk-bearing’; others call it as ‘innovations’, and yet others consider it as ‘thrill seeking’. Today, an entrepreneur is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these' efforts.

Figure 1.

Concept of entrepreneurship

An entrepreneur is the aggressive catalyst for change in the world of business. He or she is an independent thinker who dares to be different in a background of common events. The characteristics are; personal initiative, the ability to consolidate resources, management skills, a desire for autonomy, and risk taking. Other characteristics include aggressiveness, competitiveness, goal-oriented behaviour, confidence, opportunistic behaviour, intuitiveness, reality-based actions, the ability to learn from mistakes, and the ability to employ human relations skills. Entrepreneurship is an essential element for economic progress as it manifests technology in different ways: a) by identifying, assessing and exploiting business opportunities; b) by creating new firms and/or renewing existing ones by making them more dynamic; and c) by driving the economy forward - through innovation, competence, job creation- and by generally improving the wellbeing of society.

The accessibility of Information technology is a necessity for any entrepreneurial activity. Today technology has its impact on individuals and communities as entrepreneurship does, and hence IT cannot be neglected. In the past two decades, advanced industrial countries with new technology have become driving force of entrepreneurship creating economic development (Tavakoli, 2013). Given that entrepreneurship and impact of technology on it have evolved into a distinctive force, which is in line with changes in business optimization.

Key Terms in this Chapter

Business: A body involved in buying and selling of goods & services to the end-user.

Cash Flow: The difference between the company’s cash receipts and its cash payments in a given period. It refers to the amount of money actually available to make purchases and pay current bills and obligations.

Entrepreneurship: Entrepreneurship is the process of launching an enterprise in order to generate income as well as enrich economic development.

Innovation: Innovation is process of creating something new and creative which is a value addition.

Economic Development: Economic Development is an act of creating wealth and wellbeing among society.

Information Technology: A creation which makes things easy cum advanced.

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