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Asian Journal of Research in Social Sciences and Humanities
Year : 2011, Volume : 1, Issue : 2
First page : ( 82) Last page : ( 91)
Online ISSN : 2249–7315.

Entrepreneurship challenges and opportunities in India

Dr. Hariharaputhiran S., Professor & Head

Indira Institute of Engineering and Technology, Pandur, Thiruvallur-631203

Online published on 19 October, 2011.

Abstract

ENTREPRENEURSHIP

The definition of entrepreneurship has been debated among scholars, educators, researchers, and policy makers since the concept was first established in the early 1700’s. The term “entrepreneurship” comes from the French verb “entreprendre” and the German word “unternehmen”, both means to “undertake”. By grave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them’. Joseph Schumpeter introduced the modern definition of ‘entrepreneurship’ in 1934. According to Schumpeter, “the carrying out of new combinations we call ‘enterprise’,” and “the individuals whose function it is to carry them out we call ‘entrepreneurs’.” Schumpeter tied entrepreneurship to the creation of five basic “new combinations” namely: introduction of a new product, introduction of a new method of production, opening of a new market, the conquest of a new source of supply and carrying out of a new organization of industry. Peter Drucker proposed that ‘entrepreneurship’ is a practice. What this means is that entrepreneurship is not a state of being nor is it characterized by making planes that are not acted upon. Entrepreneurship begins with action, creation of new organization. This organization may or may not become self-sustaining and in fact, may never earn significant revenues. But, when individuals create a new organization, they have entered the entrepreneurship paradigm.

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