essay on imagining myself as an entrepreneur. explain
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Answer:
Entrepreneurship is the name given to the factor of production which performs the functions of Enterprise. In economics, Land, Labour, Capital, Organisation and Enterprise are the five factors which are thought to be the basis of all the production activities.
Entrepreneurship in a broader sense can be considered as a process of action undertaken by an entrepreneur (Person) to establish his enterprise. It is a creative and innovative response to the environment.
Entrepreneurship can be described as a creative and innovative response to the environment. Such responses may take place in any field of social endeavour may be business, agriculture, social work and education etc.
For the entrepreneur it is important to have knowledge about the economic and political environment, more particularly about the economic policies of the government and the financial as well as commercial institutions.
Thus a simple definition of entrepreneurship is doing new things or doing things which are already being done in a new way.
According to Dr. J.E. Stepenek, “Entrepreneurship” is the capacity to take risk; ability to organise and desire to diversify and make innovations in the enterprise.
According to Higgins, Entrepreneurship is meant for the function of seeing investment and production opportunity, organising in enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers for day to day operation of the enterprise
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