What is entrepreneurship?

                                 Introduction

This is the era of the entrepreneur! Through the world, growing numbers of people are realizing their dreams of owning and operating their own business.Entrepreneurship is thriving. The past two decades have seen record numbers of entrepreneurs launching new businesses and each year. American entrepreneurs alone start 3 to 4.3 million businesses each year and 84 percent are doing that for the first time.

I. The World of the Entrepreneur

A study by the Global Entrepreneurship Monitor (GEM) found 11.3 percent of the adult population in the United States is working to start a business. North America, South America and Latin America lead the world in entrepreneurial activity.

II. What is an Entrepreneur?

An entrepreneur is one who creates a new business in the face of risk and uncertainty for achieving profit and growth opportunities and assembles the necessary resources to capitalize on those opportunities. While we may not be able to teach entrepreneurship, we can teach the skills of small business management. This is an important distinction to make to students. Noted psychologist David McClelland characterized high achievers/entrepreneurs as possessing these traits:

• Desire for responsibility

• Preference for moderate risk (risk eliminators)

• Confidence in their ability to succeed

• Desire for immediate feedback

• High level of energy

• Future orientation (serial entrepreneurs)

• Skill in organization

• Value of achievement over money Other characteristics of entrepreneurs include:

• High degree of commitment

• Willingness to accept risk, work hard and take action

• Flexibility

The Benefits of Entrepreneurship

The primary benefits entrepreneurs enjoy include the opportunity to:

• Create their own destiny

• Make a difference

• Reach their full potential

• Generate impressive profits

• Contribute to society and be recognized for their efforts

• Do what they enjoy and have fun at it!

                                                                                       Publisher :H.H.Geeth Lakmal De Silva

                                                                                       University Of Peradeniya

                                                                                       Sri Lanka.

YOU CAN DONATE   FOR HIGHER EDUCATION.............................