-Contributed by Dr. Debashis Mukherjee, eminent Advocate
Generally speaking, Entrepreneurship refers to the course of action undertaken by an owner in starting and managing an enterprise for profit. Entrepreneurship in fact is much more than simply starting and running an ordinary business.
The essential features of entrepreneurship are Identification of opportunity, Innovation, Entrepreneurial attitude, Role in Development, Leadership, Conductive Environment, Size of business, etc.
The word "entrepreneur" in English, originated from the French word "entreprendre" which means "to undertake".
According to Lexcon Webster Dictionary, the term "entrepreneur" is applicable to one who organizes , manages and assumes the risks of a business or enterprise.
According to Adam Smith , the classical economist, entrepreneur is an individual who can visualize the market needs for goods and services and exploit that opportunity by starting an enterprise or business for profit.
The ultimate success in any entrepreneurial endeavour depends on the personality, that is to say the composite characteristics of the entrepreneur. Entrepreneurs may belong to various socio economic levels of the society but their certain common characteristics separate these individuals into a distinct class.
According to Arnold Cooper the factors that encourage entrepreneurs to exert themselves physically and mentally may be broadly classified in three groups:-
(a) Personal characteristics like age, education, occupational expertise and family background
(b) Workplace or the incubator enterprise from where one gains inspiration for an independent venture
(c) External inducements including ways and means facilitating easy access to venture capital , market, technical guidance, personnel and suppliers.
Entrepreneurial function requires certain distinctively special qualities and skills . Many with only a few requisite qualities may take up new ventures and succeed while some people with many special qualities may initiate efforts but fail.
One who combines the essential qualities with good managerial and technical skills and who has a good understanding of business strategies may find better and quicker access to marketplace. Modern industrial entrepreneurship emerged in India in the 1850s.
Gradually more Indian entrepreneurs set up mechanized modern factories e.g India's first modern iron and steel mill at Jamshedpur by Tata Iron & Steel Company in 1908 and another steel plant at Burnpur by IISCO in 1919. Entrepreneurship in India is now recognised as a source of making money and acquiring social status. Government's preferential policy towards small scale industry has made possible the rapidly increasing presence of small entrepreneurs.
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