NEED AND NATURE OF ENTREPRENEURSHIP

Ø  NEED AND NATURE OF ENTREPRENEURSHIP

Ø

  NEED OF ENTREPRENEURSHIP

• ECONOMIC NEEDS

1. PROFIT EARNING:-NEED PROFIT NOT ONLY FOR ITS EXISTENCE BUT ALSO FOR EXPANSION AND DIVERSIFICATION
2. PRODUCTION OF GOODS:-HE CREATES FORM,PLACE AND TIME UTILITIES AND MEETS THE REQUIREMENTS OF SOCIETY.
3. CREATING MARKETS:-
4. TECHNOLOGICAL IMPROVEMENT:-SHOULD TRY TO DEVISE NEW METHODS SO THAT THEY MAY KEEP PACE WITH THE CHANGING BUSINESS WORLD.

Ø  HUMAN NEED

1. MANAGEMENT OF WORK LIFE BALANCE
2. WELFARE OF EMPLOYEES:-SHOULD LOOK AFTER THE WELFARE OF HIS WORKERS BY PROVIDING PHYSICAL COMFORTS,MATERIAL INCENTIVES,APPRECIATION,DIGNITY OF LABOR AND BETTER WORKING CONDITIONS
3. SATISFACTION OF CONSUMERS:-PROVIDING OF BETTER QUALITY GOODS AT REASONABLE PRICES

• SOCIAL NEEDS

1. AVAILABILITY OF GOODS
2. SUPPLY OF QUALITY GOODS
3. CREATION OF MORE EMPLOYMENT
4. UTILIZING NATIONAL RESOURCES PROPERLY

Ø  ORGANIC NEEDS

1.     SURVIVAL

2.     GROWTH

3.     RECOGNITION AND GOODWILL

4.     SCOPE OF ENTREPRENEURSHIP

• ENTREPRENEURSHIP ART AND SCIENCE
• ENTREPRENEURSHIP AS AN ART:-

1. AN ART IS THE SYSTEMATIC APPLICATION OF SKILL OR KNOWLEDGE APPLIED IN ACHIEVING THE OBJECTIVES
2. FEATURES OF ART:-
3. PERSONAL SKILL: VERY IMPORTANT IN UNDERTAKING ENTREPRENEURIAL ACTIVITIES.
4. PRACTICAL KNOWLEDGE: THE APPLICATION OF PRACTICAL KNOWLEDGE IN SETTING UP AND SOLVING THE PROBLEMS
5. REGULAR PRACTICE
6. CREATIVITY: HE HAS TO LOOK OUT OF NEW THINGS SO THAT BETTER RESULTS COULD BE ACHIEVED

• ENTREPRENEURSHIP AS SCIENCE:-
• SCIENCE IS A SYSTEMATIZED BODY OF KNOWLEDGE WHICH ESTABLISHES RELATIONSHIP BETWEEN CAUSE AND EFFECT
• FEATURES OF SCIENCE

1. SYSTEMATIZED BODY OF KNOWLEDGE
2. CONTINUED OBSERVATION
3. UNIVERSAL APPLICATION
4. CAUSE AND EFFECT RELATIONSHIP
5. VALIDITY AND PREDICTABILITY

• ENTRPRENEURSHIP A SCIENCE AS WELL AS AN ART
• IT IS NOT EXACT SCIENCE OR PURE ART. IT HAS BOTH THE ELEMENTS SO WE CAN SAY THAT ENTRPRENEURSHIP A SCIENCE AS WELL AS AN ART

Ø  ENTREPRENEURSHIP AS A PROFESSION

• THE DICTIONARY MEANING OF PROFESSION IS A CALLING IN WHICH ONE PROFESS TO HAVE ACQUIRED SPECIALIZED KNOWLEDGE.
• PROFESSION REFERS TO ANY OCCUPATION BY WHICH ONE PERSON EARNS LIVELIHOOD
• FEATURES OF PROFESSION:-

1. BODY OF SPECIALIZED KNOWLEDGE AND TECHNIQUES:-MODERN ENTREPRENEURSHIP IS CERTAINLY A PROFESSION BECAUSE IT HAS ORGANIZED BODY OF KNOWLEDGE BUILT BY ENTREPRENEURIAL PRACTITIONERS,THINKERS AND PHILOSOPHERS
2. FORMALIZED METHODS OF ACQUIRING TRAINING AND EXPERIENCE:-CENTER AND STATE GOVERNMENT HAS SET UP FORMAL INSTITUTES  FOR EDUCATING AND TRAINING
3. PROFESSIONAL ASSOCIATION:-CENTER FOR ENTREPRENEURSHIP DEVELOPMENT(CED),ENTREPRENEURSHIP  DEVELOPMENT,NIESUBUD,SCIENCE AND TECHNOLOGY ENTREPRENEURSHIP PARK
4. CODE OF CONDUCT: A CODE OF CONDUCT HAS TO ABIDE BY A CODE OF CONDUCT. A CODE OF CONDUCT PROVIDES RULES ,REGULATIONS,NORMS OF HONESTY,INTEGRITY AND PROFESSIONAL MORALE
5. SERVICE MOTIVES:-BESIDES EARNING MONEY AND IT SHOULD ALSO SERVE THE SOCIETY