What 's of entrepreneurship?

a)        Most succinct definitions ( Entrepreneurship Center at Miami University )

“Entrepreneurship is the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty.”

b)        Descript by role

l         the creation of organizations (Gartner, 1988)

l         the carrying out of new combinations (Schumpeter, 1934)

l         the exploration of opportunities (Kirzner, 1973)

l         the bearing of uncertainty (Knight, 1921)

c)        Descript by personality

l         the bringing together of factors of production (Say, 1803)

l         a self-confident, determined business starter;

l         an intuitive lateral thinker who can exploit an opportunity or idea and turn it into a profitable business;

l         a pro-active, persuasive and socially-competent net-worker who is able to mobilize resources;

l         a maverick or ‘salesman’ who, undaunted by failure, can adapt and bounce back from whatever adversity besets them

d)        Characteristics and traits of entrepreneurs

l           Tangible determination to succeed

l           The vital element of pure and simple hard graft;

l           Enduring success forged on enduring effort.

e)        Skills of entrepreneurs

l           Critical self-analysis

l           Clear perception of the factors

f)          Expertise of entrepreneurs

l           Prior knowledge: of market, of ways serve markets and customers.

l           Experience: thinking patterns and personal theories that enabled them to perceive, filter, decide and act upon the opportunity

l           Social network: a way of finding and evaluating ideas but also provide a means of locating resource necessary to the venture.