Entrepreneurship is the process of,
Implementing innovative ideas
Or
Building something by taking risk in order to improve economic conditions
Or
By using certain amount of resources with smartness and talent to generate big profit
Or
By analyzing the environment and its problems to produce solution.
Number of definitions are purposed by the people like joseph Schumpeter , peter Drucker, Frank Knight and so on. All of them defined this process in different ways but eventually numbers of characteristics are target; Decision making, Risk taking, Accepting challenges, Building organization, Skillful Management, Innovation, and Mobilization of resources.
Entrepreneurship process is carried out by key people who give the innovative ideas and take risk is the Entrepreneur. Entrepreneur see “problems” as “opportunities,” then take action to identify the solutions to those problems and the customers who will pay to have those problems solved. One of the example entrepreneurship is this in old time period combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case the innovation, the car, was transformable but did not require the development of a new technology, merely the application of existing technologies in a novel manner. It did not immediately replace the horse drawn carriage, but in time, incremental improvements which reduced the cost and improved the technology led to the complete practical replacement of beast drawn vehicles in modern transportation.
Successful story of Entrepreneurship:
A.J. Scribante started off selling bleach to supermarkets and other stores around the Midwest. But Scribante had bigger things in mind. He wanted to find a better way to compare regional differences in retail prices, so that he could make more sales.
He started collecting newspaper grocery store ads from various cities to show to grocery stores in different markets. He put all those ads into a single booklet. He realized how valuable the information was when companies started requesting price data for competitors. Thus, the idea for MAJERS, what would become a multi-million dollar marketing Information Company, was born.
