Entrepreneurship Meaning The word ‘entrepreneur’ is derived from the French word “enterprendre” meaning to undertake. So, entrepreneurs are persons who undertake the risk of doing something new. Entrepreneurship consist of all the activities of developing and managing a new business venture by taking risks in the corporate digital world and solving the problems faced by the society through technological innovations. It is the ability to develop, organise and run a new business enterprise to earn profit Need for entrepreneurship in today’s fast changing world Today the biggest challenge before the youth in India is to make our Country an economic global giant. 1) Entrepreneurs solve problems and challenges faced by the people through technological innovations. Example: Tartan Sense, a Bangalore based Startup introduced an AI-based Robot for using in farms to remove weeds. This reduced chemical usage and helped farmers to avoid unnecessary costs. 2) Entrepreneurship increases the GDP & generates employment. When a new business is launched, production will increase and more people are to be recruited to run the business along with the entrepreneur. As the business grows, more branches are to be opened, & more people are to be recruited. (Rate of economic growth should be between 8-9% to decrease unemployment rate) 3) Entrepreneurship improves the standard of living of the entrepreneur, employees and customers (by giving solutions to customers) 4) Entrepreneurs conduct research continuously as they give priority for Research & Development. They also fund educational institutions to conduct research in order to introduce innovations and to promote startups. You may raise two questions. • Why should we think of becoming an entrepreneur? • Why not work in an organisation which offers job security? Two factors namely, pull and push factors motivate a person to become entrepreneur. Pull Factors: Following are the factors that pulls a person to become an entrepreneur: • Dissatisfaction in the present job • No increment • No chances for using our skills • Conflict between superior and subordinates • No freedom to work • Lack of recognition • Lack of promotion • Getting a job in a government organisation and in a private sector is a difficult task as the graduates could not fulfil industry’s skill requirements. • Closure of the organisation due to loss Push Factors: Following are the factors that push a person, that is stimulates the desire of a person to take up a business venture: • Desire for self-fulfilment • Desire to increase the wealth • Desire to think creatively and innovatively • Desire to work as a part of a good team and to solve problems and challenges faced by the people through technological innovations. • Desire to work independently • Desire for self esteem • Desire for achievement and self-actualisation • Desire to give employment opportunity to others instead of relying on others thereby can contribute significantly for the development of the country • Desire to start a similar enterprise at a small level Entrepreneurship would be a better career option for young minds who are ready to face challenges, take risks, adopt new technology, think creatively, and crave for innovations. All the graduates can’t become entrepreneurs. But they should inculcate in them entrepreneurial skills and qualities that would enable them to either take up entrepreneurship at a small level that is Start Ups (or) get placed in dignified positions in a reputed organisation as an intrapreneur (Chief Executive Officer).