Entrepreneurship Development Flashcards
KYA CHUTIYAPA HAI YEH SAB
Who is an entrepreneur?
An entrepreneur is an individual who sets up a new business venture, taking on financial risks in the hope of earning profit. Entrepreneurs organize and coordinate resources and often introduce innovations while bearing the uncertainties of business.
What is entrepreneurship?
Entrepreneurship refers to the process of starting and running one’s own business venture (enterprise). It involves identifying a market opportunity, assembling and organizing resources, and taking on the risks to establish a new enterprise that delivers value and earns profit.
What is an enterprise?
An enterprise is the business venture or company created by an entrepreneur. In other words, it is the tangible business entity (the firm or startup) that results from the entrepreneurship process.
Why is entrepreneurship important?
Entrepreneurship is important because it drives economic development in multiple ways. It contributes to GDP growth and capital formation, creates employment opportunities, generates business for suppliers and distributors (through backward and forward linkages), improves efficiency through innovation, diversifies the economy, empowers local/marginalized communities, and fosters a culture of innovation.
What are the functions of an entrepreneur?
Key functions of an entrepreneur include: identifying viable business opportunities; mobilizing and organizing resources (finance, labor, materials); establishing the enterprise (setting up operations and systems); managing the venture’s day-to-day operations (production, marketing, finance, HR); innovating and adapting to market changes; and bearing the risks and uncertainties of the business.
How do entrepreneurs differ from managers?
An entrepreneur is an owner who launches a new business, innovates, and takes on personal financial risk in hopes of profit. In contrast, a manager is an employee who oversees an existing business, focuses on efficient administration and maintaining the status quo, and typically avoids high risk (earning a fixed salary rather than profits).
What are the traits of successful entrepreneurs?
Successful entrepreneurs share certain traits such as high initiative and drive, creativity and innovative thinking, willingness to take calculated risks, perseverance and resilience in the face of challenges, strong self-confidence, adaptability to change, and good leadership with vision.
What factors inhibit entrepreneurship development?
Several barriers can inhibit entrepreneurship development. These include lack of adequate capital and financial support, insufficient entrepreneurship education and training, fear of failure and risk aversion, cumbersome bureaucratic procedures and unfavorable regulations, poor support infrastructure (limited access to technology, markets, or mentorship), and socio-cultural norms that discourage entrepreneurial careers (preference for secure jobs).
What is SIDBI?
SIDBI (Small Industries Development Bank of India) is a government-established financial institution that provides credit and other financial assistance to small-scale industries and MSMEs. Its aim is to support entrepreneurs by offering loans, refinancing, and developmental support to promote small business growth.
What is NABARD?
NABARD (National Bank for Agriculture and Rural Development) is India’s apex rural development bank. It provides finance and other support for agriculture, cottage and village industries, and rural small businesses, thereby promoting rural entrepreneurship and sustainable economic development in villages.
What is NSIC?
NSIC (National Small Industries Corporation) is a government agency that supports the growth of small industries in India. It offers services to small entrepreneurs such as procurement of raw materials, equipment on lease, technical training, and marketing assistance to help establish and expand small businesses.
What are District Industries Centres (DICs)?
District Industries Centres (DICs) are government-run offices at the district level that serve as one-stop support hubs for local entrepreneurs. DICs provide budding entrepreneurs with information, training, project guidance, help in securing licenses and finance, and other necessary assistance to set up and grow small scale industries in the area.
