DEFINITION:

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who
undertakes innovations, finance and business acumen in an effort to transform
innovations into economic goods".

CONCEPT:
It has assumed super importance for accelerating economic growth both in developed
and developing countries. It promotes capital formation and creates wealth in country. It
is hope and dreams of millions of individuals around the world. It reduces
unemployment and poverty and it is a pathway to prosper.

Entrepreneurship is the process of searching out opportunities in the market place and
arranging resources required to exploit these opportunities for long term gains.

It is the process of planning, organising, opportunities and assuming. Thus it is a risk

of business enterprise. It may be distinguished as an ability to take risk independently to
make utmost earnings in the market. It is a creative and innovative skill and adapting
response to environment of what is real.

Hence, concept involves following points:

1. Acceleration of Economic Growth

2. Promotion of Capital Formation
3. Wealth in Country
4. Reduces Unemployment
5. Reduces Poverty
6. Process of Searching and Exploiting the Opportunities by arranging sources
7. Involvement of Planning, Organising and Assuming
8. Requires Innovative Skill and Adapting Response towards Challenging
Environment.

KNOWLEDGE ENTREPRENEURSHIP:
Knowledge entrepreneurship describes the ability to recognize or create an opportunity
and take action aimed at realizing the innovative knowledge practice or product.
Knowledge entrepreneurship is different from ‘traditional’ economic entrepreneurship in
that it does not aim at the realization of monetary profit, but focuses on opportunities with
the goal to improve the production (research) and throughput of knowledge rather than to
maximize monetary profit. It has been argued that knowledge entrepreneurship is the
most suitable form of entrepreneurship for not-for-profit educators, researchers and
educational institutions.
However, it is a model. But when knowledge about entrepreneurship is asked then just
explain the contents of the above model separately.

Don’t forget to prepare DIAGRAM.

Knowledge of Entrepreneurship involves following contents:

1. Organisational Setting:
a. Organisational Learning
b. Leadership
c. Culture
2. Communication:
a. Project Support
b. Risk Tolrence
c. Vision and Strategy
d. Environmental Awareness

Thus after being directed by Organisational Setting and Communication simultaneously

Organisational Knowledge leads towards INNOVATION.