Entrepreneurship & Management

It is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. Entrepreneurship is about business start-ups and renewals. It appears at the time of starting a new business, disappears for some time in the course of stabilising the venture as an on-going business and reappears in case there is a need for introducing any changes in product, market, technology, structure and so on. It is often said that everyone is an entrepreneur when he actually ‘carries out new combinations, and loses that character as soon as he has built up his business, when he settles down to running it as other people run their businesses. In developed countries, the distinction between the entrepreneurial focus on start-ups and managerial focus on routine is so sharp that it is argued that once the project has reached a level of maturity, the entrepreneurs must move out and the managers must come in.