The term entrepreneurship is a very complex one. It has created much confusion in the minds of many thinkers, social scientists and business experts. It is easy to understood but difficult to clarify and define it in clear and emphatic words. According to Higgins, it is a function concerning investment and production opportunity, organise an enterprise to undertake a new production process, raise capital, hire labour, arrange supply of raw material, find out site and introduce a new technique in production and also to manage day-to-day business operations. Arthur H. Cole describes it as an activity depending a great deal of self-motivation. He remarks by saying than, “In the promotional and survival purposes which entrepreneurship serves relative to individual business units, three process seem important innovation, management and adjustment to external conditions, with the last including the imitation by some enterprises of the innovation initiated by the other business units that are directly or indirectly competing”.

J.B. Say considers entrepreneurship as a business activity dealing with co-ordination, organisation and supervision so as to unite all the means of production.


It means that the basis of entrepreneurship lies in the spirit of adventure and innovation. It can be stated that, “entrepreneurship is a dynamic function of creating something new, organising, co-ordinating and undertaking all types of business risks with confidence and optimism. It can also be termed as development of a new product, process, input or markets which have never been attempted earlier in a given changing environments. It includes a fairly large amount of novelty and pioneering activities in the pursuit of commercial or business endeavor.