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NIRF - 2018

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1. What is entrepreneurship?
Entrepreneurship is the process which involves all the functions, activities,and actions associated with perceiving opportunities and creating organizations to pursue them. A great idea is simply not enough, it must be coupled with a solid business model if the business is to succeed.
2. Why entrepreneurship?
Many students interested in entrepreneurship (70% of young adults want to own a business someday)seek a stimulating career path organized around founding or managing new ventures. While many of these students choose to pursue an entrepreneurial idea immediately as a new venture or join an existing small company or family business, still others choose to first gain experience in larger business organizations, professional service firms or investment banks.
3. Does entrepreneurship relate only to start-ups?
No, entrepreneurship exists in large corporations as well as non-profit institutions. Many profitable entrepreneurial opportunities exist in large organizations because successful companies focus on development and innovation of products and services. In many companies, innovative new products and services are the basis for creating new ventures that spin off into separate entrepreneurial entities. It is likely that many students will be exposed to entrepreneurial opportunities in large firms over the course of their corporate or professional service careers.
Social entrepreneurship involves not-for-profit firms, including many educational, social services and arts organizations. Tight resource constraints mean that social entrepreneurship poses a challenge for even the best management talent, and students interested in careers in not-for-profit management would benefit from significant exposure to entrepreneurial management. Over the course of their careers, many students will participate in social entrepreneurship as business or financial consultants or as volunteers or as members of boards of directors of these organizations.
4. What is entrepreneurship education?
Entrepreneurship education is the process of providing individuals with the concepts and skills to recognize opportunities, and to have the insight, confidence and knowledge to act where others have hesitated. It includes instruction in opportunity recognition, feasibility research, organizing resources, and initiating a business venture. It also includes instruction in business management processes such as business planning, capital development, marketing and cash flow analysis.