There are so many institutes and organizations which are involved in entrepreneurship development activities and there are people who join these programmes as a stepping stone to become entrepreneur. It is a known fact that so many management institutes are coming up to cater to the growing need of industries by supplying traditional managers/corporate managers. The scope of this study is to find out the perception of management students about the entrepreneurship and compare it with those people who have become entrepreneur. The researcher feels that this study will reveal the facts which are important to develop entrepreneurship as a career option among management students.
A manager is one who manages all the resources to match with the organizational needs. In the managerial role resources are allocated to solve problems and improve the administrative efficiency.
The entrepreneurship is very a old concept according to which any one who runs business is called an entrepreneur. The more precise meaning of entrepreneur is; one who perceives a need and then brings together manpower, material and capital required to meet that need.
Entrepreneur is one who understands the market dynamics and searches for change respond to it and exploit it as an opportunity.
1.2The Evolution of Entrepreneurship
The word „entrepreneur‟ is derived from the French verb „enterprendre‟. It means “to undertake”. 1
1 For a compilation of definitions, Robert C. Ronstadt, Entrepreneurship (Dover, MA: Lord Publishing, 1984),p.28; Howard H. Stevenson and David E. Gumpert, "The Heart of Entrepreneurship," Harvard Business Review (March/April 1985):p.85-94; and J. Barton Cunningham and Joe Lischeron, "Defining Entrepreneurship:' Journal of Small Business Management (January 1991): p.45-61. 2
The Frenchmen who organized and led military expeditions were referred to as
Around 1700 A.D. the term was used for architects and contractor of public works.
In many countries, the term entrepreneur is often associated with a person who starts his own new business. Business encompasses manufacturing, transport, trade and all other self employed vocation in the service sector.
Entrepreneurship has been considered as the propensity of mind to take calculated risk with confidence to achieve predetermined business objectives.
There are many views and opinions on the concept of entrepreneurship forwarded by some of the world famous management gurus and economists as mentioned below which will help in understanding this concept.
“A person who sets up a business or businesses, taking on financial risks in the hope of profit”2
“An individual who bears the risk of operating a business in the face of uncertainty
about the future conditions”3
―The entrepreneur in an advanced economy is an individual who introduce something new in the economy- a method of production not yet tested by experience in the branch of manufacturing, a product with which consumers are not yet familiar, a new source of raw material or of new markets and the like”4
2 Oxford Dictionary, 3rd Edition 2005 New York, Oxferd University Press Inc, p. 476-477. 3 Donald F. Kuratko, "Entrepreneurship," International Encyclopedia of Business and Management (London: Routledge Publishers, 1997), p.168-176.
Drucker’s Views on Entrepreneur
“An entrepreneur is the one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit changes as an opportunity for a different business or different service” 5
“A person who pays certain price for a product to resell it at an uncertain price thereby making decision about obtaining and using resources...