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Entrepreneurship is so a difficult task that a majority of new business people can never succeed with ease. It creates ample job opportunities if successful. A lot many economists have worked hard in developing the subject, Entrepreneurship. Joseph Schumpeter and the Austrian School of economics contributed a lot to the to the subject Entrepreneurship.

Some times the Entrepreneurship leads to ‘creative destruction’, across marketing network. This opens new opportunities to new products and business modules at the same time eliminating incompetent businesses. Current day dynamism, of industries and markets, is the result of creative destruction, in turn caused by entrepreneurships. The creation of newer products and business models, are driving the market towards, long term economic growth. The new Entrepreneur always ventures to invest his capital on his own idea or concept, on his own risk.

It is the process of discovering assessing and utilizing opportunities that form a new ventures and challenges in his business.

The entrepreneur

An entrepreneur is "someone who acts independent of the resources in hand, to pursue new opportunities".

Cole (1959), categorized four types of entrepreneurs: the innovator, the calculating inventor, the over-optimistic promoter, and the organisation builder. The classification is based on the type of opportunity the entrepreneur faces.

Characteristics of entrepreneurship

Characteristics of entrepreneurship are as follows:

  • The entrepreneur, with a vision and interest in his own vision, is the driving force of an entrepreneurship.
  • The vision is generally supported by a set of concrete ideas that are new to majority of the market/industry.
  • The overall methodology to realize his vision is clear. The details may not be complete, rigid and incompetent.
  • The entrepreneur always tries to promote the vision.
  • With constant efforts and determined mindset, devises his own tools to thrive his vision.

Community entrepreneurship

Community entrepreneurship’ is nothing but entrepreneurial education, mainly concerned with individual students in classrooms, family, community health, and the health of the educational system itself. Applying entrepreneurial principles to the process of creating a community, that in turn supports the entrepreneurship itself. We are in need of social entrepreneurs on the same principles.[[Category:Organizational studies]