Entrepreneurship what is it?

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

Alternate Definition:
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort; assuming the accompanying financial, psychic, and social risks and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction

We can say from the definitions that it is a process where a person creates a process or idea which he/ she believes will bring profit; and goes on to invest money, resources and  time in pursuing the opportunity.

Pros and Cons of Entrepreneurship

To everything in life there are advantages and disadvantages; entrepreneurship is no exception. As a matter of fact, entrepreneurship involves a lot of risk taking. Yet, it can pay off very nicely as well, with rewards such as profits and the opportunity to be your own boss and make your own decisions.

Here are some pros and cons to consider:

Pros
• Excitement: Due to its high capacity for risk, there is a lot of adventure.
• No Rules and regulations: Work in a current job is difficult to do because of all the consistent administration approval needed.
•  Satisfaction of providing original products
• Independence: Some people wish to be their own boss and make all the important decisions him/herself.
• Rational salary: They are not being paid what they're worth and would rather work on their own and earn the money they should be earning for their efforts.
• Freedom and Flexibility : Entrepreneurs can work whenever they want, wherever they want, and however they want.

Cons
• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.
• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.
• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.
• Incompetent staff: Often times, you will find yourself working with an employee who doesn't know what to do
• Procedures & policies have to be made by you.

Indian government for entrepreneurs
Development commissioner msme
Ministry of Micro, Small and Medium Enterprises

Some organisations helping entrepreneurs:
 http://www.ediindia.org/
indian institute of entrepreneurship
the indus entrepreneurs
 National entrepreneurship network