Although entrepreneurship is a word often used by academics and media journalists, it is a term that is very difficult to accurately define.
Often Academic instructors and media journalists use the word ‘entrepreneurship’ which refers to the act of being an entrepreneur. Entrepreneur is an individual who has ample amount of managerial and technical insights that enable him or her to make relevant decisions that affects the entire firm and paves way for the organization to achieve significant amount of growth in all areas of the organizations. An entrepreneur can be individuals functioning on various capacities of the organization namely, sociological, geographical and technological. (Swedberg, 2000, pp 51-60)
Entrepreneurship in a firm fundamentally involves taking necessary steps and risk-taking behaviour that can further develop the organization. There are various fields in the organization where an entrepreneur has to take decisive action to bring out the best in the organization. Entrepreneurs are often associated with technological innovation, novelty and evolution to introduce something new to the consumers that would motivate them to opt for the company’s product over the competitors’. This is often referred to as technological entrepreneurship and involves innovating and modifying the configuration of the product as mentioned earlier. (Swedberg, 2000, pp 51-60)