ENTREPRENEURSHIP : THE

ETYMOLOGY
Entrepreneurship is derived
from the French word
“entreprendre”, which means
'undertake'. It is first
used in 1852.
Entrepreneurship |noun|: the
 TERMS RELATED TO
ENTREPENEURSHIP:
ENTREPRENEUR-SOMEONE WHO STARTS A
BUSINESS ANS IS WILLING TO RISK LOSS IN
ORDER TO MAKE MONEY
ENTREPRENEURSHIP- THE ACTIVITY OF SETTING
UP A BUSINESS, TAKING A FINANCIAL RISK, IN
THE HOPE OF PROFIT
SCARCITY- A VERY SMALL SUPPLY
DEMAND- A STRONG NEED FOR SOMETHING
ECONOMY- THE PROCESS BY WHICH GOODS AND
SERVICES ARE PRODUCED, SOLD, AND BOUGHT IN
 TERMS RELATED TO
ENTREPENEURSHIP:
ENTERPRISE- THE BUSINESS ORGANIZATION
ECONOMICS- A SCIENCE CONCERNED WITH THE
PROCESS OR SYSTEM BY WHICH GOODS AND SERVICES
ARE PRODUCED, SOLD AND BOUGHT
BUSINESS- THE ACTIVITY OF MAKING, BUYING, OR
SELLING GOODS OR PROVIDING SERVICES IN
EXCHANGE OF MONEY
INCOME- MONEY EARNED FROM WORK, INVESMENTS,
OR BUSINNESS
PROFIT- A FINANCIAL GAIN
MONEY- SOMETHING USED AS A WAY TO PAY FOR
 ENTREPRENEURSHIP'S
CONTRIBUTION TO THE
ECONOMY
Entrepreneur’s contribution to the
economy is of immense value. Their
businesses are indispensable to
the economic growth of the
country.Their businesses' products
are valuable to the overall
Ours is a consumer society now. Even
in the developing countries
consumerism is gaining ground.
Developed countries anyway thrive on
consumerism. Naturally, the role of
an entrepreneur is of much
significance in generating products
valuable for the com forts and
luxurious living of the people of a
particular country. An economy is
much dependent upon the performance
the factors that contribute in boosting
the country's economy
 Investment – Then entrepreneur has
to invest in what is required for
the economy. Economic progress will
much depend upon the business
contributions. Any entrepreneur
will invest in products and
services which the people need. His
or investment will ensure a better
 Employment – An entrepreneur
by setting up various
businesses and establishments
is generating employment in
the economy. People need jobs.
This is a major contribution
that an employer can make to
provide income to an employee
who can meet his or her needs.
 International trade – An
entrepreneur promotes
international trade by selling
his or her products abroad.
Any entrepreneur would like a
wider market. If there are
more consumers to purchase his
or her products, the higher
his profits.
 Diversity in products and services
– An entrepreneur can provide
various types of goods and services
to the consumer. A consumer after
all would like to have a good
bargain, and if his or her choices
are more than he or she can get
these products or services at
reasonable rates. Also personal
desires are met if there are
products and services to choose
 International trade – An
entrepreneur promotes international
trade by selling his or her products
abroad. Any entrepreneur would like
a wider market. If there are more
consumers to purchase his or her
products, the higher his profits.
 Contributes to gross national
product – An entrepreneur makes much
contribution to the national
exchequer and to the national
economy as whole. The GNP of the
country is calculated based upon the
total number of products and
services available in a respective
country. The more products and
services available the higher the
GNP. It indicates the economic
 SOCIO- ECONOMIC BENIFIT
FROM ENTREPRENEURSHIP
 Donations – A business person
donates a lot of money for
charity purposes. From his or
her earnings, he or she would
like to help the downtrodden
and try to improve their
 Charitable institutions – A
businessman or woman sets up
various educational, medical
and vocational training
institutions to provide the
less privileged with benefits
which they normally cannot
afford. The fees may be less
or waived in the case of a
 Sponsorship – Many business
people sponsor a candidate
for higher education or fund
a child in an orphanage. In
fact, many orphanages are
backed by these business
people. Scholarships are
provided to a poor student
for him or her to avail of
 Welfare programs – A
businessman or woman
financially contributes to
various welfare programs,
like helping the blind,
orphans, widow etc. In times
of crisis, they help by
donating items such as
blankets, clothes, medicines
 Advisors to respective
government – Many successful
business people participate
in government activities in
order to promote the well-
being of the citizens. The
government often seeks their
advice on certain social and
economic activities.
characteristics and traits an entrepreneur
should possess
 Entrepreneurs are goal-oriented
Entrepreneurs are all about setting
goals and putting their all into
achieving them; they’re determined to
make their business succeed and will
remove any encumbrances that may
stand in their way. They also tend to
be strategic in their game plans and
 Entrepreneurs are committed to
their business
Entrepreneurs are not easily
defeated; they view failure as an
opportunity for future success,
and if they don’t succeed the
first time, they’ll stay committed
to their business and will
continue to try and try again
until it does succeed. A true
 Entrepreneurs are hands-on
Entrepreneurs are inherently
proactive, and know that if
something really needs to get
done, they should do it
themselves. They’re ‘doers’, not
thinkers, and tend to have very
exacting standards. They view
their business as an extension of
themselves and like to be integral
 Entrepreneurs thrive on
uncertainty
Not only do they thrive on it—
they also remain calm throughout
it. Sometimes things go wrong in
business, but when you’re at the
helm of a company and making all
the decisions, it’s essential to
keep your cool in any given
situation. True entrepreneurs
 Entrepreneurs are willing
to listen and learn
The most important part of
learning is listening—and a
good entrepreneur will do
this in abundance.
 Entrepreneurs have great
people skills
Entrepreneurs have strong
communication skills, and it’s
this strength that enables them
to effectively sell their
product or service to clients
and customers. They’re also
natural leaders with the
 Entrepreneurs are inherently
creative
This is one trait that, due to
their very nature, entrepreneurial
business people have by the bucket
load. They’re able to not only
come up with ingenious ideas, but
also turn those ideas into
profits.
 Entrepreneurs are passionate and
always full of positivity
Passion is perhaps the most
important trait of the successful
entrepreneur. They genuinely love
their job and are willing to put
in those extra hours to make their
business grow; they get a genuine
sense of pleasure from their work
that goes way beyond just cash.
SOURCES:
 “5 Ways Entrepreneur's Contribution for Sustainable
Economy.” LinkedIn, www.linkedin.com/pulse/5-ways-
entrepreneurs-contribution-sustainable-economy-
sheshan-g.
 “Top 5 Contributions of Entrepreneurship in
Society.” Google, Google,
www.google.com/amp/s/www.paggu.com/entrepreneurship/
top-5-contributions-of-entrepreneurship-in-
society/amp/.
 “10 Important Personal Characteristics of
Entrepreneurs.” Hiscox, 28 July 2017,
www.hiscox.com/blog/10-important-personal-
characteristics-entrepreneurs.
END OF REPORT,
THANK YOU FOR
LISTENING!