Opportunity Analysis

The over riding reasons of any individual to think of new enterprise can be summarised in one word and that is OPPORTUNITY. If he can identify an easy way of providing goods and services in the market with sufficient profit, he can easily start a new enterprise.
Most of the individual entrepreneur realize the fact that:

"Small is beautiful".

"Less risky with handsome profit".

Factors affecting development of entrepreneurship

Internal factors affecting development of entrepreurship:

1. Desire to work independently.
2. Entrepreneurial ambition.
3. Forcing or compelling reasons.
4. Faciliating or supporting reasons.

• Occupational or work experience,
• Moral support,
• Imitative encouragement

External factors affecting development of Entrepreurship:

1. Availability of financial help.
2. Availability of infrastructure facilities.
3. Support from government and other agencies.
4. Anciliary support.
5. Entrepreneurial team.
6. Open and meritocratic environment.
7. Product and markets.

Sociocultural theory of entrepreneurship

The emergence of entrepreneurship is from a sociocultural standpoint as done by the sociologists. They plead that entrepreneurship is most likely to emerge under a specific socioculture environment. They hold the view that socciological changes, cultural values and role expectations are responsible for the emergence of entrepreneurship. Main sociologists are:

• Thomas Cocran
• Max Weber
• Everett Hagen
• Randell stokes
• Albert Sheparo

Economic theory of Entrepreneurship

Its the thoeory of economists. They think that entrepreneurship and economic growth will take place in those cases where particular economic conditions take place favourable. Main economists in the theory of G.F. PAPANEK and J.R. HARIS. They hold the view that the economic incentives are the main drive for the entrepreneurial activities. In some cases, individuals, innerdrives have been associated with economic gains. Therefore these incentives and gains are regarded as sufficient condition for the emergence of indutrial entrepreneurship.

Economic Factors:

1. the market incentives which present themselves in the form of new social needs and wants,
2. the existence of sufficient stock of capital to finance new enterprise,
3. the occurence of institutions, such as development banks, so as to direct the capital to those who want to use it for entrepreneurial projects.

Trait theory of Entrepreneurship

The theory holds that entrepreneurship developed because the individuals called entrepreneur possessed certain specific traits or characteristics or competencies which made them capable of generating new ideas and creating new ventures. The major traits responsible for the emergence of entrepreneurship are said to be : creative and innovative skills, propensity to take risks, ability of building on organisation and managing it effectively perseverance, and foreseceability. Different studies have emphasised different traits. However, it may be said that there are opponents of the trait approach. They ask a logical question as to whether those among us who do not choose to be entrepreneur, have similar traits.

Entrepreneurship

Entrepreneurship, till some time back, has been largely ignored and treated in a highly simplied way by business experts. However now it is widely recognised that it promotes the supply of entrepreneurial talent and therefore is likely to be important due to its role that it plays in the field of economic growth, innovation and job creation.
Entrepreneurship is multi-dimensional. Basically it features :

1. Purposeful innovation.


2. Devotion of time and effort.


3. Risk-taking.


4. Rewards.


5. Anxiety & Hard working.

Types of Entrepreneurship

1. Innovative Entrepreneurs
2. Adoptive or Imitative Entrepreneurs
3. Fabian Entrepreneurs
4. Drone Entrepreneurs