Origin Of Entrepreneurship

That encompasses the spirit of entrepreneurship. The word “entrepreneur‟ is derived from the French verb “enterprendre‟ which means “to undertake”. The use of the term dates back to 1723 when Richard Cantillon coined it. Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price: "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.” Now the term has evolved and has taken several meanings. It has been extended from its origins in business to include social and political entrepreneurship as well.

History of Entrepreneurship

The history of entrepreneurship dates back to the era of Indus Valley Civilization. Back then, economy depended

Post independence, conducive climate for the spread of entrepreneurship was created. However, long years of colonization and subjugation had dampened the spirits of entrepreneurship amongst the masses. Despite the arrival of independence, the early decade of 1950-60s marked a slow progress from an agrarian economy to an industrialised nation. Gradually, the spirit of risk taking came to the forefront nurtured by the favourable policies of the Government. Initial years saw the advent of large scale industrialization entrepreneurs like Aditya Vikram Birla who started Grasim Industries just 10 days after independence, Dhirubhai Ambani who catapulted his business into a large conglomerate Reliance Industries, K.C. Mahindra and J.C. Mahindra who saw the rise of Mahindra and

It could be new products or services or new ways of producing them. There are no Google or Microsoft emerging out of India but this does not mean that no innovation is being done in India. If product for end users is the visible tip of innovation iceberg, India is well represented in the large submerged portion of the innovation iceberg.

Invisible innovation can be categorized as below:-

Innovation for Business customers:- In the last 2 decades, 750 R&D centres have been set up by the multinational corporations which have served as a major source of innovation.

Outsourcing Innovation to Indian companies:- Many global companies are contracting Indian industries for innovations in their global products. In the Pharma Industry, many molecules are developed in US but the major part of the project is sent to India. Similarly HCL developed two of the major mission control systems of Boeing 787 in India.

Process Innovations because of the injection of intelligence by the Indian Firms:- Many processes and products have been improved by organizations using predictive modelling.

Management Innovation:- It is the new way of organizing work. Most major management innovation is the Global Delivery Model followed by Indian Offshore