Abstract:
The concept of entrepreneurship is not new. Entrepreneur is the one who runs a
business. Precisely an entrepreneur is the one who starts his own business. He is
also a person who organizes, coordinates, operates, and assumes the upcoming risk
of a business venture. Entrepreneurship is a creative and innovative response to the
environment. Building up an entrepreneurship culture implies inculcating a set of
entrepreneurial values, rules and traits that are beneficial to the growth of
entrepreneurship. Adam Smith, - father of Political Economy, stated in his book
named Wealth of Nation that an entrepreneur is a person who forms an organization
for commercial purpose. He is the one who has an unusual foresight to recognize the
potential demand of goods and services. Entrepreneurship essentially consists in
doing things differently that are generally not done in the ordinary course of
business. Entrepreneurship is the activity which leads the entrepreneur to look for
opportunities, raise resources, create an organization and provide leadership which
may result in success or failure. It can also be encouraged through interactions with
successful entrepreneurs who inspire others as role models. The family business is
one which has been closely identified with business for at least two generations of a
family and the controlling ownership is held by an individual family member and use
to manage the company. Many a times we find that enterprises that are locally
owned and operated, by one person, is a sole proprietorship. Such enterprises are
run by the family. These proprietors may have usually started their enterprises to
supplement their family income. Many of them are service based firms and they rely
exclusively on the skills of the owner. The businesses that are owned by the family
vary widely. They can include retail stores, contracting business, small
manufacturing firms and restaurants too. In family business the advantage is that it
offers economic independence and it promotes family unity. This research paper
focuses the case of a successful entrepreneur of a beach resort in konkan, western
ghat area of Maharashtra. The research is based on a case study, which has been
developed with the help of personal interview.
Description:
Fourteenth Biennial Conference on Entrepreneurship/ Edited by Rajeev Sharma, Sunil Shukla, Amit Kumar Dwivedi & Ganapathi Batthini
