1. Characteristics of an Entrepreneur Initiative taking Organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account Acceptance of risk and failure

2. Nature & Development of Entrepreneurship Entrepreneurship Strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations. Entrepreneurs Risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats.

3. Entrepreneur: An individual who undertakes the creation, organization, and ownership of a business. They accept the risks and responsibilities of business ownership to gain profits and personal satisfaction.

4. Role of Entrepreneurship in Economic Development Product evolution Iterative synthesis Intersection of knowledge and social need that starts the product development process Ordinary innovations Technological innovations Breakthrough innovations