We generally know an entrepreneur is a person who take the risk, an investor , an organizer , an innovator & finally come out with an successful output.
But in brought sense , entrepreneur means who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Entrepreneurs come out with a successful results but gave this successful results they faces many obstacles in their business life .sometimes they thought to take step for running a project but without proper knowledge about project taking idea or selection process they can’t run this about a long time period or continue. When any business or project rudiments firstly select area ,idea/issues, Goal, purpose, target group , work plan(how many ways to complete the tasks), responsibility, funding collection, time frame, meeting(for about
progressing),monitoring, field level of proclamation, help from sponsor or partnership.
So an entrepreneur, entrepreneurship & enterprise go hand in hand . In practice, an entrepreneur takes numerous decisions to convert his business idea into a running concern . In setting up his enterprise,his decision making process starts with project/product selection. In fact, project selection is the first corner stone to be laid down in setting up an enterprise.
Interpretation of Project:
Project is called like a planning a large party or an event . On the other hand , A project is a complex, non-routine, one-time effort limited by time ,budget, resources,& performance specification designed to meet specification needs.
It is a group of unique ,inter-related activities that are planned & executed in a certain sequence to create a unique product & services within a specific time ,frame scope & budget.
Here, it is also important to mention that while projects can differ in their size ,nature,objectives,time duration & complexity ,yet they partake of the following three basic attributes:
- A course of action Ø Specific objectives , and
- Definite time perspective.
Project classification is a natural corollary to the study of project idea .Different authorities have classified projects differently .Following are the major classifications of projects:
Figure: Classification of projects
( To Be Continued)