2. Entrepreneur Person Entrepreneurship Process of Action Enterprise Object CONCEPT OF ENTREPRENEURSHIP Operating Definition of Policy Entrepreneurship: 1. Policy Innovations - Availability of equity - Efforts to assemble public and/or private equity - Willingness of local developers to risk some of their resources on small or new firms - Creation of incubator facilities - Availability of technical assistance 2. Policy Commitment - Support of local governmental bodies for economic development.

3. 3. Small Business Targeting - Presence of explicit small business component in local development. - Amount of staff resources devoted to small firms concerns. - Percentage of capital funds channeled through development organizations into young ventures. 4. Characteristics of Public Support - Level of funding - Cooperation of national and local municipal officials on economic development. - Working relations between economic developers and elected officials. Entrepreneurship: A. H. Cole : Entrepreneurship is the purposeful activity of an individual or a group undertaken to initiate, maintain or organize a profit-oriented business unit.

5. CHARACTERISTICS OF ENTERPRENEURSHIP ACCEPTING CHALLENGES DECISIOIN- MAKING ORGANIZATION RISK-TAKING SKILLFUL MANAGEMENT INNOVATION MAKING THE ENTERPRISE A SUCCESS ENTREPRENEURSHIP