Entrepreneurship

Concept of Entrepreneurship

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. 

Characteristics of Entrepreneurship:

Not all entrepreneurs are successful; there are definite characteristics that make entrepreneurship successful. A few of them are mentioned below:

Ability to take a risk

An entrepreneur needs to be courageous and able to evaluate and take risks.

Innovation

It should be highly innovative to generate new ideas, start a company and earn profits out of it. 

Visionary and Leadership quality

To be successful, the entrepreneur should have a clear vision of his new venture.

Open-Minded

In a business, every circumstance can be an opportunity and used for the benefit of a company.

Flexible

An entrepreneur should be flexible and open to change according to the situation. 

Know your Product

A company owner should know the product offerings and also be aware of the latest trend in the market.

Importance of Entrepreneurship:

Creation of Employment

Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.

Innovation

It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.

Impact on Society and Community Development

A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. 

Increase Standard of Living

Entrepreneurship helps to improve the standard of living of a person by increasing the income. 

Supports research and development

New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. 

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