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Wednesday, 13 November 2019

ENTREPRENEURSHIP AND CHARACTERISTICS OF ENTREPRENEURSHIP

ENTREPRENEURSHIP AND CHARACTERISTICS OF ENTREPRENEURSHIP


Entrepreneurship refers to such a process by means of which an entrepreneur establish his or her business enterprise by keeping into consideration all the opportunity available in a specific place with a view to obtaining the optimum level of profits. Nowadays entrepreneurship has become one of the major parts for all-around the development of a nation. In fact, by adopting the entrepreneurship process any entrepreneur can bring development even in the backward area on the basis of utilizing available opportunities. It also assists in the reduction of unemployment from a nation by providing large scope for employment through establishing the various scale of business (such as small scale business, the large scale of business, etc.) On the whole, it is clear that entrepreneurship plays an important role in the all-around development of a nation.


Characteristics or Competencies of Entrepreneurship: 


Risk - bearing capacity- Entrepreneurship refers to a risk-bearing process because in the establishment of this process within enterprise an entrepreneur is alone responsible to contributing towards capital no other persons can take part in managing capital. Hence, due to the absence of more persons in contributing capital entrepreneurship refers to a risk-bearing process for an entrepreneur.


Creative Activity- Entrepreneurship is a creative activity because it creates so many things for all-around the development of a nation. It contributes to large investment, new business, employment, etc, in a nation so that people can take more benefits from these activities and make their life more blissful. 

Innovation- It is an essential feature of entrepreneurship. Entrepreneurship is an innovating process because it assists in finding new resources, new commodities, new techniques, new managerial skills with a view to avail all the possible opportunities available in a particular place. Thus, we can say that entrepreneurship is an innovating process.


Knowledge-Based Practice- Entrepreneurship is a knowledge-based process because on the basis of knowledge and experience one can enhance his/her entrepreneurship qualities. Hence, it is clear that entrepreneurship quality can never be attained without the knowledge and in the absence of experience there is no use of entrepreneurship quality. 
Essential in all Activity and Every 


Economy-Entrepreneurship play an essential role in carrying out all human-related activities as well as for the economic development of a nation. In fact, for the achievement of huge success in the field of education, industry, and politics as well as in economy entrepreneurship is potent need. Out and out it is clear that entrepreneurship is essential in all activity and every economy. 


Goal-oriented Behavior- It is one of the most significant characteristics of the entrepreneurship process. Entrepreneurship is a goal-oriented behavior because the eye of an entrepreneur is always attention on achieving the Pre-determined goals of enterprise on the basis of utilizing all possible opportunities available in the market. 

ENTREPRENEURSHIP AND CHARACTERISTICS OF ENTREPRENEURSHIP


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