- Entrepreneurship is a process undertaken by the entrepreneur to establish and develop a new enterprise. It consists of opportunity analysis, environmental analysis and change management.
2. It’s a creative activity
It tries to apply new methods rather than just following routine methods.
3. It’s an objective oriented activity
The process converts the idea of business establishment into its implications for profit motives.
4. It’s a moderate risk taking activity
The process begins with the risk of uncertainty
5. It has an objective of economic welfare
This is by optimum economic utilization of owned means of production, it brings rapid regional as well as national industrial economic development and creates many opportunities of employment.
6. Its closely related to innovation
As the success of entrepreneurship largely depends on the ability to respond to innovation
7. Its an organizing function
It’s a process or promotion of a new enterprise hence an entrepreneur collects means of production and forms organization structure, develops the structure and controls it.
8. It’s a profession
It has been accepted in the prevent error just like any other function. This is because it can be developed by dept studying entrepreneurship and intelligence.
9. It’s a result oriented activity
It emphasis on results received, high achievements and performance. It deals with who is achieved rather than what to achieve.
10. Many forms of business organization can be used by it
e.g. sole proprietorship, partnership etc
11. Certain qualities of entrepreneurship can be developed
In the present error, entrepreneurs need not to be born but made. This is by entrepreneurship development training where qualities of entrepreneurship can be developed.