In this blog I’ll discuss about entrepreneurship, it’s characteristics and also I’ll discuss about the meaning and qualities of an entrepreneur.

Entrepreneur:

An entrepreneur refers to the person who creates a new enterprise. It is an individual who creates a new enterprise while bearing all the risk and embracing all the challenges. For its development.

Entrepreneurship:

It is the process of creating a new enterprise with an aim of making profit. In simple words entrepreneurship is the undertaking an enterprise it refers to the process of starting a new enterprise and operating it so as to create a product having value for people by giving necessary time and effort and bearing all financial risk difficulties and challenges with an aim of making a profit. It is the process of seeking investment and production opportunities starting and managing a new business venture to carry out the process of raising funds and arranging inputs such as land, labor, material etc. And introducing new techniques of production while taking all the risk and facing challenges to ensure the survival and growth of the enterprise.

Enterprise:

An enterprise refers to the business venture which is being created by the entrepreneur.

Characteristics of Entrepreneurship:

Here are some characteristics of Entrepreneurship.

• Economic activity
• Innovation
• Risk
• Profit
• Teamwork

1. Economic activity:

It is an economic activity in the sense that it involves commencement and operation of business enterprise for commercial purposes that this to make money out of purchase and sale of goods and services while ensuring the best possible use of resources.

2. Innovation:

Entrepreneurship involves creative thinking and conceiving new ideas and making efforts to turn that idea into product or service which has the potential to generate the profile an entrepreneur continuously evaluates the latest modes of running business and identifies new methods procedures and techniques. So as to do business with Great efficiency.

3. Risk:

Risk and uncertainty at the inherent characteristics of business and so does the entrepreneurship. The essence of entrepreneurship is the willingness to assume the risk without which one cannot expect success. This is due to the discovery and implementation of new ideas concepts and techniques in business which may or may not be successful in the long run.

4. Profit:

The primary objective of entrepreneurship is to make profit which encourages entrepreneur to work continuously it is the reward for the efforts made and risk born by the entrepreneur.

5. Teamwork:

In entrepreneurship teamwork plays a curcial role as it is a collaborative effort of the group to attain a common goal that is creation of enterprise so as to on profit.

Entrepreneurial process:

Here are some process of Entrepreneurial

1. Idea generation:

The first step to entrepreneurial process is idea generation wherein the entrepreneur identifies and analysis business opportunities for this purpose an entrepreneur performs market research and takes input from different people find out on optimum business opportunity thereafter the entrepreneur analyzes whether the conceived idea is Worthy for the investment or not. So as to take calculated decision regarding the opportunity.

2. Developing business model:

After finalizing idea the next step is to create an optimum business model the business model is significant for the success or failure of any business venture as it acts as a major criterion to check whether the organization is moving towards its set goals or not.

3. Resourcing:

Is one of the most important step in entrepreneurial process wherein the entrepreneur identifies the sources from where the funds can be raised he ascertains the type of human resources required for the performance of task and arranges the same he or she also identifies the supplier of material and machines. So as to perform the task effectively he also arranges a proper space for doing business.

4. Promotions:

Nowadays promotion is one of the ways to make something popular overnight. Most of the entrepreneur use this tool to promote their product or service before it comes into being to get a ready market for it.

5. Actualization:

Actualization involves commencement and management of business operations after all the prior activity are performed and registration formalities are done to manage the company effectively the entrepreneur decides the management structure to solve the operational problems and delegating authorities to different levels of managers.

6. Harvesting:

Last but not least in harvesting the entrepreneur determines the future prospects and growth opportunities in this step the actual outcome that is profit is compared against the estimated one and finds out the reason for discrepancies. Further the decisions regarding business expansion. It also taken accordingly by the entrepreneur.

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