Success of an entrepreneur depends upon its ability to visualize the future correctly to take effective measures to exploit the environmental changes.Įxplain the Characteristics of Entrepreneurship The environment in which entrepreneurs operate is very heterogeneous and dynamic. There are very few principles that apply to the creation and running of business enterprises. Hence, entrepreneurship can be regarded as a multi-dimensional concept and may be understood as both science as well as art. He introduces new products and services, new methods of production or distribution, new sources of inputs and new markets. He is the one responsible to understand and identify this gap or business opportunity and bridge them by taking requisite steps. Gap-Filling Function:Įntrepreneur takes up the job of meeting human needs with that of products and services required to satisfy them. Other facets of entrepreneurship are managerial skills and leadership. Organizing Function:Įach entrepreneur not only conceives a business idea but also arranges for all the factors of production and distribution required i.e., land, labor and capital. Flexibility is the hallmark of a successful entrepreneur. Dynamic Function:Įntrepreneurs thrive on the changing environment which brings in new opportunities for business. Each enterprise is established to earn profits, but there are equal chances of incurring losses as well. Therefore, risk is an inherent and inseparable aspect of entrepreneurship. There is an element of uncertainty involved in entrepreneurship. Hence, we may also characterize an entrepreneur as an agent to bring about change in the market. Creative Activity:Įach entrepreneur provides a creative or innovative solution to available business opportunities. Hence, each entrepreneur undertakes a goal-oriented, purposeful activity. In order to earn profits, every entrepreneur charters himself or the group of individuals involved in production and distribution of goods and services in a systematic, step-by-step way. Hence, entrepreneurial activities result in creation of value or wealth. The primary task performed by every entrepreneur includes production and distribution of goods and services. Economic Activity:Ĭonsidering all entrepreneurs engage themselves in creation and operation of a business enterprise, the nature of the activity becomes necessarily economic. The main characteristics of entrepreneurship may be outlined as below: 1. These characteristics can include a willingness to take risks, an ability to spot opportunities, a drive to turn ideas into reality, a focus on growth and expansion, and the ability to adapt to change and uncertainty. Characteristics of entrepreneurship refer to the qualities and attributes that are typically associated with entrepreneurs and entrepreneurship.
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