Characteristics of Entrepreneurship - QS Study
QS Study

Entrepreneurship is proceed of setting out on your own and starting a business instead of working for someone else in his business. In the following paragraphs, our attempt would be to found entrepreneurship as a career that you should desire for. Remember, resources may be limited, ambition need not be.

So, you can aim for something bigger, better than your present status and resources. And start today. Keep in mind, ambition means want multiplied by action.

  1. Systematic Activity: Entrepreneurship is not a strange gift or charm and something that happens by chance! It is a systematic, step-by-step and determined activity. It has definite temperamental, skill and other knowledge and aptitude requirements that can be acquired, learnt and developed, both by formal educational and vocational training as well as by observation and work experience.
  2. Lawful and Purposeful Activity: The object of entrepreneurship is lawful business. It is important to take note of this as one may try to legitimize unlawful actions as entrepreneurship on the grounds that just as entrepreneurship entails risk, so does illicit businesses. Purpose of entrepreneurship is creation of value for personal profit and social gain.
  3. Innovation: From the point of view of the firm, innovation may be cost saving or revenue-enhancing. If it does both it is more than welcome. Even if it does none, it is still welcome as innovation must become a habit!
  4. Organization of Production: Production, implying creation of form, place, time personal utility, requires the combined utilization of diverse factors of production, land, labour, capital and technology. Entrepreneur, in response to a perceived business opportunity mobilizes these resources into a productive enterprise or firm.
  5. Risk-taking: The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive.