Features of Entrepreneurship

Entrepreneurship consists of following features

a. Creation of new ventures.

b. Hard work

c. Assumptions of risk

d. Reaping of rewards.

Let us describe it,

a) Creation of New Venture:

Entrepreneurship is concerned with creation of new venture with new ideas. Generally, such ventures start as a small business. Such ventures satisfy unfulfilled needs in the market. They produce something new of value. They create new market and new customers.  

Opportunity for new venture are identified and evaluated through environmental analysis. Inventions are transformed into innovation that results in new products of process

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b) Hard Work

Entrepreneurship requires hard work and commitment through devotion of time and efforts. Hard work with enthusiasm is needed to make new ideas work. A business plan s developed. Resource requirement are determined and acquired. The new venture is effectively managed. Most entrepreneurs start as owner-managers. They have  deep sense of personal responsibility. They have high level of energy

Decision Process of Entrepreneurship

The entrepreneurship decision process consists of the following stages:

1. Conduct Opportunity Analysis
2. Develop Business Plan
3. Set-up the Venture (Start up)
4. Acquire Financial Resources
5. Implement Business Plan  

1. Conduct Opportunity Analysis:

 The entrepreneurship generates new business ideas through opportunity analysis. A promising opportunity of value is identified and selected.

2. Develop Business Plan:

A business plan is developed as a road map of a new venture it describes the venture. It sets the goal to be achieved it states the process and technology to be used. It identifies the target market. It determines product, price, distribution and promotion aspects. It describes finance and management aspects. Critical risks are assessed. Milestones are sets for implementation.

3. Set-up the Venture (Start Up):

The New venture is established. The legal aspects of the venture is determined. The legal form can be proprietorship, partnership and company. Site for the venture is selected. The scope can be service, manufacturing, construction, infrastructural activities.
4. Acquire Financial Resources:
Various options available for financing the new venture are examined. Early stage funding can be from self, family, friends and government sources. Growth stage funding an be debt from financial institutions or public offer of shares.
5. Implement Business Plan:
The venture is organized. Human resources are acquired and developed. The entrepreneur builds a management team. The value of intellectual property consisting of patents, trademark and copyright is protected. An e-business strategy is developed. The new venture becomes operational.

Overview of entrepreneurship, Concept of Entrepreneurship, Nature of Entrepreneurship

Entrepreneurship is the process of creating new ventures. it involves creativity and innovation. It requires assumption of risk and reaping of rewards. It brings together resources. it provides option for self-employment to an individual. It creates employment opportunity for others.

 Entrepreneurship is a mind set of creativity and risk taking. it is the process of identifying opportunities. it results in creating of new ventures. It plans, organizes, operates and assumes the risk of new venture. It aims for innovation, profitability and growth.

 The entrepreneurial spirit has appeared as the engine of economic development. Entrepreneurship has resulted in millions of economic development. Entrepreneurship has resulted in millions of new ventures in the world it has appeared as the driving force for economic development. The interest in the concept of entrepreneurship is growing.

Definitions from scholar:

"Entrepreneurship is based on purposeful and systematic innovation. It essentially consists in doing things that are not generally done in the ordinary course of business routine.-Joseph Schumpeter 

"Entrepreneurship is gathering and using resources to produce results it is allocating resources to opportunities rather than problems."-Peter Drucker

"Entrepreneurship is the process of innovation that reallocates resources to new opportunities through unusual combinations of resources and the skills of risk taking. " David Holt

"Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions."- Kuratko & Hodgetts

Entrepreneurship is the creative process of exploiting opportunities by starting a new ventures, resource pulling, risk taking, innovating and managing for rewards. It is a change from present life style.  

Author Credit: Dr. Govind Ram Agrawal