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

fig:

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