characteristics of entrepreneurship Flashcards
Characteristics of Entrepreneurship
Economic Activity
Entrepreneur produces new products inorder to satisfy their customer and in return earn a better livelihood.Thus,entrepreneur is an economic activity.
Characteristics of Entrepreneurship
Innovation
Entrepreneurship is an innovation.Entrepreneur produces new product,uses new technology,discovers new source of supply of raw materials and sets a new market for his products.Thus entrepreneurship is of research and development to produce goods inorder to satisfy the human wants
Characteristics of Entrepreneurship
Creative activity
Innovation needs the strong support of creativity.Introducing creativity while producing a product is a difficult task for entrepreneur.Thus creativity is essential thing of entrepreneurship.
Characteristics of entrepreneurship
Organisational Building
It is an activity in which all the factors have to be organised.Various factors like place utility,form utility etc. are considered to collect them under one roof for new production.
Characteristics of Entrepreneurship
Managerial skills and leadership
Managerial skills and leadership are two important facts of entrepreneur.Other skills are secondary.Entrepreneur must have the ability to lead and manage.
Characteristics of entrepreneurship
Risk bearing
Entrepreneur are the agents who buy the factors of production at a certain rate.They combine them into a product and sell them in future at ascertain price.So,They are risk bearing agents of productions.
Characteristics of Entrepreneur
Gap filling function
The most significant function of entrepreneur is gap filling.The entrepreneur must fill the gap or make up the deficiencies that always exists in the knowledge about the production functions.
Characteristics of Entrepreneur
Skillful management
The success of the entrepreneur depends on the management of the organisation.With professional management and skill managers,the entrepreneurship becomes successful activity.
