Nature of Entrepreneurship

Entrepreneurship is the process of establishing new organisation, generally, a new business. It is a complicated and diverse field. The activities of entrepreneurship are substantially differenrt depanding on the type of organisation that is being started. It is characterised by the following feature.

    Decision-making : It is one the essential characteristics of entrepreneurship decision making is an important action that is required consistently for carrying out activities in an enterprise. As entrepreneurship is difficult, entrepreneur should be positive thinker and instant in taking decisions.
  Accepting challenges: For proper functioning and progress of an enterprise it is important to have vast resources. This is also a fact that every enterprise with vast resources has to bear risks and challenges. Entrepreneurship is all about accepting challenges.

  Risk- Taking: It is also one of the main feature of entrepreneurship. An entrepreneurship should be smart enough to bear all the possible risks in future and should try to minimise risk and maximise the profits. 

 Building an Organisation: Organisation making is the most toughest requirement for entrepreneurship. Delegation of authority and leadership are must for each and every organisation. According to Harbison, innovations are necessary for building organisation. 

 Skilful management: Entrepreneurship also includes skillful management. An entrepreneur should supervise and control all the activities in an organisation and should take all possible steps to improve the projects. 

 Innovation: Entrepreneurship means something 'new', David Mc. Clelland identified two important features of entrepreneurship, first, doing things in a new and better way, second it is one of the most important characteristics of the entrepreneurship. 

 Mobilisation of Resources: As there is scarcity of resources, proper mobilisation of resources helps in attaining the goals. To accomplish this goal, entrepreneurs have to be unique from the rest of the population because of their potential to mobilize the resources.


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