The entrepreneurship is the process of designing, launching and running a new business. The person who runs the business is called an entrepreneur. They are responsible for undertaking the venture which involves some profit potential and a considerable amount of risk. Being an entrepreneur is a task that comes with a million responsibilities. The entrepreneur can be seen as an innovator and a source of a new idea in the economies.
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The Characteristics of Entrepreneurship:
Creating a new venture: The entrepreneurs take the initiative to bring something new to the economy using their innovative and creative thinking. The entrepreneurship is also concerned with using new ideas to create a venture.
Ability to take the risk: The entrepreneurship works like a business where the entrepreneur has to bear the most of the risk and they also enjoy the rewards and profits. Therefore it is essential for the entrepreneurs to have the ability and courage to manage the risk and failure in their business.
Networking: Another important characteristic of entrepreneurship is having the ability to develop a strong network. A successful entrepreneur should be able to recognize the opportunities to develop strong connections with the people of their field and investors. They must focus on maximizing their reach to potential customers and people for their business.
Self-Motivation: It is one of the most important traits to feel self-motivated entrepreneurs. In order to succeed, the entrepreneur must try to push their limits. The entrepreneur works for themselves; they are not answerable to anyone. Therefore, they should work dedicatedly to achieve their goals and objectives. You must have heard that hard work is the key to success and it also implies on entrepreneurs.
Risk assumptions: The entrepreneurs must have a strong vision for identifying the risk. The profit and loss are the inevitable part of every business. The possibility of the risk and loss is higher especially on the newly established ventures. There are so many kinds of risks that revolve around business consistently, financial risk, social risk, accidental risk. Therefore it is necessary for the entrepreneurs to have the strength to handle these risks carefully.
Passion towards risk: You must have noticed the most of the successful entrepreneurs are full of passion for their work. The passion is the key to the successful entrepreneurship.
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