What is Entrepreneurship?

An entrepreneur means a businessman who establishes a business take all risks and enjoy the rewards. The entrepreneur is generally as an innovator, a source of new ideas, goods, service and business procedures etc. The entrepreneur has the main role in the economy. The entrepreneur is the person who anticipates first future needs and giving new ideas to the company for market taking reward for profit.the entrepreneur binds the capital, land and labour to produce goods and services.  The entrepreneur produces the economic growth and innovation.and it is not sure it clears the doubt the entrepreneur make a judgement with risks. Entrepreneurship means establishing a business along with taking the risk in the object of earning a profit. The business can close due to many reasons, lack of funding, bad business decisions economic crises lack market demand etc. It gives innovation ideas, capital and talent and resources for providing services to the employees and to earn a profit. It also analysis the new source of an enterprise. It takes new challenges in the development and operation of an entrepreneur.

CHARACTERISTICS OF ENTREPRENEURSHIP

1.    Economic Activity: It is an economic activity in which establishing designing and running business takes place to earn a profit.

2.    Creativity and innovation: For running a business efficiently the business take and use different ideas to run business use new ideas and method of techniques and implement them.

3.    Profit: The business is run by the risk-taking and profit is the main objective of business to earn a profit.

4.   Risk Bearing: The entrepreneur takes a risk with the object of earning a profit. With taking the risk the business can’t succeed. Risk arises due to the creation and implementation of new ideas.

SKILLS REQUIRED IN ENTREPRENEURSHIP

1)  Technical skills:

There are many skills required in entrepreneurship like oral communication, ability to organise, productive ability, technical business management coaching, network building, monitoring environment ability to spot new trends, active listening, writing and interpersonal skills.

2)  Business Management Skills: 

Forecasting, planning and budgeting, decision making, negotiation, goal setting, human relation marketing and finance etc.

3)  Personal skills: 

Ability to manage changes, leadership,

Self-reflection, discipline, honesty, intelligence, emotional stability.

ENTREPRENEURSHIP ECOSYSTEM

Entrepreneur act under an ecosystem is called the entrepreneur ecosystem. It is the ecosystem which contains government programs and scheme which exhilarate the entrepreneurship, non-government that give advice to

Services to entrepreneur and support apprenticeship directly and indirectly. Entrepreneurship doe not bound to start a new business but it is around facing a challenge in each step .The products produced by the enterprise are launched in the market.

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