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Characteristic of entrepreneurship

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Characteristic of entrepreneurship

Posted by Bhumika Chandel 1 year, 8 months ago

CBSE > Class 09 > Information Technology (402)

1 answers

Preeti Dabral 1 year, 8 months ago

Ability to take a risk: Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.
Innovation: It should be highly innovative to generate new ideas, start a company, and earn profits out of it. Change can be the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and economical way.
Visionary and Leadership quality: To be successful, the entrepreneur should have a clear vision of his new venture. However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is paramount because leaders impart and guide their employees towards the right path of success.
Open-Minded: In business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognised the gravity of demonetization and acknowledged the need for online transactions would be more, so it utilised the situation and expanded massively during this time.

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