Concept of business Entrepreneurship

In this article we will study the Concept of business Entrepreneurship its characteristics. Also we will discuss about Importance of Entrepreneurship and How the process of entrepreneurship works.

Concept of business Entrepreneurship :

The word ‘Entrepreneur′ derived from French verb  ‘entreprendre’  which means to ‘undertake′ . Entrepreneurship is a process of designing or running of new business. It also a process of creating employment opportunity to unemployed people by accepting risks and uncertainty  with enterprise.

Characteristics :

  • Dynamic activity.
  • Innovative Ideas.
  • Profit Potential.
  • Risk bearing.

Importance of Entrepreneurship:

  • Create organisation  – Entrepreneurship is the process of creating new  ideas , jobs which is helpful for public and provide employment opportunity.

  • Create employment Oppurtunity – It is the process which  create jobs for public and helpful for economy development.

  • Improving living standard – By creating productive organisations, entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standards of living for the people.

  • Economic development – Entrepreneurship involves creation and use of innovative ideas, maximisation of output from given resources, development of managerial skills, etc., and all these factors are so essential for the economic development of a country.

Entrepreneurial Process:

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