What is Entrepreneurship?

              Entrepreneurship is the activity of setting up a business or businesses by taking financial risks in hope of profit. These people who create these businesses are called entrepreneur.

            An entrepreneur is someone who is concerned primarily with the necessary components to start-up a business.

           In my words, entrepreneurship  is the capacity and willingness to organise, develop, plan, manage with any risks to gain or make profit.

Characteristics of Entrepreneurship

1) Creating New Venture:- Venture starts as a  small business who satisfy the needs of the market.  Entrepreneurship is concern with creation of new venture with new ideas.

2) Strong Networking Abilities:- Developing a network plays a vital role in the life of entrepreneur.  To develop connection with experience people in their fields and investors or advisor is must to maximise the opportunities for the success.

3) Hard work And Commitment:- The devotion of time and effort which are needed for the success of entrepreneur should be maintain. Hard work and enthusiasm is needed to make new ideas, developing plans and determination of require resources.

4) Risk assumption:- Financial risk, social risk are involved in entrepreneurship. New ventures have  a wide chance of failure and high risk factor.

5) Passion:- Entrepreneur should be passionate about the service, product or the target which they have kept in mind. Passion is fuel for successful entrepreneurship.

6) Self confidence:- Entrepreneurs should have the ability to overcome self doubt and believe they can achieve their goals.

Types of Entrepreneurship  

A) Small Business Entrepreneurship:- These type of entrepreneurship is mostly barely profitable. They make profit only to make a living and support their families.

Example - Grocery stores, electricians, consultants etc.

B) Scalable start-up entrepreneurship:- Entrepreneurs start their company believing that their vision can change the world  these type of  entrepreneurs comes under scalable start-up entrepreneurship. Scalable start-ups only make up a small proportion of all businesses due to risk capitals and outsize returns

Example - Online shopping for electronics etc.

C) Large Company Entrepreneurship:- Large companies through sustaining developing of a new products that are variants around their core products.

Example- Google, Microsoft etc.

D) Social Entrepreneurship:- An entrepreneur who creates  products and services to solve social needs and problems.