Ask a question from expert

Ask now

Fundamentals And Characteristics Of Entrepreneurship PDF

Published - 2022-05-24 Business Management
Characteristics Of Entrepreneurship PDF

Entrepreneurship is defined as the capacity and willingness to create, manage, and run a business enterprise, including its risks, to profit. Startups are the most trending examples of these kinds of entrepreneurship. 

An entrepreneur has the skill and drives to create, manage, and succeed in a startup enterprise and the risk that comes with it to profit. Starting a new business endeavour is the best example of entrepreneurship. Entrepreneurs are often called "innovators" since they bring fresh ideas to market by replacing old ones with new inventions. 

One can easily classify into small scale, own startups or businesses, and large corporations.

In a nutshell, an entrepreneur has the will and determination to start a new business and manage all of the risks that come with it.

In this blog, we will discuss some characteristics of Entrepreneurship, and you will learn what you can do to step up your entrepreneurial game —

1. Vision and Interest

The first determinant of entrepreneurial success is passion. Because business is based on results rather than time spent on a specific task, an entrepreneur must work in a field they enjoy. They will be unable to sustain a high level of work ethic if they do not and will most likely fail.

This enthusiasm must transfer to the company's vision and finally fulfil those goals. Even if an entrepreneur finds the day-to-day operations of a business interesting, she will not be successful until she can translate that interest into a vision of growth and expansion. This idea must be compelling enough for her to share it with investors and staff. 

2. Ability to Innovate 

Necessity is the mother of all inventions, and innovation becomes the key ingredient to bringing it to life. Because of innovation, we have come so far, be it in technology or any other given field. Innovation has led the human being on a growth path, and business or entrepreneurship is no different. Therefore, if we talk about the correlation between innovation and entrepreneurship, we can discuss how both have to complement each other to work. It is almost mandatory for an entrepreneur to have an innovative mind for the business to flourish properly.

The ability to innovate is likely to take a business a long, long way than otherwise. As many great scholars have said, 'it is all about the little things. So, we believe that it would be a great place to start. An entrepreneur can always start little when it comes to innovation.

For starters, you can begin with sustainable ways; one can find ways to innovate ideas or tangible things sustainably as it will be a pocket-friendly idea and give a huge boost to your confidence as an entrepreneur. You, as an entrepreneur, will be pleasantly surprised as to how much you can get done. 

3. Maintaining a Lifestyle 

Entrepreneurship is a lifestyle. As we all know, every individual has their own set of capabilities when it comes to the creative bent of mind, and this is something one can never force out of someone; it has to come from within to be authentic.

Just a lifestyle has its elements, a set of habits that are not degraded at any cost. In the same way, entrepreneurship is a set of habits that an entrepreneur possesses and is not broken at any cost. This provides an individual with a path to success, eventually leading to growth. 

4. Result-Oriented Activities 

Another characteristic that's super common in the entrepreneurial world is that all of the activities, whether on the field or off the field, are directed towards one big goal. Keeping the end goal in mind is crucial for any entrepreneur, as it gives direction, which will eventually lead to results.

Result-oriented actions have always shown results, if not immediately but definitely in the long run. Especially in entrepreneurship, it becomes even more important not to pay heed to get immediate results. It is rather suggested that as an entrepreneur, the result-oriented actions you may take are assets as they will bear the desired fruit shortly. Therefore, result-oriented activities are fundamental to entrepreneurship. 

5. Based on Principles, not Intuition

Entrepreneurship is more of a principle-based profession rather than an Intuitive profession. Although we understand that this career requires more of a creative bent of mind but as ironic as it may sound, entrepreneurship is strictly a principle-based career.

We mean that every profession has its own set of standards, but the rules for entrepreneurship vary from person to person, making it a subjective realm. However, whatever principles you follow as an entrepreneur must be the only basis for all decisions. There is always the danger of profit and loss in a corporation, which is why decisions should not be made purely on intuitions but rather with a practical mindset.

6. Management is a key tool 

Management is essential for any organization, be it a corporate firm, a startup, or even a household. Management runs the system. This statement stands true in entrepreneurship as well. For a business to run effectively and even earn profits, an entrepreneur has to ace its management skills.

It is the management on which the entire business stands. Management makes it a lot easier to foresee any challenges that might come in the way of entrepreneurship. It is like breaking down the hard pieces of a complex puzzle so that one can see and perform clearly, and every individual who is involved in the process is aware of their duties and responsibilities.

Even the Human Resource Management System comes into play in this management scenario; it acts as the backbone of the management system. This makes it easier for the entrepreneur and the people or employees working for them. Management allows people to overview the entire project that they are working on. It gives them a sense of clarity and understanding as to where they stand in the organization and what is the potential for it. 

7. Practice-Based on Knowledge 

An important point that I feel is extremely important to consider in an entrepreneurship blog is to apply the learned skills and knowledge to your entrepreneurship. However, this is one not so common point but an important one.

We all know that knowledge is the primal most important thing if you are on a journey of entrepreneurship, but what most people tend to ignore is that Practice-based knowledge matters just as much or, if I'm to say, even more than knowledge based on books.

For instance, if we take an example of someone studying about driving a car and going to drive a car. Both these things are far apart from each other. It is said that the bookish knowledge will only come to use once you start doing your job as an entrepreneur and gain practical experience. Practical experience will take you longer than even book-based knowledge wouldn't. 

Conclusion

While many new firms begin as one-person operations, successful entrepreneurship is defined by rapid and consistent growth. This entails recruiting others to perform specific tasks. As a result, entrepreneurship necessitates substantial planning and task delegation.

Entrepreneurs must pay close attention to everything that happens in their businesses. Still, if they want to thrive, they must learn to employ the appropriate people for the proper tasks and let them perform their duties with minimal management involvement. 

It is no secret that every entrepreneur is successful from the go. No, it is not true people tend to fail quite often in the field of entrepreneurship from the get-going, as it takes an immense amount of experience for an entrepreneur to attain their first success.

As it is those little wins with a pinch of failures that make a successful entrepreneur. If you do not take risks in entrepreneurship, your chances to win are just as equal as your chances to lose. Therefore, it is necessary to take risks, to put yourself out there, as those changes will define your ability to succeed at your entrepreneurship. 

Further Study Resources

Your Feedback matters