Entrepreneurship refers to the process of starting up a business. Entrepreneurship is described as the capability and desire to create, manage, and run a firm, considering all of its difficulties, in order to make a profit. The most well-known form of entrepreneurship is the establishment of new companies.
Entrepreneurship that succeeds in engaging on the risks of starting up a business is rewarded with fame, profits, and chances for constant growth. Failure of an entrepreneur results in losses and a lower market presence for individuals concerned.
Entrepreneurship has become more complicated ever since the introduction of social media and modern technologies. Although there are a variety of theories and techniques that can be applied in entrepreneurial ventures, the life of an entrepreneur would not make that easy. Reaching out to the target market became simple thanks to a range of marketing strategies.
It did, however, increase an entrepreneur’s workload. With the competitive market, the demand for fresh concepts has risen, as does the desire to stand out in your business enterprise. As a result, in entrepreneurship, the various benefits that an entrepreneur might obtain are also accompanied by a few drawbacks.
Characteristics of entrepreneurship:
- Has the capacity to take risks.
- It is an economic activity.
- It entails coming up with fresh ideas and putting them into practice in the workplace.
- Making profits