Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.
Following are some of the characteristics of entrepreneurship.
1. It is an economic activity done to create, develop and maintain a profit-oriented organization.
2. It begins with identifying an opportunity as a potential to sell and make profit in the market.
3. It deals with optimization in utilizationof resources.
4. It is the ability of an enterprise and an entrepreneur to take risks.
Entrepreneurship is considered to be both an art and a science. For a subject to be considered as science, it needs to have a stepwise progression. On the other hand, some subjects are categorized as art, where no specific way to attain a result is required and the skill of using the subject matter is of prime importance. An example of art is music.
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