Entrepreneurship and its characteristics

Entrepreneurship

Entrepreneurship is the process of identifying business opportunities, organizing resources (money, people, materials) and bearing the risk to create and run a new enterprise for profit and growth. The person who does so is an entrepreneur. It involves innovation, risk-taking and management. Examples in Nepal: the founders of F1Soft, Khalti, Foodmandu and Chaudhary Group.

Characteristics of entrepreneurship

1. Innovation: Introducing new products, methods or markets, rather than copying.
2. Risk-taking: Willingness to accept uncertainty and possible loss.
3. Opportunity seeking: Identifies needs and gaps in the market.
4. Creativity and vision: Imagines new ideas and long-term goals.
5. Organizing resources: Brings together capital, labour and technology.
6. Leadership and management ability: Guides the team and runs operations.
7. Self-confidence and independence: Believes in own ability; wants autonomy.
8. Hard work and persistence: Remains committed despite failures.
9. Need for achievement: Motivated by results more than by money alone.
10. Decision making: Quick and sound judgement.
11. Profit orientation and growth of the enterprise.
12. Social contribution: Creates jobs and wealth and supports the national economy.
13. Adaptability to change and learning from mistakes.

Entrepreneurship is a dynamic process rather than a one-time act, and it needs support such as capital, policy and skills.