An entrepreneur is the initiator who takes up risks and begins an enterprise. This process of creating an enterprise is then called entrepreneurship. Entrepreneurs think of ideas and begin by setting up their products and services for the market.
Every concept is characterized by certain aspects. Here are the ones for entrepreneurship.
Risk & Profit bearing: Entrepreneurship comes at a price and a profit. The essence of being an entrepreneur is the willingness to know that uncertainty can come your way and you need to be ready for it. On the other hand you can also earn a high profit when your enterprise has a good turnover. You may just be compensated enough for the amount invested.
Economic Progress: Entrepreneurship is an economic activity which works towards progress. It plays a vital role in creating jobs, offering better solutions to customers, increasing standards of living, etc, and all of this is done with optimum use of the given resources.
Dynamic: The thing about any venture is that it has to work constantly in changing conditions, in compliance with the market scenario, trends, customer demands etc. So entrepreneurship itself is dynamic.
Innovation: Entrepreneurship is all about offering a solution to any problem faced by a customer. Innovation is hence the key to help find ideas which act as a solution. Innovation is prominent and needs to be inculcated in every product; every product has to have its USP (Unique Selling Proposition).
Do you contemplate on being an entrepreneur? The characteristics above are pretty much about certain aspects that tag along with entrepreneurship. Read them and know them well. Also do pursue your dream!