Entrepreneurship and Characteristics of an Entrepreneur

Whenever we talk about a business term it is essential to analyse its meaning, ENTREPRENEURSHIP i.e trying to identify market opportunities, arranging resources to bring an imaginative idea to a practical situation and investing these resources in order to attain long term gains.

The characteristics of entrepreneurship can be recognized as

  • CREATIVE ACTIVITY i.e it involves innovation of products and techniques by keeping in mind the market;
  • DYNAMIC PROCESS i.e. keeps in mind changing external environment;
  • PURPOSEFUL ACTIVITY i.e. purposed to earn profits or bring a difference to the market ;
  • INVOLVES RISK i.e entrepreneurial decisions are vast and can not be reverted easily and involve great deal of investments.

The dictionary defines an entrepreneur as a person who undertakes a commercial venture organizes it, raises capital to finance it or a major portion of the risk.

Characteristics of an entrepreneur include

  • ability to bear risk,
  • technical knowledge about production techniques and marketing,
  • ability to gather financial and motivational resources
  • ability to build a sound organization.

Also the are various TYPES of ENTREPRENEURS that constitute of

  • INNOVATIVEi.e introduction of something new to the nation (e.g: Dhirubhai Ambani, Indian entrepreneur);
  • IMITATING i.e. one who adopts a method of production or technology already adopted by someone else and may not be able to afford resources for entrepreneurial research;
  • FABIAN i.e those who are cautious in adopting any changes and are shy and lazy to adopt new methods
  • DRONE i.e. those who resist changes and continue to use old or traditional methods of production.

14 Responses to “Entrepreneurship and Characteristics of an Entrepreneur”

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  • ashfaq ansari

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  • Thanks for the info, but please elaborate more.

  • Noheem mayor obafemi

    Thanks a lot the information was perfectly ok for my question infact am very grateful.

  • jestoni pozon

    The characteristics of entrepreneurship can be recognized as

    * CREATIVE ACTIVITY i.e it involves innovation of products and techniques by keeping in mind the market;
    * DYNAMIC PROCESS i.e. keeps in mind changing external environment;
    * PURPOSEFUL ACTIVITY i.e. purposed to earn profits or bring a difference to the market ;
    * INVOLVES RISK i.e entrepreneurial decisions are vast and can not be reverted easily and involve great deal of investments.

  • janice capio

    thanks a lot for the information………….it really helps me for being a responsible student………

  • KONGA Sarah Grace

    Thanks a lot for the information its really good for us it helps us learn a lot.

  • EGBE, PHILIP ARIEMI

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  • helpful but be wide minded

  • Very helpful.PLEASE be more detailed

  • It was very helpful.Can these notes be more detailed.As a youth i want ot specialise in entrepreneurship

  • Ahebwa Ronnie

    Thank you for the infomation got from your site.i really loved it.So i had a question for you people.How does Fabian and Drone Types of Entreprenuers should be re-engineered for promoting Entreprenuership in low developed country?

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