Nature of Entrepreneurship

Entrepreneurship is the process of designing and executing new business ventures for profit. Innovation is the process of bringing new ideas, products and services to the market. Entrepreneurship is the ability to start, manage and operate a new business and accept all risks to make a profit. A person who develops a new business and undertakes all the risks and challenges that come with it is called an entrepreneur.

Entrepreneurship is defined as setting up and running a business to seek investment and production opportunities and make a profit. This includes organizing materials, labour, land and capital, introducing new technologies and products, and identifying new sources of business. The risks involved in entrepreneurship are high, but they can also offer great rewards to those starting a business.

·   Company formation: Entrepreneurship is the process associated with starting and running a new business. It is an activity in which a person called an entrepreneur starts a new business with a new idea.

·   Economic activity: Entrepreneurship is an economic activity that involves making the most of all combined resources to start and run a new business. This ensures that all scarce resources are used efficiently and generate better returns in the form of profits.·   Innovation and creativity: Discovering new ideas and concepts and turning them into business ventures. Entrepreneurship means bringing innovation to the market by introducing new products and processes that provide a better service.