According to Josepf. A.

Schumpeter
Entrepreneurship is essentially a creative activity or it is a
innovation function. The process of innovation may be in the form
of
Introduction of a new product.
Use of a new method of production.
Opening of a new market.
The conquest of new sources of supplying raw material
A new form of organization
According to H.N.Pathak
Entrepreneurship involves the wide range of area on which series
of decision are requiredwhich can be grouped into 3 categories
Perception of an opportunity
Organizing an industrial unit
Running the industrial unit as a profitable, growing and
going concern

CHARACTERISTICS OF
ENTREPRENEURSHIP

1) Calculated risk taker:- a risk situation occurs when one

required to make a choice between two or more
alternatives whose potential outcome are not known and
must be subjectively evaluated. A Risk situation involve
potential gain or loss. The greater the possible loss, the
greater the risk is involved. An entrepreneur is a
calculated risk taker. An entrepreneur likes to take a
realistic risk because he want to be successful.
 2) Innovator:- innovation may occur in the following forms:-
Introduction of a new product.
Use of a new method of production.
Opening of a new market.
The conquest of new sources of supplying raw material
A new form of organization.
Beside this an innovator must have following
qualities
More educated.
Higher in social standing.