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venture, so as to undertake production function, arranging inputs like land, labour, material and
capital, introducing new techniques and products, identifying new sources for the enterprise.
The person who creates a new enterprise and embraces every challenge for its development and
operation is known as an entrepreneur. And the undertaking or organisation, typically a startup
company, set up by the entrepreneur is called enterprise.
Characteristics of Entrepreneurship
Creativity and innovation: It involves discovering new ideas and implementing it in business.
The entrepreneur continuously evaluates current modes of running a business and identifies
new methods and techniques for operating the business more efficiently and effectively.
Profit: The activity of entrepreneurship is undertaken with the sole objective of making the
profit. It is also the reward of the efforts made and risk taken by the entrepreneur.
Risk Bearing: “Willingness to assume the risk” is the essence of entrepreneurship without
which he/she cannot succeed. It occurs due to the creation and implementation of new
ideas. Such ideas are often uncertain, and so the result may or may not be positive and
instant.
Entrepreneurship Ecosystem
Entrepreneurship is not confined to starting a new business but it about facing challenges at each
step. It is an important tool for bridging the gap between science and marketplace, wherein a new
enterprise is formed and new products and services are brought to the market.