At the one point or another in your lives, you must have heard about the term entrepreneurship or came across someone who is an entrepreneur. Entrepreneurs are the seed of industrial development that works the objective of industrial development, regional growth and better opportunities for unemployed people in the country. The entrepreneurship help to increase the per capita income by saving revenue of the government in form of import duty, export duty, sales tax and balancing development of the country.
Students who are facing trouble writing entrepreneurship assignment need help from the experts to understand:
The Concept of Entrepreneurship
The term entrepreneur came from the French word “enterprendre” that refers to undertake. Now you can figure out the word means people who undertake the risk of opening a new enterprise. The process of creating an enterprise is known as entrepreneurship.
Importance of Entrepreneurship
The entrepreneurship is important for the economy and frequently thought as a national asset. Entrepreneurs can change our perception of life and the way we live it. In case if they get successful they can change the standard of living in a country through the wealth to their ventures. They also open the new possibilities of jobs for unemployed people living in the country.
Entrepreneurs open the path for new businesses
Depending on the trailblazing offering by the entrepreneurs, no matter, whether it is in the form of products and services can bring real changes in the sectors supporting new ventures. Entrepreneurship businesses associated in call centres, network maintenance and IT field nurture the new generation of workers who were offered better salary and opportunities.
Entrepreneurs contribute to the national income
As you have read above the Entrepreneurs ventures open up the path for new businesses contributing a large portion of national income. New technology and services offered by entrepreneurs enable the new market to be development and new wealth to be made in the country. In addition, high income means the higher tax that contribute to the national income of the country.
Entrepreneurs help to bring the change in the society
Entrepreneurs can bring a new change in the society making it free of traditional and indirect support freedom by providing their unique good and services in the market. This will result in improving the overall quality of life and greater economic freedom.
Major characteristics of entrepreneurship
Here comes the next problem for students who are pursuing a degree entrepreneurship is to understand the characteristics of entrepreneurship as it is characterised by the following features.
- Related to the economy and dynamic activities: Entrepreneurship is an economic activity as it involves continues research of new ideas and techniques for the creation and operation of an enterprise. Since it is performed continuously in the middle of an uncertain business environment, therefore, it is regarded as the dynamic process.
- Related to innovation: Entrepreneurship involves innovation of new products and services. It works in the path of evolving existing mode of business which makes it a continuous process.
- As a risk bearer: The new ideas are always risky and their results are not always positive. So, it won’t be bad to say that Entrepreneurship is a risky process.
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