The ecosystem comprises of government programs and schemes which encourage entrepreneurship, non-governmental organisations that provide advisory services to entrepreneurs, and other organisations which promote and support entrepreneurship directly or indirectly.Įntrepreneurship is not confined to starting a new business but it about facing challenges at each step. Personal Skills: Ability to manage change, leadership, persistence, self-reliance, foresightedness, innovativeness, risk taking, self-reflection, discipline, self-confidence, honesty, patience, intelligence, tactfulness, emotional stability, etc.Įntrepreneurship operates under an ecosystem called as entrepreneurship ecosystem.Business Management Skills: Forecasting, planning, budgeting, decision making, negotiation, goal setting, human relations, marketing, finance, etc.Technical Skills: Oral Communication, ability to organise, productive ability, technical business management, coaching, network building, monitoring environment, ability to spot new trends, active listening, writing and interpersonal skills.Such ideas are often uncertain, and so the result may or may not be positive and instant. It occurs due to the creation and implementation of new ideas. Risk Bearing: “Willingness to assume the risk” is the essence of entrepreneurship without which he/she cannot succeed.It is also the reward of the efforts made and risk taken by the entrepreneur. Profit: The activity of entrepreneurship is undertaken with the sole objective of making the profit.The entrepreneur continuously evaluates current modes of running a business and identifies new methods and techniques for operating the business more efficiently and effectively. Creativity and innovation: It involves discovering new ideas and implementing it in business.Economic Activity: Entrepreneurship is an economic activity, as it involves designing, launching and running a new business enterprises in order to earn the profit, by ensuring best possible use of resources.
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