What are the salient features of entrepreneurship
Posted: Apr 19, 2019
Entrepreneurship is the process of establishing and running a business. Professionals, after gaining relevant experience, as well as amateurs aspire to become entrepreneurs. However, only a few of them succeed. While an entrepreneur may fail due to various reasons, the most basic reason is the lack of understanding of entrepreneurship itself. There are some important features of entrepreneurship and it is essential to understand and implement these in order to run a successful business.
Here are the salient features of entrepreneurship you need to understand before you embark upon this arduous yet rewarding journey.
Entrepreneurs must set a vision. The vision must be shared well with the team and each team member must work hard to achieve it. A vision gives a clear purpose and goal to a business. A clearly defined vision gives direction and works as a great motivational factor for the entrepreneur and his team.
Innovation is one of the main features of entrepreneurship. In order to attract customers and establish a foothold in the market, it is important to come up with fresh and unique ideas. Launching products/services already available in the market does little good. Why would somebody switch to your products/ services when he is already using the same from an established brand? You can succeed only if your product is different. You may add a new feature, make it interesting, provide quicker service, offer comparatively lower rates or think of anything that makes your product novel and attractive.
Innovation is crucial to entrepreneurial success. Hence, most entrepreneurship courses online focus on this aspect.
Entrepreneurship is all about taking risks. An entrepreneur invests time, effort and money knowing completely well that there are a lot of risks involved. Risk and uncertainties are part of entrepreneurship. Risk-taking capacity is the amount of risk you are willing to take to run a profitable business. How much to risk is a question for every entrepreneur. While you may have an ample flow of finances and have a good risk taking capacity, the key lies in minimizing the risk as much as possible.
You cannot build an empire alone. There are numerous things to be taken care of to run a successful business and you require professionals specialising in different fields to manage the same. An essential feature of entrepreneurship is building a strong team. As an entrepreneur, you must handpick your employees, assessing and screening them on various levels.
This is yet another important feature of entrepreneurship. In order to sustain in the market, you need to adapt to its ways. The ability to adapt is essential for entrepreneurs.
Entrepreneurship without values cannot survive for long. You must inculcate a certain set of values to run the business ethically and smoothly. Business values must be clearly defined. Your core values should include being fair in business deals and ensure a fair play with your employees, contractors as well as your customers.
These features of entrepreneurship should be held like the Bible by all budding entrepreneurs as these features are the key to making a place in the market.
Pooja Saroth has been the lead educational content specialist at Talentedge.in since 2015. Her passion for helping people in all aspects of online digital education .