Meaning and Characteristics Of Entrepreneurship

Entrepreneurship definition: according to McClleland(1996) defines an entrepreneur as one who searches and discover economic opportunities,and is able to Marshall the financial and other reasources which are necessary for the development of the opportunities evaluate alternatives available in the environment and allocate reasources to the most profitable ones

Some of the major attributes of an entrepreneur are as follows

1. An entrepreneur must be a gap filler

2. Must be able to to bear ultimate risk and uncertainty of the business

3. He must have good leadership skills

4. He must makes binding arrangement

5. He translates information into new markets ,techniques,and goods

6. And he searches and discovers investment opportunities

7. He takes ultimate responsibility for the management of the enterprise
Entrepreneur functions

Entrepreneur’s perform several functions to keep the enterprise up and running which would be listed below

1. They are the risk and uncertainties takers

2. They help in making time and binding arrangement

3. They help in evaluating economic opportunities

4. Entrepreneur’s provide leadership in the work group

5. They harness the financial reasources necessary for the work group

There are two types of of entrepreneurship namely the

Routine entrepreneurship and
N-ach entrepreneurship

Routine entrepreneurship: is meant management at the top hierarchy of an Enterprise . routine entrepreneurship means the activities involved in coordinating and carrying on (managing) a well established going concern in which the parts of the production functions in use are well established and clearly defined markets.

N-arch entrepreneurship: on the other hand is the activities necessary to create or carry on an Enterprise where not all the workers are well established or clearly defined and/or in which the relevant parrts of the productions functions are not completely known .The entrepreneur’s therefore fill the gaps of the unknown markets and all other deficiencies

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Characteristics of entrepreneurship

1. Ability to make decisions

2. Ability to Carry through

3. Focus goal setting

4. Motivation towards achievement

5. Self confidence

6. Calculated risk taking

7. Courage to overcome failures

8. Total involvement

9. Initiative and personal responsibility

10. Ability to work for a long period of time

Rewards of entrepreneurship

1. A sense of pride and satisfaction in building viable investment for the future

2. A sense of Independence of being self employed

3. A means of obtaining economic power

4. Opportunity for serving ones community or service

5. A satisfying way of life.

Then let talk about bussiness
What is bussiness: Business is all those activities involved in providing the goods and services needed or desired by people”. It means a business activities called that activities ,which provide goods or services required and desired by persons of our society .

Types of bussiness

There are three major types of businesses:

1. Service Business

A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.Examples of service businesses are: salons, repair shops, schools, banks, accounting firms, and law firms.

2. Merchandising Business

This type of business buys products at wholesale price and sells the same at retail price. They are known as “buy and sell” businesses. They make profit by selling the products at prices higher than their purchase costs.A merchandising business sells a product without changing its form. Examples are: grocery stores, convenience stores, distributors, and other resellers.

3. Manufacturing Business

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Unlike a merchandising business, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.A manufacturing business combines raw materials, labor, and overhead costs in its production process.

The manufactured goods will then be sold to customers.

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