Entrepreneurship is a risk-taking phenomenon. Entrepreneurship is known for creative and innovative ideas that could lead the market place. Monotonous ideas and risk-averse attitude could never excel in the field of entrepreneurship.
Certain qualities are possessed by entrepreneurs. Some of them are inborn while the rest could be developed over time. Patience, persistence, determination, and profound knowledge about the marketplace could lead you to the places motivation alone could not.
According to Carlo Parentela entrepreneurship is the way to get the freedom of money, be your boss, and keep your finances flowing.
Attributes of Entrepreneurship
There are certain attributes possessed by the entrepreneur. Most of them are listed here as well.
The main attribute of entrepreneurship is that it is a game-changing phenomenon. An entrepreneur always comes up with a new idea by changing it into a business. The idea can only be viable when it is a new entrant in the marketplace. An innovative idea can capture a greater share in the marketplace.
● Leadership Qualities
Entrepreneurs possess leadership qualities. A visionary person can run the business proficiently. Turning an idea into a business is not the name of entrepreneurship solely. It does include starting the venture and leading it to the point where it can generate you up to ten folds of profits than the time it is being executed.
● Creative Destruction Technique
Entrepreneurs always come up with the creative destruction technique. When the innovative product or service is launched in the market, it will simultaneously vanish out all the traditional goods and services that are not performing effectively and efficiently.
Carlo Parentela Woodbridge writings enclose the benefits of the creative destructive techniques in the entrepreneurial venture.
The chances of success failure are always there in entrepreneurship. If a venture fails, there comes a loss of money. That is said to be a mutual loss of the investor and the entrepreneur. So, keeping in view the money is at stake, one should stay positive that his money will know no bounds in the future. Believing in oneself will bring successful outcomes.
Factors Affecting Entrepreneurship
There are some of the key factors independent of the idea and the kind of products and services that a business is offering. Those factors would have a direct impact on entrepreneurial ventures. Such considerations vary from one state to another.
Some of them are
- Political factors
- Legal factors
- Availability of capital
- Labor market
- Raw materials
Bear in mind that entrepreneurship keeps the economies going. The greatest revenue generated from the small, medium and large enterprises contributed heavily to the state. A small in-house business venture to multinational organizations all falls under the concept of entrepreneurship.
So, the rules and regulations of the venture should comply with the laws of the state.
Producing the new product and services from time to time will wipe out the traditional ones in the marketplace. If the business is succeeded in providing consumer value according to the latest techniques then it will remain thriving.