Entrepreneurship - What Are The Features Of Entrepreneurship?
Features of Entrepreneurship
The entrepreneur equally an organizer of the procedure of production is the fore-runner of economical evolution of a country.
Image Credits © Ken Lennox.
1. Scare human resource
Entrepreneurship is a real scarce human constituent equally it involves specific talent, organizational capacity, innovative sprit together with boldness to demeanour lead a opportunity which is non establish inward every person. In developing countries similar Republic of Republic of India lack of entrepreneurship is a major impediment to development.
2. Heterogeneous factor
Entrepreneurship is a heterogeneous constituent of production because efficiency, talents, organizing skills, mightiness to demeanour risk, foresights together with innovating capacities, etc. vary from entrepreneur to entrepreneur. The nature of enterprise varies amongst diverse forms of draw concern organizations similar sole trading, partnership, co-operatives, Joint Stock Company together with populace undertakings. In a pocket-size business, the same someone may piece of job equally an entrepreneur, director together with capitalist.
3. Indispensable factor
In modern draw concern entrepreneur is a real of import constituent of production equally he organizes production of goods & services past times coordinating the other factors inward an optimum way. He is an organiser & possessor of the firm. Production is impossible inward his absence.
4. Intangible factor
Entrepreneurship is an abstract phenomenon. It is intangible. Entrepreneurial efforts cannot live on measured inward quantitative terms piece nosotros tin stair out inward terms of hours of piece of job together with seat out of days. We tin calculate the seat out of private workers together with their contribution to the theatre only it is non possible to stair out entrepreneurship equally the theatre itself is the enterprise.
5. Highly mobile
Of all factors entrepreneur possess a higher grade of mobility equally he tin easily motility from i manufacture to to a greater extent than or less other or from i share to another. An entrepreneur's mightiness to motility from i manufacture to to a greater extent than or less other depends upon his knowledge, sense together with specialization.
6. Cannot live on Bought & Sold
Land labour together with upper-case missive of the alphabet tin live on bought together with sold inward constituent markets only it is non possible to bargain amongst entrepreneurs inward a constituent market. Since enterprise is an intangible factor, it cannot live on bought together with sold. Hence, similar land, labour together with upper-case missive of the alphabet marketplace position at that spot is no entrepreneurial marketplace position where entrepreneurship tin live on bought together with sold. Transaction is non possible inward instance of enterprise.
We cannot derive the need together with provide curves inward instance of entrepreneur. Hence, the Demand together with Supply Theory of value cannot live on applied to the constituent enterprise or organisation to decide its price.
7. Residual reward
Entrepreneurship is a vantage inward terms of profits which is a residue reward, i.e. an income which is left later on coming together all draw concern expenses from the full sales revenue.
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