Following are the characteristics of entrepreneurship:
- Economic Activity: entrepreneurship is considered as an economic activity since it involves the creation and operation of an enterprise. It is concerned with the production and distribution of goods and services and utmost utilisation of resources.
- Involves innovation: it involves introducing new products and changing the existing products to keep up with the market demands.
- Goal-oriented activity: the entrepreneur who creates and operates enterprises seeks to earn profits through satisfaction of needs of customers. It emphasizes results and targets achieved. Hence it is goal oriented.
- Value creation: through entrepreneurship, various new products, services, transactions, resources, technologies and markets contribute some value to the community or marketplace.
- Enterprise creation: in order to pursue the innovations and grab the near opportunities, there must be an organisation, where organised efforts and activities take place. And an entrepreneur must take the initiative.
- Growth: entrepreneurship is all about growing a business and pursuing opportunities as they arise. One should not be stuck on one thing or at one place. And in turn will help in the growth of the economy as well.
- Management and leadership: management and leadership are the most important aspects of an entrepreneurial journey. An entrepreneur must have the ability to lead and manage. One provides direction, create work culture and build up team spirit to achieve the desired goals.