Question

1.Define entrepreneurship and entrepreneurial opportunities and explain their importance.

Answer 1

Entrepreneurship is mainly the process of creation of an enterprise by an entrepreneur. Entrepreneurship is basically an economic activity which involves creation and operations of an enterprise.

Entrepreneurial opportunities provide a platform to the new emerging ideas of an individual to put it on a real basis. New and innovative ideas are the biggest entrepreneurial opportunities. Development of society, optimum utilisation of scarce resources, focus on innovation and creativity, are some of the opportunities of an entrepreneurship.

Importance of entrepreneurship and entrepreneurial opportunities are as follows -

• It insures the optimum utilisation of scarce resources available and taking out best outcome from them.
• It is based on continuous evaluation of business operations in order to to make it more effective and efficient.
• It provide a type of willingness to face risk and further on risk will provide creation and innovation of new ideas which will be helpful in enhancing the development of society. Entrepreneurship enhances the the risk bearing capability of an entrepreneur.
• High focus on hiring talents and obtaining financial outcomes.
• Enhances the economy and provide coordination among all the resources present.