Question

1. Define the nature of ENTREPRENEURSHIP.
2. EXPLAIN how ENTREPRENEUR thinks.

Answer 1

Entrepreneurship nature

Entrepreneurship means the activities of an entrepreneur who is everytime searching for new things and then how to put those plans into profitable opportunities along with facing the risk associated with them.

Nature

1) Entrepreneurship is a economic and active or dynamic activity.It is economic because it deals with activities of an enterprise with the aim of value creation for the enterprise with the perfect usage of limited resources.And as these activities are performed is the uncertain environment ,it's called a dynamic activity too.

2) Entrepreneurship includes searching for new ideas and innovats continuously to find out the most effective and efficient ways for work.

3) Entrepreneurship includes profit prospects.Any entrepreneurship activity without aim of earning profit would be an abstract only.

4) Entrepreneurship has a risk bearing soul.It deals with bringing new ideas and innovations in enterprise so accepting risk is the lifeblood of entrepreneurship .

5) Entrepreneurship is an environment linked activity which is associated with economic , political, social , cultural and physical environment.

6) Entrepreneurship is a inspirational activity as it motivates the business man to bring new and innovative ideas.

Entrepreneurs think in following ways.

1) Entrepreneur thinks constantly without stopping.They are continuously optimistic , curious and opportunistic. They instruct their brains to solve each and every problem that come in their way to work.

2) Entrepreneurs not at all think themselves like victims.Their every action is focused on personal development, although when they are performing thankless actions for others.

3) Entrepreneur always thinks of adding new advantages for others, either by way of increasing profits or reducing their cost and then searching for a way to have a portion from the increased profits.

4) Entrepreneur always thinks in patterns .They are everytime searching for a cause and effect design in their surroundings.This help them to understand the present world they are living in as well as to forecast the future and know the possible opportunities which are missed by most of the people.

5) Entrepreneur doesn't thinks externally. Entrepreneur doesn't allow external elements to decide the worth or utility of the outcomes rather they uses their own internal factors to know their fortune and work to achieve their goals.

6) Entrepreneur thinks about possibilities - They are not only restricted by the present realities but they also see the possibilities which others could not see yet.