Question

Briefly state and explain five critical characteristics of the entrepreneurship process.

Answer 1

1.Decision-making: In entrepreneurship, one must choose a
course of action from among a multitude of alternatives in order
to achieve desired results. Entrepreneurship involves risks and
uncertainties and as such decision-making is crucial to establish
and run an enterprise successfully.

2.Accepting challenges: Entrepreneurs accept challenges of all
odds and put their efforts to convert the odds into viable
business opportunities. This is achieved by pooling together
resources for building and running the business.

3.Building organization: Entrepreneurs must delegate authority
and leadership to build an enterprise. Hence, the need for one to
possess organization-building skills to be able to facilitate
economic use of other innovations.

4.Skilful management: For effective management of an
enterprise, entrepreneurs must play the roles of initiating,
designing and supervision of an organization.
5.Innovation: Entrepreneurship involves doing things in new and
better ways. It is also involved in decision-making under
uncertainties involved

Decision-making,accepting challenges,building organization, innovation and skillfull management.