Meaning of entrepreneurship

Meaning of entrepreneurship

The concept of entrepreneurship is broad and has different meanings. Some of the meanings include:

1. Investing business capital for self-employment and income generation purposes.
2. Personal skills and knowledge
3. Individual capacity to change ideas into actions. Most often, the word entrepreneurship means starting and running a business enterprise.

Characteristics of an entrepreneur

An entrepreneur is someone who starts a new business or arranges business deals in order to generate income, often in a way that involves financial risks.

The following are the characteristics of an entrepreneur:

1. He or she can set big targets;
2. He or she has a daring mind;
3. He or she is creative and innovative;
4. He or she is hardworking and does not despair;
5. He or she is independent and can have personal thrust; and
6. He or she is faithful

Types of entrepreneurs

Entrepreneurship is a common word in business. However, there are three types of entrepreneurs:

1. Business entrepreneurs: They are creative in establishing and doing business.
2. Intrapreneurs: These are creative employees.
3. Social entrepreneurs: These help the societies to which they belong to solve problems