Features of Entrepreneurship
The entrepreneur every bit an organizer of the procedure of production is the fore-runner of economical evolution of a country.
Image Credits © Ken Lennox.
1. Scare human resource
Entrepreneurship is a real scarce human constituent every bit it involves specific talent, organizational capacity, innovative sprit as well as boldness to deport adventure which is non constitute inwards every person. In developing countries similar Republic of Republic of India lack of entrepreneurship is a major impediment to development.
2. Heterogeneous factor
Entrepreneurship is a heterogeneous constituent of production because efficiency, talents, organizing skills, might to deport risk, foresights as well as innovating capacities, etc. vary from entrepreneur to entrepreneur. The nature of enterprise varies alongside diverse forms of delineate of piece of occupation concern organizations similar sole trading, partnership, co-operatives, Joint Stock Company as well as populace undertakings. In a small-scale business, the same individual may operate every bit an entrepreneur, director as well as capitalist.
3. Indispensable factor
In modern delineate of piece of occupation concern entrepreneur is a real of import constituent of production every bit he organizes production of goods & services past times coordinating the other factors inwards an optimum way. He is an organiser & possessor of the firm. Production is impossible inwards his absence.
4. Intangible factor
Entrepreneurship is an abstract phenomenon. It is intangible. Entrepreneurial efforts cannot last measured inwards quantitative terms patch nosotros tin mensurate inwards terms of hours of operate as well as release of days. We tin calculate the release of private workers as well as their contribution to the delineate of piece of occupation solid only it is non possible to mensurate entrepreneurship every bit the delineate of piece of occupation solid itself is the enterprise.
5. Highly mobile
Of all factors entrepreneur possess a higher grade of mobility every bit he tin easily movement from ane manufacture to roughly other or from ane percentage to another. An entrepreneur's might to movement from ane manufacture to roughly other depends upon his knowledge, sense as well as specialization.
6. Cannot last Bought & Sold
Land labour as well as working capital missive of the alphabet tin last bought as well as sold inwards constituent markets only it is non possible to bargain alongside entrepreneurs inwards a constituent market. Since enterprise is an intangible factor, it cannot last bought as well as sold. Hence, similar land, labour as well as working capital missive of the alphabet marketplace at that spot is no entrepreneurial marketplace where entrepreneurship tin last bought as well as sold. Transaction is non possible inwards illustration of enterprise.
We cannot derive the need as well as provide curves inwards illustration of entrepreneur. Hence, the Demand as well as Supply Theory of value cannot last applied to the constituent enterprise or organisation to decide its price.
7. Residual reward
Entrepreneurship is a vantage inwards terms of profits which is a residuum reward, i.e. an income which is left later coming together all delineate of piece of occupation concern expenses from the full sales revenue.
