Salient Features of Entrepreneurship

• Entrepreneurship


  • Art of Correct Practices
  • Wealth-creating ventures
  • Providing Valuable Goods and Services
  • Opening and Managing Self-owned Business
  • Risk-Taking Adventure
• Ladder of Loyalty

  • Advocate
  • Customer
  • Client
  • Market
• Art of Correct Practices

  • Continuously grows, develops, improves, and expands; the change does not stop
  • Development of entrepreneurship through the years is proof that it continuously evolves and responds to changing needs
  • Closely related to CREATIVITY which results in new ideas, the backbone of entrepreneurship
  • Entrepreneurs keep searching for something new
  • They find ways to transform new ideas into entrepreneurial opportunities
  • This aspect differentiates an entrepreneur from an ordinary small business
• Opening and Managing Self-owned Business

  • A business is considered self-owned when the person managing its daily activities is also its owner
  • Entrepreneurship is not about the size of the business but rather about its sole ownership
  • Includes small, medium, and multimillion businesses managed by their respective owners
• Risk-taking Venture


  • "Risk is inherent in an entrepreneurial venture"
  • Risk in entrepreneurship is called a business risk and cannot be detached from any entrepreneurial venture
  • An entrepreneur should face business risks intelligently and find ways to minimize their effects
• Wealth-creating Venture

  • A business has to generate wealth for the owner in a creative way
  • Wealth is created when benefits derived by the owner in providing goods and services to customers cover the costs incurred
  • An entrepreneur looks at his own business as a wealth-creating venture, while an ordinary small businessperson regards his business as a source of income
  • Must improve the life of the owner
  • Cascade to the development of the local economy eventually of the whole country
• Continuously grows, develops, improves, and expands; the change does not stop.

  Art of Correct Practices