The act of bringing something new to the table or making something different from what has been done before. Either by developing new products or by modifying existing products, new ideas are generated.
A bicycle that runs on solar energy is a modification of an existing product, as it is a new product created for the first time. Both examples are innovations. Through searching for new technology and style in product features, innovation brings about changes in society.
Computers are designed at first primarily for calculations and storing data. Today, they are used for almost anything.
At first, it’s quite risky to attempt or trail. However, the entrepreneur must be confident and capable of keeping quiet for some time. This is due to the fact that no one can reach the goal the first time.
People who cannot take risks will neither become successful entrepreneurs nor will they be able to make a profit. Entrepreneurs are those who are willing to sacrifice some rupees for gathering factor of production in order to get a return despite price uncertainty.
It may be possible for them to earn high profits or even incur heavy losses during the course of their actions. Those with courage and imitative are the ones who undertake such actions.
Dedication to time and effort: An entrepreneur should possess qualities such as devotion to time and effort. In order to develop business plans and acquire and utilize resources, he/she should put in a lot of hard work.
If one invests in achieving a goal but doesn’t devote enough time to it, then that person will not succeed. Entrepreneurship is a risky endeavor that requires greater persistence and consistency on the part of the entrepreneur.
Compensation: Entrepreneurship is a skill and characteristic that leads to success in achieving a goal. Because of this, it provides a return on investment for the entrepreneur.
The reward or return may be monetary or non-monetary benefits like profit, reputation, respect, independence, personal development etc. An entrepreneur is a boss on his own. It gives him social recognition.